Economists at Wichita State University have revised their forecast for the Kansas economy and employment picture.
The report is from the WSU Center for Economic Development and Business Research. It said the state had a strong economic rebound in 2023, surpassing the national and Plains region averages for each quarter in gross domestic product. The state’s growth peaked at 9.4 percent in the third quarter. The main factor in the economic growth was agriculture, because of crop prices and drought insurance. Manufacturing regained strength in the second and third quarters, and there was growth in construction, retail and government.
Kansas had growth of 1.9 percent in employment for 2023, and the forecast this year is a more modest growth rate of 0.5 percent, followed by 0.4 percent in 2025. Retail trade, durable goods manufacturing, and information services are expected to have the strongest growth.
The Wichita area is expected to have job growth of 0.7 percent for 2024, as manufacturing continues to catch up with global demand. Topeka will see growth of 0.4 percent and the Kansas City area is projected to grow by one percent.
The CEDBR report said Kansas is not likely to maintain its status as the top growing economy in the United States this year, but it should have a more robust economy than its peer states.
