Economic Forecast Calls for Modest Growth but Rising Prosperity
Earlier today, Frank Lenk, MARC’s director of research services, presented the economic forecast MARC prepares for the Greater Kansas City Chamber of Commerce each year. The forecast calls for the Kansas City area economy to add 19,000 jobs over the coming year, with economic output expected to grow about 2 percent. This rate of economic growth is currently sufficient to put downward pressure on unemployment and upward pressure on wages, resulting in rising prosperity that is more broadly shared. Productivity, measured as output per worker, has been flat or declining both locally and nationally, however, which may make future expansion of jobs and income more difficult.