Released May 10, 2023 (See previous version)

The Wichita labor market is showing promising growth in employment and a decrease in unemployment in the coming years.

The production sector is expected to experience a steady increase in employment over the next two years, with an estimated growth rate of 2.2% in 2023 and 1.6% in 2024. The growth is driven by the rebound in aerospace and continued manufacturing expansions. The trade sector is also projected to see a slight increase in employment, with a growth rate of 0.6% in 2023 and 0.5% in 2024. As employment continues to increase and wages are expected to inch up faster than inflation, consumption is expected to help drive the retail side of the trade sector.

The services sector, which makes up Wichita's most significant share of employment, is also projected to see modest growth in 2023 and 2024. Professional and business services are expected to increase by 0.4% and 0.7%, respectively, while education and health services are projected to grow by 0.4% and 0.8%. The leisure and hospitality sector is expected to see the largest growth rate in employment, with a projected increase of 0.7% in 2023 and 1.5% in 2024.

The government sector is also expected to see employment growth, with an estimated increase of 1.1% in 2023 and a total of 43,424 jobs by 2024.

"The Wichita labor market is showing promising signs of growth, with increasing employment rates and a decline in unemployment," said Jeremy Hill, the Director of CEDBR. "The manufacturing sector is leading the way as firms continue to invest in keeping up with growing demand. We expect continued growth in the coming years, which is great news for the Wichita economy."

The Wichita labor market is expected to continue its positive trajectory in 2023 and 2024. The unemployment rate is projected to drop to 3.2% in 2023 and 2.6% in 2024, down from 4.6% in 2021. This decrease is due to an estimated increase in employment, which is expected to reach 312,886 in 2023 and 316,586 in 2024.

*The Wichita metropolitan area consists of Sedgwick, Butler, Harvey, and Sumner counties.