Wichita, KS economic update

January, 2008

News for the Wichita, KS area is still very good compared to the rest of the country.  While the national unemployment rate rose to 5%, the number for December in Wichita, KS was 3.6%. 

Interest rates for housing were 5.875% for a 30 year, fixed rate loan and 5.375% for a 15 year term.  These rates are great but probably will get better.  Expect the FED to drop the discount rate another .5% at their Jan. 30^th meeting.  There is even a chance they may do this before the meeting.

The new Sedgwick County Arena being built in down town Wichita has sold the naming right to the arena to Intrust Bank with additional naming rights to the interior and concourses to Cessna and Spirit Aerospace for $14.5 million.

Beech Hawker aircraft company has announced plans for an additional 1,100 hires for 2008.  Cessna Aircraft will add a minimum of 1,500 jobs in 2008.  Bombardier Corporation, Builder of Learjet's, has announced a new line of aircraft that will be built in Wichita. There will be additional hiring but no numbers have been released.  Boeing Military will find out later this month if the new USAF refueling tanker will be built and modified by them.  This project will bring up to 1,000 new jobs to the area for Boeing, Spirit Aerospace and other local suppliers.

The ERC, Employment Relocation Council has ranked the best cites in the United States to relocate your family too.  Wichita, KS ranked #2 in medium size cites fewer than 1,000,000 residents.  Wichita was also ranked #9 in the nation by Forbes magazine in Job growth.

Money Magazine just reported figures for November housing appreciation compared to November 2006.  The report was submitted by NAR.  Wichita, KS showed a 5.7% increase in value-one of the highest in the nation.