First Quarter 1998 was very good to the Stevens Point ‑ Plover area economy. The seasonally unadjusted unemployment rate fell to 4.7 percent compared to 5.0 percent of last year. Total employment and industrial sector employment increased by 1.7 and 2.0 percent respectively. Further, almost every indicator of economic performance was improved over the past twelve months. A special note of interest is the large amount of nonresidential construction taking place in the area.

     Good news is reported in Table 7 of this quarters report. Every industrial sector, except for government, reported employment gains over the past year. Manufacturing and services expanded by 3.4 and 1.8 percent respectively, adding 200 positions each. Trade and construction likewise grew by 1.4 and 9.1 percent, or 100 positions apiece. Government employment payrolls were unchanged at 6.1 thousand. Overall industrial sector employment rose by nearly 2.0 percent and now stands at approximately 31.0 thousand.

     The biggest surprise in this quarter's report came from the CWERB's retailer confidence survey (Table 8). When our panel of local merchants was asked to assess total sales compared to a year ago they indicated there was little to no change in sales when compared to First Quarter 1997. However, they did indicate that store traffic was much above what they experienced a year earlier. This group is also very optimistic with regard to future sales and store traffic. This of course bodes welt for the local area.

     Help wanted advertising was very strong in March 1998 (Table 9). The index shot up by 63 points, or by approximately 36 percent. This surge in local advertising contrasts sharply with the meager 3 point gain in the national index. The Stevens Point index has been trending higher since early 1996. The upward movement clearly indicates a strengthening of the local employment situation.

     A measure of local family financial distress is public assistance (Table 10). New claims were very stable over the course of the year, rising from 99 to just 104. The total caseload figure fell from 1.885 to 1,781, or by 5.5 percent during the same period. Another measure of local family financial distress is unemployment claims data (Table 11). Both new and total claims contracted from last year. New claims declined from 91 to 87 and total claims contracted from 205 to 200.

     Residential construction in the local area demonstrated much strength during the quarter (Table 12). This is similar to data at the national level which shows that construction activity is very robust in this period of low interest rates and rising income levels. Residential permits rose 32.0 percent in the greater Stevens Point‑Plover area and their estimated value rose by nearly 40.0 percent. Residential alteration permits climbed by 50.0 percent over last year's total and similarly the estimated value was 49.4 percent higher.

     This quarter's nonresidential construction activity was truly noteworthy
(Table 13). The estimated value of new structures reached $4.8 million. Major new construction projects during First Quarter include the new County Market, Staples Superstore, Stage Department Store, and Ortho Molecular Products. This activity underscores the belief by businesses as to the long run vitality of our Stevens Point‑Plover economy. With these new additions more jobs and income will be created for the community. 

     Financial statistics for the area indicate that bank deposits rose from $281.1 to $288.4 million, or by 2.6 percent, in our sample of local financial institutions
(Table 14). During the same period bank lending increased by approximately $15 million. The rise in lending from $295.4 to $310.1 million represents a gain of 5.0 percent.