KC’s Economy Rebounds in 2012
by Jeff Pinkerton
After backsliding a bit in 2011, the Kansas City economy posted a solid 2.5 percent growth rate in 2012 according to Bureau of Economic Analysis (BEA) data released this week.
A 2.5 percent growth rate is not particularly robust, but it is very slightly higher than the U.S. metro rate. (You have to go out a few decimal places to see the difference.) Several of our peer metros had stronger growth, as you can see in the chart below.
This BEA data matches what we have seen locally. 2012 was not a very good year for the Kansas City region in terms of employment growth, but we have already seen evidence that 2013 is going much better. We’re regaining a foothold on the recovery and setting the stage for more economic growth to come.
As you read this, we are hard at work producing our annual economic forecast for the region. We will unveil it at the Greater Kansas City Chamber of Commerce’s Economic Forecast Breakfast on Sept. 30. The forecast will include our predictions for GDP in 2013 and beyond. We’ll share some highlights from the forecast after the event.