By: The Pottawatomie County Economic Development Corporation (PCEDC) | 6.23.24
Overall economic indicators show a strong labor market with a low unemployment rate. Building permits are picking up at the end of the quarter and are on pace with previous years, though 2023 overall permits were down. Sales tax revenue is down slightly this quarter compared to the first quarter of last year, but still on an upward trend.
Download a printer-friendly version of our Q1 Report.
Fastest Growing Counties in Kansas
Pottawatomie County is one of the top three fastest growing counties in Kansas. Actual growth has kept up with projections anticipated.
Pottawatomie County Employment & Workforce
The Pottawatomie County unemployment rate for March was 2.5%, the same as the state unemployment rate. The state has maintained an employment rate below 3.0% since October 2021.
Pottawatomie County Sales Tax and Retail Sales Data
Quarterly sales and use tax revenue was down slightly from previous year when comparing the first quarter of 2023 to the first quarter of 2024. The overall trajectory remains positive, however.
The total amount of sales and use tax revenue has increased more than 76% from 2013 to 2023, with a 48% increase just in the last five years.
Pottawatomie County Housing Trends
The number of housing units in Pottawatomie County has increased slowly over the past decade.
Total home sales in Pottawatomie County rose in March to 24 units compared to 14 in January and another 14 in February. This number is slightly down from 26 units sold in March of 2023.
Total sales volume was $7.6 million, down from a year earlier. The median sales price in March was $288,500, down from $324,500 a year earlier. Homes that sold in March were typically on the market for 40 days and sold for 99.9% of their list prices.
The number of building permits for all of 2023 was down to 178, compared to 205 in 2022.
National & Global Concerns
From The American economy in 4 charts – Sherwood News
In a survey by the Gallup poll, inflation came in as the top concern at 55% reporting “a great deal of concern” with the economy coming in at 52%.
Many prices are now 20-30% higher than they were in 2020 — and, while inflation has cooled substantially, to just 3.4% as of the latest CPI report, that still means costs are rising. McDonald’s says its prices are up 40% in the last 5 years, reflecting a broader rise in the cost of labor, paper, and food.
The U.S. real GDP has grown nearly 9% since 2020, outperforming all of its, by far the G7 peers, which have averaged only 2.7%. Canada’s economy has been the next best in the group of seven, growing 5%.
Download a printer-friendly version of our Q1 Report.
Read More:
Read the full Kansas Department of Labor report for March 2024
