Kansas City’s local economy needs a boost.
A new report from the Mid-America Regional Council, the nonprofit association of city and county governments in the nine-county area around Kansas City, says the region’s economy has lost all momentum, and lags behind the nation’s overall growth.
“It's a little bit surprising to folks, given how much we think we're on a roll,” said Frank Lenk, director of the Office of Economic Research at the Mid-America Regional Council.
The region’s employment has been stagnant for 18 months, and job growth is down 4% compared to the whole United States. That equates to roughly 40,000 jobs that didn’t materialize. At the same time, some of the area’s biggest industries, including government, transportation and warehousing, insurance, and auto manufacturing, are also experiencing slow growth.
Lenk’s forecast says Kansas City will recover, but the region needs more businesses that will drive the local economy.
“We play good defense as a region. We don't bust as low, but our offense is missing a few pieces, sort of like the Chiefs,” Lenk said. “We need to really invest in creating that … next generation of businesses. And we can't just depend on one business.”
An “Investment Playbook” developed by the Civic Council of Greater Kansas City recommended the region invest in the energy, national security, and bioscience and health care industries.
- Frank Lenk, director of the Office of Economic Research at the Mid-America Regional Council
