MARC News
2007 Economic Forecast Predicts Growth in State and Local Governments
October 10, 2006
On September 22, Frank Lenk, MARC’s director of Research Services, presented the 2007 Greater Kansas City Economic Forecast to business and civic leaders at the annual Economic Forecast Breakfast sponsored by the Greater Kansas City Chamber of Commerce.
The forecast is an annual report describing the national economic climate and its effects on the Kansas City area economy over the next eight quarters. The report estimates the region’s expected change in output, income and employment, with employment broken down by industry.
According to the report, the regional and national economies are in the midst of a period of slower growth that will last through 2007. About 11,000 jobs will be added over the next four quarters, after which job growth begins to pick back up, reaching a rate of 20,000 per year by the end of 2008.
Most of the job growth will be in the service industry, concentrated in medical, business management and food services.
Somewhat surprisingly, the government sector is the second largest growth industry. Most of this increase is in state and local government in response to the continuing population growth of our region.
The forecast also includes outlooks for the states of Kansas and Missouri.
The 2007 Economic Forecast is available online through the Greater Kansas City Chamber of Commerce. It is also available through MARC for $25. To order a copy, contact Terry Anderson at 816/474-4240 or order online.
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