Wichita Economic update

September, 2009

The new double deck terminal for Wichita Mid Continent Airport will cost $150,000,000.  Bids will be let this fall.  No local taxpayer funds will be used for this project. The terminal will be built just west of the present terminal.

International air travel has been serious hurt by the global economic recession.  Air travel for 2009 will be down 6 to 8% globally and is not expected to return to normal levels until 2011.  China and India are the exceptions to these downturns and travel is expected to be up 4% in 2009 and 6% in 2010.  Asia will surpass North America in the next 20 years as the largest air travel market.  Locally, air travel has been steady but the local aircraft plants have laid off 40% to 50% of their workers and the local unemployment rate has climbed from 4.7% in November, 2008 to 10.2 % in August, 2009.  No improvement in hiring or the unemployment rate is expected till later next year.

Phil Ruffin, Owner of the Wichita Greyhound Park, has submitted a plan to the Kansas gaming commission to re-open the park if he can have additional gambling with slots.  Ruffin wants the state to amend the current gaming law to allow more profit for the Tracks that have racing and slots.  Additionally, voters of Sedgwick County (Wichita area) would have to approve slots for the Wichita track.  The track was previously closed in 2007 when slots at the track were defeated by the local voters in an extremely close vote where they also did not vote for a state owned casino in the county.  A casino has now been approved just south of Sedgwick County at the Mulvane exit in Summer County.

The Kansas City Chiefs foot ball team was recently ranked as the 14^th most valuable NFL Franchise at a little over $1 billion.  The Dallas Cowboys were the most valuable team and the Oakland raiders were the least valuable.

Ranking for National Real Estate Franchises for sales in 2008 has been released.

In 2008 RE/MAX agents led the nation in unit and volume sales.  RE/MAX agents sold 21% more than Coldwell banker agents, 46% more than C-21 agents, 57% more than Keller Williams' agents, 60% more than Prudential agents, 85% more than ERA agents, 89% more than Realty Executive agents and 91% more than GMAC agents.