First IMA University focuses on economy, downtown development - Wichita Business Journal:

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David Strohm says the United States likelt will pull out of the recessiomn later this year or inearlt 2010. When that happens, he the gross domestic product might only grow 1to 1.5 compared to the 4 or 5 percen t from previous recessions. “For the time being, it looksa like you want to be optimisticx and cautious at the same he says. Strohm was one of two featurec speakersduring ’s 2009 economic update. Jeff president of the also spoke aboutthe city’sa efforts to revitalize downtown.
IMA has sponsored similat events in its other markets and wanted to bringv the programto Wichita, says Kurt Watson, IMA’s presideny and chief operations “It’s our intent to brin in speakers that we thinkj the Wichita community would benefit Watson says. IMA plans to sponsor similar presentationss throughoutthe year. Strohm says the recessio already has lasted longer than the previou s 10 economic downturns and pulling out ofit hasn’t been easy. The federal government has spent billions of dollar s to stimulatethe economy, but consumers still are reluctant to Strohm says. The GDP has dropped dramaticallg and businesses are stillshedding jobs.
Strohn predicts the national unemployment rate, which currentlyh sits at 8.9 percent, to climb abovse 10 percent before the recessiomnis over. The housing market has rebounded, but stilol is a ways off nationally, where one in eighgt mortgages arein default, Strohm California, Florida, Nevada and Arizonaz combine to account for 46 percent of all U.S. However, pending home sales are up 6.7 percenrt for April, the third straightr increase, which means people are showintg more interest in buying homeds because of favorable interest ratesdand first-time home buyetr tax credits.
“If we can get the housing issuse off the frontpage (of then the economy is going to generatwe some forward momentum,” Strohm He says the stock market has rebounded in recenf months, but it would take 227 percent growtbh to get it back to its previouss high. Despite all the negative, Strohm emphasized the economyt has showed signs recently that the recessiomn may be nearingan end. Fluhr’s presentation, had a slightly different feel. He says he sees greay potential fordowntown development. Investing in downtown, he will help increase jobs, tourismn and revenue opportunities in theWichita area.
The WDDC and the city are pushinvg for more private sector investment in particularly in the area ofresidential development. Several developers, including Dave Burk, are workintg on projects that coulfd add a combined 300 more apartmentunits downtown. Fluhr says havinh people living in the condos has spurrec interest indowntown living. “That’s one of the buildingg blocks forout downtown,” he says.
several street projects are helping to improves the area aroundthe , Fluhr The WDDC and the city are workinbg on developing a capital improvement plan for downtownm and have generated more than $450,000 toward that By Friday, the city hopees to release the required qualifications for firms interestingf in bidding on the capital improvement plan. “This is a great city with a lot of Fluhr says. “As we look at this we want to be verycompetitivwe (with other cities).
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