Wichita Industry News and Developments provides a brief overview of statistical trends and major announcements by industry sector. The report covers the Wichita, KS MSA, which is comprised of Butler, Harvey, Sedgwick and Sumner counties.
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Economic variables occur at approximately the same time as the conditions they signify.
Economic variables that are considered to predict future economic activity.
Center for Economic Development and Business Research W. Frank Barton School of Business1845 Fairmount, Devlin HallWichita, KS 67260-0121 Phone: (316) 978-3225 Fax: (316) 978-3950 e-mail:
William S. Swelbar, executive vice president in charge of InterVISTAS Consulting firm’s Washington, D.C., office, will speak to the 35th Annual Wichita Area Economic Outlook Conference, hosted by the Center for Economic Development and Business Research. The event will be held from 7:30 – 11:30 a.m. on October 9 in the Century II Convention Hall.
Swelbar is a much sought-after speaker on the topic of air transport. In addition to his role at InterVISTAS, he is a research engineer in the Massachusetts Institute of Technology’s International Center for Air Transportation, where he is affiliated with the Global Airline Industry Program and Airline Industry Research Consortium.
Over the past 30 years, Swelbar’s work in the airline industry has focused on airline labor cost restructuring, regulatory issues governing air transport, communication strategy and support, and air service development on behalf of airports and communities of all sizes. He has represented many diverse interests in the industry, including airlines, airports, investors, manufacturers, and labor groups.
He has contributed articles to the Journal of Air Transport Management, The Wall Street Journal, USA Today, and other publications. His titles include “Trends and Market Forces Shaping Small Community Air Service in the U.S.”; “Modeling Changes in Connectivity at U.S. Airports: A Small Community Perspective”; and “Evolving Trends of U.S. Domestic Air Fares: The Impacts of Competition, Consolidation and Low Cost Carriers.”
Registration for the Economic Outlook Conference is now open, and tickets are $115. This price includes breakfast. Check the Center’s website often for updates about the conference, www.cedbr.org.
In 2014, Wichita total nonfarm employment is expected to increase by 3,565 jobs, which implies the employment growth rate is anticipated to be 1.2 percent.
Read the updated Wichita forecast.
Nationally, real GDP growth was 2.6 percent in the fourth quarter of 2013, which is moderately strong growth, though a slowdown from the previous quarter. Strong growth in personal consumption expenditures and net exports were the key contributors to this growth. Government purchases continued to decline in the fourth quarter, and may continue to do so throughout 2014. Employment increased by 1.7 percent nationally in 2013. In both Kansas and the Wichita metropolitan area, employment grew by 1.2 percent in 2013.
Read the newly released forecast update.
The Consumer Price Index is used to calculate inflation, or the change in price of a basket of goods and services, as it impacts consumers; whereas, the Producer Price Index measures changes in selling prices, thereby expressing price changes from the perspective of the seller who produces a particular commodity.
A slide presentation updated with May 2014 data shows the Midwest inflation rate decreased from April to May in urban metros, but increased slightly in non-metro urban areas.
The Producer Price Index data shows that prices in the United States have increased from May 2013 to May 2014 for aircraft (2 percent), crude petroleum (3.8 percent), natural gas (12.1 percent), slaughter livestock (17.7 percent) and wheat (3.1 percent). During that same time period, sorghum prices decreased 26.6 percent.
Access this slide presentation.
Learn more about the CPI.
Learn more about the PPI.
The U.S. Census Bureau recently released 2013 population estimates for cities, towns and incorporated places in the United States. Seven of the 15 fastest growing cities from July 1, 2012, to July 1, 2013, with populations of 50,000 or more, were cities in Texas. San Marcos, Texas, ranked first in the nation with an 8 percent growth rate. Frisco, Texas, ranked second with a 6.5 percent growth rate. The other Texas cities on that list of 15 are Cedar Park, Georgetown, Odessa, McKinney, and Pearland.
On a list of the 15 cities with the largest numeric increase from July 1, 2012, to July 1, 2013, New York City ranked first with an increase of 61,440 people. Again, Texas is well represented in this list, with five of the 15 cities. Houston ranks second in the nation, with a numeric increase of 35,202 people. Other Texas cities among the 15 are San Antonio, Austin, Dallas, and Fort Worth.
Of the 627 cities in Kansas, Overland Park had the largest level increase in population, adding 2,346 people from July 1, 2012, to July 1, 2013. Maize had the largest percentage increase of 3.4 percent. Wichita ranked 3rd for level increase, with a gain of 1,236 people. It ranked 146th for percentage change, at a rate of 0.3 percent.
Find more population estimates.
From March to April, the WSU Current Conditions Index increased 0.8 percent, and the Leading Index increased 1 percent. Both indices also increased from April 2013 to April 2014, with the Current Conditions Index growing 0.4 percent and the Leading Index increasing 0.5 percent. In addition, the Leading Index is forecasting a 0.5 percent increase in economic activity over the next six months.
Read a further analysis of the monthly Index activity.
Access Index data.