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The
Wausau area economy has continued to expand during a period of weak national
growth. The
unemployment rate in Wausau is lower than a year ago; total employment and
industrial employment have also expanded.
Moreover, the housing market and construction activity showed that the
area enjoys much vitality.
A
detailed presentation of Marathon county industrial sector employment is given
in Table 7.
Overall total nonfarm employment is estimated to have grown from 70.6
thousand to 71.4 thousand, or by 1.1 percent since June of 2002.
Contrary to the national trend, local manufacturing is estimated to have
grown by 600 positions.
The financial activities sector showed the largest decline in employment
of any category, contracting by 300 jobs.
The
CWERB survey of local merchants shows that this group is quite optimistic in
their assessment of recent and future store activity (Table 8).
Total sales and store traffic compared to the pervious year were judged
to be significantly above last year's totals.
This group also believes the economy will continue to strengthen in the
second half of this year and this will generate additional gains in sales and
store traffic.
The
CWERB help wanted advertising index is a barometer of the local job market (Table
9). The
mark of 73 means there are 73 jobs being advertised for every 100 positions in
the base year.
The index for the U.S. is even more depressed when compared to its base.
Only 36 jobs are being advertised for every 100 positions nationally.
Even though the local index captures only a small portion of the number
of job openings, it is nonetheless a good indicator of the shape and condition
of the labor market.
Unemployment
claim data for Wausau is at about the same level as last year (Table
10). New
unemployment claims on a weekly average basis for the greater Wausau area rose
from 392 to 402, an increase of 2.4 percent since last year.
However, total claims declined from 2,832 to 2,683 claims on a weekly
average basis, a decrease of 5.3 percent.
This measure of local family financial distress is little changed from a
year ago.
Some
very good news comes from the residential construction sector (Table
11). The
number of permits issued surged from 83 to 124 permits or nearly 50 percent.
The estimated value of this construction jumped from $13.1 million to
$19.2 million, a robust increase of 47.1 percent.
Likewise the number of housing units climbed from 103 to 134,
representing a 30.1 percent increase in activity since last year.
The number of residential alteration permits continues to remain high at
395 with an estimated value of $2.6 million.
Thus, second quarter 2003 was an exceptionally strong period for the
Wausau area.
Nonresidential
construction is a volatile activity and is presented without percent changes (Table
12). The
number of permits was 16 in second quarter 2003.
The estimated value of the structures was $7.0 million.
Two large projects are of note.
The construction of a new drug store and a new automobile dealership
facility top the list of new projects.
Business alteration permits reached 64 in second quarter and their value
was estimated at $7.4 million.
In sum, there was a good deal of construction activity that transpired in
the local area.
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