During the pandemic, the Wichita economy experienced a variety of challenges. However, things shifted direction in 2023, leading to a sense of stability and growth. With 2024 on the horizon, many industrial organizations are wondering whether the past year is a sign of what’s on the horizon or if economic conditions may shift into negative territory.
While the unexpected can always occur, current conditions indicate that 2024 is looking bright. Here’s a look at predictions about the Wichita economy in 2024 and what they mean for your industrial organization.
Predictions for the Wichita Economy in 2024
Overall, there’s a lot to be optimistic about when it comes to the Wichita economy. Many organizations are planning to hire during the upcoming year, and that’s typically a sign of confidence in what lies ahead. Additionally, wage growth – while it’s slowing – is still part of the equation. Usually, that’s a sign of anticipated profitability or at least stability.
There are several reasons why companies and experts are feeling optimistic about Wichita’s future. Recently, there’s been significant growth in the area’s aerospace industry. Plans for additional production lead to lucrative job opportunities, and that brings more money into the local economy.
Similarly, several large technology companies have major projects on the horizon, creating even more job opportunities. While some may be concerned about whether the labor market can handle the influx, as Wichita is currently near full employment, experts believe professionals will be available to fill these roles. High-paying positions can draw in workers from other areas, as well as entice professionals who were previously sitting on the sideline.
Additionally, while experts and companies spent 2023 worrying about a possible recession, a recession didn’t occur. While there’s a risk of one happening in 2024, Wichita is very well-positioned, and it could effectively weather the storm far better than some other regions.
However, that doesn’t mean challenges aren’t part of the 2024 equation. Wichita has lagged when it comes to wage growth, but an upward trend is emerging. Additionally, higher interest rates create a variety of obstacles, creating difficulties in the real estate market.
The Impact of Wichita’s Economy on Industrial Organizations
Overall, Wichita industrial organizations are likely in a pretty solid position, but that doesn’t mean they shouldn’t prepare for challenges. While new jobs coming to the area could strain the labor market, it’s also attracting new talent. As a result, industrial organizations can capitalize on this influx by remaining highly competitive.
Offering solid wages, excellent benefits, and growth opportunities classically makes drawing in and retaining workers easier. Since that’s the case, industrial companies need to ensure their offerings meet or exceed candidate and employee expectations. By doing so, it’s far easier to build a reliable, capable workforce, leading to greater success.
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