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The State of the La Crosse / 7 Rivers Economy

This presentation provides a comprehensive overview of the La Crosse/7 Rivers economy, comparing it to nearby metro regions. It highlights key economic indicators, GDP output, median income, labor supply, and more. Gain insights into the region's performance and understand its potential for growth.

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The State of the La Crosse / 7 Rivers Economy

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  1. The State of the La Crosse / 7 Rivers Economy Ronald A. Wirtz Regional Outreach Director

  2. Disclaimer The views expressed here are the presenter's and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System. minneapolisfed.org

  3. The Federal Reserve System • Central bank of the U.S. • Established by act of Congress in 1913 Whatdoes a central bank do? • Provides banking & other services for country's government and commercial banking system • Supervise and regulate banks (holding cos.) • Offer financial services (clear transactions) • Set monetary policy (dual mandate)

  4. Federal Reserve Structure Federal Reserve System 12 “District” banks carry out operating duties of Federal Reserve Monetary policy BOG Chair, Janet Yellen

  5. 12 Federal Reserve “Districts”

  6. Minneapolis Fed’s Ninth District You are here Our job is to supervise banks, offer financial services, and understand this regional economy for the purposes of setting monetary policy.

  7. So, how is the La Crosse • region doing? • I’m the prosecution & defense, giving … • a variety of economic indicators • tabulated over various timeframes • compared to nearby metro regions • YOU are the judge!

  8. First let’s set some context Metro comparison group 2015 populations Dubuque – 97,125 Eau Claire – 165,636 La Crosse – 136,985 Rochester – 213,873 On to the charts!

  9. A closer look at GDP/output • Goods producing • Natural resources & mining • Construction • Manufacturing • Service providing • Retail & wholesale trade • Utilities • Information • Financial activities • Professional & business services • Health care & education • Leisure & hospitality

  10. Index: 2001 output = 100

  11. Source: Bureau of Labor Statistics

  12. A few additional thoughts on median income • A strong goods-producing economy is not necessarily an anecdote to stagnant wages • Eau Claire has a higher and growing share of goods-producing GDP, but arguably the worst income trend of the group • Rochester is a great example of strong wages in a service-based economy • But … there are a lot of health care eggs in Rochester’s basket

  13. Wait a second… … very lowunemployment… reports of stronghiring demand and local construction activity= slowjob growth?What’s going on?Look for clues in labor supply

  14. Some evidence of rising participation rates

  15. Labor force participation rate (%)

  16. Take-aways • Comparatively speaking, La Crosse economy is: • Doing better than the state economy • Steadier, but also slower than nearby, peer metros • Unemployment is low • Job growth has been modest, held back by slow population & labor force growth • Housing growth modest; faster-growing cities building more, esp. multi-family housing • Labor force participation rate appears on the rise; unknown affect on La Crosse, but should help • Comparison metros here offer a pretty high bar

  17. Looking for more? minneapolisfed.org Fedgazette:Ninth District economy The Region:Monetary policy, economic theory and new research Community Dividend: Low- and moderate income research and information

  18. Thank you! Questions? (Spoiler: I cannot answer questions on interest rates and other monetary policy. Sorry!) Twitter: @RonWirtz @fedgazette @MinneapolisFed

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