Newswise — The Kansas unemployment rate was 6.2 percent in August 2012, 0.7 percent lower than the same month last year. This continues the general decline in unemployment rates that began after reaching a peak of 8.1 percent in July 2009.
That's according to the 2012 Wichita Economic Outlook, released by Wichita State University's Center for Economic Development and Business Research.
Even with declines in the unemployment rate, job growth has been slow. In the first eight months of 2012, total employment was 1,342,288, only 0.9 percent higher than the first eight months of 2011.
As of this writing, Kansas employment is on track to increase 1 percent in 2012, with much of the job growth having occurred in the first eight months of the year. In 2013, Kansas employment is projected to increase 1.8 percent, gaining approximately 24,175 jobs.
For the complete report, go to http://www.wichita.edu/j/?1868.
Kansas real estate market
Wichita State also released its 2013 Kansas Housing Markets Forecast, published by the WSU Center for Real Estate. The report stated that Kansas home sales will rise by more than 6 percent in 2013.
The forecast reviews current housing market conditions in markets across the state – including Kansas City, Lawrence, Manhattan, Topeka and Wichita – and forecasts housing market activity through the end of 2013.
The title of this year's forecast is "Picking Up Steam," reflecting the continued improvement of housing markets in Kansas.
Highlights of the statewide forecast include the following:
• Home sales – Home sales across the state are poised to rise by nearly 13 percent in 2012, led by strong growth in the northeast part of the state. Although the pace of growth will slow in 2013, sales should rise again by more than 6 percent to 33,670 units.
• Construction – Statewide, new home construction will rise only slightly in 2012, with strong gains in Kansas City, Lawrence and Manhattan being offset by declines in Wichita. As construction slows in the northeast next year, permitting in Kansas will decline by nearly 7 percent, falling to 3,095 units.
• Home prices – Average home price appreciation across the state is set to rise by nearly 2 percent in 2012, with the rural parts of the state showing stronger growth than the metropolitan areas. Home prices should rise another 1.5 percent in 2013.# # # # #
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