Economy

Economy
12:42 pm
Tue November 11, 2014

New Forecast Shows KS Facing Big Budget Deficits

Governor Brownback's budget director, Shawn Sullivan.
Credit Stephen Koranda

A new revenue forecast shows Kansas needs to cut $279 million dollars to balance the current fiscal year's budget.

A $436 million-dollar deficit is ahead for the coming fiscal year.

Governor Sam Brownback says tax cuts he pushed would cause lower collections in the short term, but the revenues will rebound as the state's economy grows.

The governor's budget director, Shawn Sullivan, agrees.

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Economy
11:19 am
Fri October 24, 2014

Brownback Unveils New Initiative To Help Struggling Urban Zones

Gov. Sam Brownback has unveiled a new program intended to bring new economic development to financially struggling metropolitan areas in Kansas.

Brownback said Thursday his Urban Opportunity Zone initiative will offer tax breaks and other financial incentives to people who start small businesses or other economic activities. The program is similar to the governor's Rural Opportunity Zone program.

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Economy
4:15 pm
Thu October 16, 2014

Machinists Union Backs Textron Contract Offer

Officials with Textron and the Machinists union resumed contract negotiations this week and have agreed on a contract that combines the two separate local unions of Beechcraft Corporation and Cessna Aircraft under a single labor agreement. KMUW’s Abigail Wilson has more...

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Economy
4:14 pm
Thu October 9, 2014

Wichita's Economy Lagging Behind Its Competitors

Jeremy Hill of Wichita State University's Center for Economic Development and Business Research gives his economic forecast for 2015.
Credit Abigail Wilson

The Century II Conference Hall hosted an economic outlook on Wednesday morning. Experts say Wichita’s economy is growing, but not as fast as it should.

For decades aviation was the main economic driver for Wichita.

“If there was some hope that aviation was going to accelerate again at some point, I think we should shred that hope,” says Jeremy Hill, director of Wichita State University’s Center for Economic Development and Business Research.

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Economy
5:17 am
Wed October 1, 2014

Home Sales Continue To Rise In Wichita

Wichita home sales should rise by nearly seven percent next year according to Wichita State University’s Housing Market Forecast. As KMUW’s Aileen LeBlanc reports, statewide home prices could also be on the rise…

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Economy
10:57 am
Fri September 26, 2014

Kansas Cash Booth Returned $750,000 To Rightful Owners

State Treasurer Ron Estes says the Kansas Cash booth at this year's state fair resulted in more than $750,000 dollars in unclaimed property being returned to its rightful owners. The treasurer says the number of people stopping at the booth and searing for missing money in a computerized database this year was far greater than in recent years.

Economy
4:05 pm
Tue September 9, 2014

Gas Prices Down From Last Year

Credit AAA

Although the average gas price in Kansas is only a penny below where it was a month ago, a report from AAA reveals a significant decrease in cost from last year. KMUW’s Abigail Wilson has more...

Kansas gas prices are 32 cents less than they were a year ago, ranking the state second for year over year declines in gas prices. 

Jim Hanni, spokesperson for AAA, says the price decrease is the result of what was happening at this time last year.

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Economy
8:41 am
Tue August 26, 2014

Oil Refinery Expansion Provides Boost To McPherson Economy

An oil refinery's $555 million expansion project is proving to be a boost to McPherson's economy.

The National Cooperative Refinery Association oil refinery is replacing its coker, which converts some residual oil into higher-value products. The project has brought cranes to the city's skyline, one of them as high as 530 feet tall.

NCRA spokesman Vince Bengston says the project should conclude by late September.

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Economy
11:13 am
Tue August 19, 2014

Both State Unemployment Rate And Private-Sector Jobs Higher In July

The Kansas Department of Labor says the state's unemployment rate and the number of private-sector jobs both edged higher in July.

The agency reported yesterday that seasonally adjusted unemployment rate rose to 4.9 percent in July from 4.8 percent in June.

The report also said the private sector added a seasonally adjusted 900 jobs from June to July.

Economy
11:46 am
Fri August 8, 2014

Consumer Spending Grows Faster In Kansas Than In Neighboring States

New information from the U.S. Department of Commerce shows consumer spending in Kansas grew slightly faster than most of its closest neighbors in 2012.

However, average per-person spending was among the lowest in the region.

In the Department of Commerce's report, Kansas ranks in the middle of most categories, including how much residents have spent on housing, utilities and health care.

In 2012, per-person spending averaged $35,498 nationally and $32,523 in Kansas.

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