Kansas’ employment forecast could prove fruitful for some, despite looming recession

10.6.22 – KWCH – By Grant DeMars and KWCH Staff

Depending on the industry you work in, now is a good time to look for a new job, and possibly make more money. That’s according to Wichita State University’s Center for Economic Development and Business Research 2023 Employment Forecast.

The report shows the majority of expected growth for Kansas in 2023 is within the production sectors, increasing 1.4% and adding 3,316 jobs. The durables manufacturing industry is forecast to grow the fastest with 1.9%, driven by the aerospace industry and multiple plant locations and expansions.

“Your ability to move up, and upward mobility to make more wages is really strong. And that’s not going to go away even if we have a recession,” said Jeremy Hill, economist and the director of the WSU Center for Economic Development & Business Research.

But recent moves by OPEC and the Federal Reserve could mean that extra money won’t go as far, signaling a recession is becoming more likely.

“What’s the probability of a recession? You know, two, three weeks ago, I thought it was a lot lower. I thought we’d just slow down. Earlier this week I thought it was about a 70% chance for a recession, and that’s increasing,” said Hill.

He believes Wichita and Kansas are going to do better relative to the rest of the country due to some of our underlying sectors.

“For example, as long as we don’t have a major recession next year, I think aerospace is gonna continue to grow and that growth is going to fuel this region in the state. On manufacturing, like food, I think we can see some of our food services still growing this next year,” said Hill.

Even if a recession becomes a reality in the near future, Hill said job opportunities will likely stick around, especially those in data processing, where jobs are growing and positions are being filled.

“There’s no chance of that slowing down, even with a recession and that’s because big data is important for being more efficient for all companies,” said Hill.

The Wichita State economist says even if you do secure a higher-paying job, you’ll need to stay vigilant about managing your wealth.

“The bad news for an everyday household, is that inflation because of OPEC is likely to stick around, and then the federal reserve trying to handle it, means you’re gonna have less dollars at the end of the day,” said Hill.

Hill said industries with jobs not being filled include those in the leisure and hospitality sectors, such as hotels and restaurants.