Date: December 9, 2013
FOR IMMEDIATE RELEASE
LOCAL ECONOMY COMPARES FAVORABLY WITH STATE, NATION
The Fox Cities Region continues to demonstrate overall economic strength and performance. Figures recently released by the Bureau of Labor Statistics show particularly good news for the region’s manufacturing base. Third quarter numbers show that the Fox Cities region increased the total number of manufacturing jobs by 1,114 during the past twelve months, resulting in a 3.3% growth rate. By comparison, manufacturing jobs grew by 1.0% in the State of Wisconsin and by 0.7% in the nation during the same time. These figures place the region in the top 10% of MSA’s (Metropolitan Statistical Areas) for employment growth throughout the country.
The value of the region’s manufacturing positions becomes clear when one considers that the average annual wage for this sector is $54,296 in the Fox Cities. The area’s location quotient, a measure of the prevalence of an activity in a geographic area, measures 2.44—where 1.0 represents the statistical average. This means that there is approximately two and one half times the manufacturing activity here in the Fox Cities compared to what is typical throughout communities around the country.
Manufacturing was just one sector that saw significant employment growth. The Management of Companies and Enterprises category grew at a rate of 8.7% in the Fox Cities, compared with a rate of 3.6% in the State and 3.0% across the country. Jobs in this sector pay an average of $107,908 in the Fox Cities.
In more good news, the region fared very well in the just-released 2013 Milken Institute Best-Performing Cities Index. The Index ranks U.S. metropolitan areas by how well they are creating and sustaining jobs and economic growth. The components include job, wage and salary, and technology growth. The Index ranks the economic performance of 179 small cities across the country. The Appleton MSA (Metropolitan Statistical Area) moved up 24 ranking positions in this year’s Index, from 57 in 2012 to 33 in 2013. Of note was the fact that the Fox Cities Region ranked number 19 in one-year job growth, improving from number 102 the prior year. Finally, the region ranks number 44 in one-year wage growth.