Table 7 Table 8 Table 9 Table 10 Table 11 Table 12 Table 13 Table 14

     The Wausau area economy expanded over the past twelve months. Many of our economic indicators suggest this assertion is correct. It has been so long since the area has seen a significant recession that it strains the memory to recall when one existed. 

     Development is fueled by the industry mix in any given locale. The industrial mix in Wausau has benefited from the expansion of the national economy. However, building related industries could be negatively affected by higher interest rates if construction takes a dive at the national level. Further, the paper industry is benefiting from the current expansion because businesses are advertising and using more paper in publications, and more products are being sold which translates into more packaging. Also, a healthy climate in the insurance industry is good for the local economy along with the growth of regional medical facilities. These are just a few examples of course that illustrate how the industrial mix of an area determines the number of jobs and income level. 

     Wausau area industrial payrolls advanced by 1,400 positions since last year (Table 7). This is a growth rate of 2.5 percent which is good by most economic standards. Specifically manufacturing and trade activity lead the expansion, each adding 700 people. Construction and government employment in the local area each rose by an estimated 200. Service sector employment did not change over the course of the year staying at 18.9 thousand jobs. 

     Table 8 presents area merchants' opinions on retail conditions in the Wausau area. The panel believes that store traffic and sales were very good when compared to last year's activity levels. Further, the level of optimism expressed in March was nearly identical to that in December. The panelists were then asked to forecast future events. The results indicate that store traffic and sales should be well ahead of the totals established in 1994. This of course bodes well for the local economy. 

     Another economic indicator which signaled the economy was strong in First Quarter 1995 was the help wanted advertising index for Wausau (Table 9). The index rose sharply from 166 to 256 or 54 percent from last year. The national index likewise expanded albeit at a much more modest rate of 9.8 percent. Clearly economic activity in Wausau and in the state have come together with considerable force to push the index upward. The index has been moving dramatically upwards since the beginning of 1992. 

     Public assistance on a monthly average basis is given in Table 10. New applications on a county‑wide basis rose from 12 to 21 and the total caseload number remains virtually unchanged inching lower from 90 to 87. 

     Our other measure of local family financial distress, unemployment claims on a weekly average basis, is listed in Table 11. New claims have risen by 279 and now stand at 654. Likewise total claims increased by 504 or 13.9 percent from last year.

     Another indicator of the economic health of a region is residential construction because so many other economic activities are affected by the construction process (Table 12). Unfortunately higher interest rates have helped to depress new construction. The number of residential permits issued and their estimated value have declined by 15.4 and 6.7 percent respectively. The number of units remain virtually unchanged only rising from 42 to just 44 in the year over comparison. However, alteration activity has picked up. The number of permits issued and their estimated value rose by 31.1 and 6.6 percent. It appears that some homeowners are finding it cost effective to remodel their existing residence rather than building a new home. 

     Nonresidential construction is, as usual, presented without percentage changes because of the inherent volatility of business investment (Table 13). New permits reached 6 in First Quarter with an estimated value of $1.9 million. The number of alteration permits was 41 with an estimated value of $1.5 million. 

     Table 14 gives us the financial data for First Quarter 1995. Flank deposits seared in our sample by approximately 28 percent or by $254 million in a year over comparison. Further, bank lending increased even more dramatically rising by 33 percent or by $243 million. Clearly the strong economy is playing a role in these reported increases. However, even though the 1994 and 1995 numbers have been adjusted to reflect merger activity in the area and are comparable, it is likely that subsequent activity related to the mergers has affected the results. This problem, if it exists, will diminish with the passage of time.