Economy
Wichita's principal industrial sector is manufacturing, which accounted for 21.6 percent of area employment in 2003. Aircraft manufacturing has long dominated the local economy, and plays such an important role that it has the ability to influence the economic health of the entire region; the state offers tax breaks and other incentives to aircraft manufacturers.
Healthcare is Wichita's second-largest industry, employing approximately 28,000 people in the local area. Since healthcare needs remain fairly consistent regardless of the economy, this field was not subject to the same pressures that affected other industries in the early 2000s. The Kansas Spine Hospital opened in 2004, as did a critical care tower at Wesley Medical Center. In July 2010, Via Christi Health, which is the largest provider of healthcare services in Kansas, is ready to open a hospital that will serve the northwest area of Wichita. Via Christi Hospital on St. Teresa will be the system's fifth hospital to serve the Wichita community.
The two largest privately held companies in the United States, Koch Industries and Cargill, both operate headquarters facilities in Wichita. Koch Industries' primary global corporate headquarters complex is located in a large office-tower complex in northeast Wichita. Cargill Meat Solutions Div., at one time the nation's 3rd-largest beef producer, is headquartered downtown. Other firms with headquarters in Wichita include roller-coaster manufacturer Chance Morgan, gourmet food retailer Dean & Deluca, renewable energy company Alternative Energy Solutions, and Coleman Company, a manufacturer of camping and outdoor recreation supplies. Prior to its dissolution Air Midwest, the nation's first officially certificated "commuter" airline, was founded and based in Wichita, evolving into the nation's 8th largest regional airline.
The following is a summary of data regarding the Wichita metropolitan area labor force, 2004 annual average:
- Size of nonagricultural labor force: 282,800
Number of workers employed in:
- construction and mining: 16,100
- manufacturing: 58,400
- trade, transportation and utilities: 49,500
- information: 6,100
- financial activities: 12,200
- professional and business services: 26,300
- educational and health services: 38,400
- leisure and hospitality: 25,200
- other services: 12,100
- government: 38,500
Average hourly earnings of production workers employed in manufacturing: $19.45 (2004)
Unemployment rate: 6.3% (February 2005)
Read more about this topic: Wichita Metropolitan Area
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)