Economy
Wichita's principal industrial sector is manufacturing, which accounted for 21.6 percent of area employment in 2003. Aircraft manufacturing has long dominated the local economy, and plays such an important role that it has the ability to influence the economic health of the entire region; the state offers tax breaks and other incentives to aircraft manufacturers.
Healthcare is Wichita's second-largest industry, employing approximately 28,000 people in the local area. Since healthcare needs remain fairly consistent regardless of the economy, this field was not subject to the same pressures that affected other industries in the early 2000s. The Kansas Spine Hospital opened in 2004, as did a critical care tower at Wesley Medical Center. In July 2010, Via Christi Health, which is the largest provider of healthcare services in Kansas, is ready to open a hospital that will serve the northwest area of Wichita. Via Christi Hospital on St. Teresa will be the system's fifth hospital to serve the Wichita community.
The two largest privately held companies in the United States, Koch Industries and Cargill, both operate headquarters facilities in Wichita. Koch Industries' primary global corporate headquarters complex is located in a large office-tower complex in northeast Wichita. Cargill Meat Solutions Div., at one time the nation's 3rd-largest beef producer, is headquartered downtown. Other firms with headquarters in Wichita include roller-coaster manufacturer Chance Morgan, gourmet food retailer Dean & Deluca, renewable energy company Alternative Energy Solutions, and Coleman Company, a manufacturer of camping and outdoor recreation supplies. Prior to its dissolution Air Midwest, the nation's first officially certificated "commuter" airline, was founded and based in Wichita, evolving into the nation's 8th largest regional airline.
The following is a summary of data regarding the Wichita metropolitan area labor force, 2004 annual average:
- Size of nonagricultural labor force: 282,800
Number of workers employed in:
- construction and mining: 16,100
- manufacturing: 58,400
- trade, transportation and utilities: 49,500
- information: 6,100
- financial activities: 12,200
- professional and business services: 26,300
- educational and health services: 38,400
- leisure and hospitality: 25,200
- other services: 12,100
- government: 38,500
Average hourly earnings of production workers employed in manufacturing: $19.45 (2004)
Unemployment rate: 6.3% (February 2005)
Read more about this topic: Wichita Metropolitan Area
Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)