Center for Economic Development and Business Research

Wichita presents industrial revenue bonds

Wichita presents industrial revenue bonds

A presentation by the City of Wichita regarding IRBs is good as far as it goes, which is not far enough. Recently the City of Wichita prepared a short video explaining the city's industrial revenue bonds (IRB) program. The video may be viewed on YouTube by clicking here. Several times the presenters emphasized that in the IRB program, the city does not lend money. They properly identify the true purpose of the program, which is to subsidize companies by allowing them to avoid paying property taxes and possibly sales taxes. Several times the presenters emphasized that the IRB program has…
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Intrust Bank Arena economic impact holds mistake

Intrust Bank Arena economic impact holds mistake

A report on the economic impact of the first ten years of operation of the Intrust Bank Arena in downtown Wichita incorrectly reported tax revenue. Recently Intrust Bank Arena in downtown Wichita promoted the results of an analysis of the economic impact of the arena through its first ten years of operation. [1. INTRUST Bank Arena Reports Economic Impact Study Results Through First 10 Years. February 14, 2020. Available at https://www.intrustbankarena.com/release/366/intrust-bank-arena-reports-economic-impact-study-results-through-first-10-years/.] The arena partnered with the Center for Economic Development and Business Research at Wichita State University to conduct the study. [2. Analysis by CEDBR, version 2, dated 1/6/2020. The…
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Missing from Wichita city documents: Sales tax

Missing from Wichita city documents: Sales tax

It would be simple for the City of Wichita to include additional relevant information regarding economic development incentive decisions. When the Wichita City Council makes decisions regarding economic development incentives, the Center for Economic Development and Business Research at Wichita State University prepares an analysis for the city. The purpose of the analysis is to determine benefit-cost ratios for overlapping governmental jurisdictions, purporting to show that these jurisdictions will receive more in benefits than they pay in costs. An example of the analysis for a large project is here. The city does not make this analysis document available to the…
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Wichita jobs and momentum

Wichita jobs and momentum

Given recent data and the CEDBR forecasts, Wichita's momentum is a slowly growing economy, with the rate of growth declining. The Center for Economic Development and Business Research at Wichita State University provides forecasts for the Wichita economy. In October, CEDBR wrote, "Total nonfarm employment in the Wichita metropolitan area grew 1.2 percent in 2018, with 3,500 new jobs created to bring the area’s employment to 298,600 workers. This was a turnaround after Wichita’s total employment declined by 2,200 jobs in 2017." [1. Center for Economic Development and Business Research at Wichita State University. Wichita Employment Forecast. October 3, 2019.…
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Looking at jobs in Wichita

Looking at jobs in Wichita

Examining job creation in Wichita as compared to the state and the nation. These charts show job changes in Wichita (Wichita MSA, the metropolitan statistical area, as that is the data that is provided monthly), Kansas, and the nation. Each chart shows the percentage, or relative, changes in nonfarm jobs on a common scale, using seasonally adjusted data. The source of data is Bureau of Labor Statistics, part of the United States Department of Labor. These charts are taken from an interactive visualization of this data, which is available here. For the chart starting in May 2015, we can see…
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