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Wichita Housing Market Still Recovering

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Wichita still recovering from double recession

WICHITA, KS:  (wichitaksrealty.news)

Unique to Wichita and a few other Midwestern cities, the Kansas metropolis is still trying to recover from not one, but two recessions, within the last decade. The two big economy-shaking hits, according to figures released Tuesday by the Federal Bureau of Economic Analysis, made 2015 an incredibly difficult and financially impossible year for the residents of Wichita. As a result, Wichita is well behind most of the country in its economy recovery and continues to be hobbled in its progress.

To put the picture in perspective, last year’s gross domestic product for the metro area was $31.5 billion in inflation-adjusted dollars, up 1.3 percent from 2014. GDP is the measure of all goods and services produced in Sedgwick, Butler, Harvey, Sumner, and Kingman counties. The 1.3 percent finding was not only half the national rate, but it also means Wichita still hasn’t completely recovered from the 2008 to 2009 recession. The overlap of the two recessions made the 2015 GDP over $1 bullion below Wichita’s best year, 2007, in inflation-adjusted dollars.

There is some good news. The strongest sectors for the metro area included finance, insurance, real estate, and information. Many are eyeing Wichita as an up-and-coming place to raise a family.

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Richard Wood

Richard Wood, our Editor and contributing Author shares his insights of the national economic data and helps identify trends in the economy and specifically how they effect the local real estate markets in and around Wichita Kansas.
With a top down approach, his focus starts with the Federal Reserve policy makers and their direction on interest rates. Employment, housing starts, and refinancing of current mortgages all come into play when trying to understand how they fit together. Even generational housing trends are important and will be discussed.
Richard brings more than 30 years of knowledge of these markets and will assist the reader in better understanding how they come in to play.