NEWS
Contact: Bill Rubin/Jacki Bradham, St. Croix EDC, 715-381-4383
February 22, 2013 – For Immediate Release
The February 2013 edition of the St. Croix Valley Economic Dashboard has been released by the Center for Economic Research (CER) at UW-River Falls and St. Croix Economic Development Corporation. The dashboard is a snapshot of the economic condition of the labor, consumer and housing markets in the seven county St. Croix Valley, which includes the Wisconsin counties of Polk, St. Croix, Pierce, and Dunn and the Minnesota counties of Chisago, Ramsey and Washington. It presents the latest available data in one convenient package (note: most regional data is available with a one or two month delay).
The Dashboard can be viewed on the CER’s website at www.uwrf.edu/cer.
Dr. Logan Kelly, director of the CER, conducts research for the Dashboard and offered his observations:
What’s New
“You may have noticed that the CER website has undergone some significant renovation. Some of the key features are new data tables and plots, links to download the data behind every table and links to embed the tables and plots on your own website. The website has also been reorganized to make navigation easier. Note that the Economic Dashboards are now directly assessable at http://www.uwrf.edu/CenterForEconomicResearch/RegionalDashboards/”
“Be sure to visit the CER main page (http://www.uwrf.edu/CenterForEconomicResearch) to check out the ‘What’s New’ section. This section contains current economic news as well as links to reliable media coverage. Keep checking back for new stories and features.”
The U.S. Economy
Output: “The United States economy contracted at a seasonally adjusted annual rate of 0.1 percent from the third quarter to the fourth quarter of 2012. Real Gross Domestic Production (GDP) increased by 1.5 percent since one year previous. The decrease in economic activity was extremely surprising, especially given the relatively strong growth observed in the third quarter. Several factors, including Hurricane Sandy and a significant reduction in government spending, may explain this contraction.”
“Most economists agree that the contraction seen in the fourth quarter was a onetime anomaly in what has otherwise been a sustained, albeit painfully slow, economic recovery, as evidenced by no change in the national unemployment rate and increasing demand for labor. However, the contraction also demonstrates just how tenuous the economy remains.”
Labor Market: “Total nonfarm payroll employment increased by 157,000 in January, and the unemployment rate was essentially unchanged at 7.9 percent, as reported by the U.S. Bureau of Labor Statistics. Key sectors of increased employment were retail trade, construction, health care, and wholesale trade. For more information about the national labor market see the BLS Employment Situation Report (http://www.bls.gov/news.release/pdf/empsit.pdf).”
“Though nonfarm employment did not increase enough to lower the unemployment rate, demand for labor seems to be improving slowly. The four-week moving average of initial claims for unemployment benefits are down by 19,500 from one year previous. Average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $23.78, and average hourly earnings of private-sector production and non-supervisory employees increased by 5 cents to $19.97. Over the year, average hourly earnings have risen by 2.1 percent.”
Minnesota and Wisconsin
“According to the latest Establishments Survey data released by the Bureau of Labor Statistics, the Wisconsin and Minnesota economies both gained net jobs in December 2012. Wisconsin gained 1,300 jobs and Minnesota gained 9,100 jobs. Over the previous 12 months, Wisconsin has gained 9,100 jobs and Minnesota has gained 51,900 jobs. Unemployment rates in both states fell in December to 6.6 percent in Wisconsin and 5.6 percent in Minnesota. Both rates are below the national average of 7.9 percent.”
See Wisconsin and Minnesota Employment by Sector Tables
“In December, Wisconsin saw job creation in construction (up 4,900 jobs), financial activities (up 400 jobs) leisure and hospitality (up 3,400 jobs) and had negligible increases in manufacturing, and professional services. Wisconsin lost jobs in all other categories. In all, the private sector gained 4,500 jobs and the government sector lost 1,300 jobs. Minnesota gained in nearly all categories, with significant increases in manufacturing (up 1,400 jobs), professional services (up 2,500 jobs), and education and health services (up 1,800 jobs). Minnesota gained 8,200 private sector jobs and 900 government jobs.”
The St. Croix Valley
Labor Market: “The unemployment rate in the St. Croix Valley fell to 5.0 percent in November, remaining below both the Wisconsin and Minnesota averages, and is 0.26 percentage points below one year previous. Total employment (Households Survey) continued the upward trend it began in January 2012, adding 3,174 jobs since November 2011. The labor force has also grown modestly, indicating that the St. Croix Valley is continuing to experience slow but steady recovery in the job market.”
Housing Market: “The housing market in the St. Croix Valley is showing signs of stabilization. The latest release of the Case-Shiller Home Price index indicates that in November 2012 home prices have risen in the Minneapolis-St. Paul MSA by 11.11 percent since one year previous. Moreover, both median home price and number of homes sold increased in January as compared to one year previous.”
About the St. Croix Valley
The Wisconsin/Minnesota St. Croix Valley is comprised of St. Croix, Polk, Pierce and Dunn counties in Wisconsin and Chisago, Ramsey and Washington counties in Minnesota. All seven counties are located at or near the Wisconsin-Minnesota border. Five of the seven counties (St. Croix, Pierce, Chisago, Ramsey and Washington) are included in the Minneapolis-St. Paul-Bloomington MN-WI metropolitan area, a 13-county region with of population of 3.3 million residents.
For additional information on the St. Croix Valley Economic Dashboard, contact Dr. Logan Kelly at cer@uwrf.edu or (715) 425-4993 or William Rubin at bill@stcroixedc.com or (715) 381-4383.
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