.png){kind=logo}
According to IBISWorld, the land development market in the USA has grown 0.5% since 2017. Compared to the period from 2012-to 2017, this is a slow rate of growth. Moreover, the market is projected to shrink by 0.2% in 2022. While prospects for industrial and housing developments are on the rise, hotel and office development prospects have taken a plunge. Across the country, retail developments have remained relatively stable over the last five years. But is this the case with construction in Wichita?
Kansas’ Real Estate Boom
While the property development landscape in the US appears to have not changed much over the last decade, zooming in to individual states and municipalities paints a different picture. Many small towns across rural Kansas have been selling houses ultra-cheaply, and in some cases, giving land away for free. For urban dwellers struggling with soaring real estate prices, these offers are becoming increasingly attractive. As a result, parts of Kansas are going through a real estate boom which is beginning to breathe life into depopulated towns. But while this strategy is working for some towns, it is not proving successful for others.
Those who find themselves building on cheap new land in Kansas may be tempted to cut back on costs even further by attempting their own stump grinding. However, extracting tree stumps smoothly takes experience, knowledge, and skills. It may seem simple, but stump grinding machines are very dangerous to operate without proper expertise. In addition, the roots beneath can reach far and wide, sometimes into the path of electrical wires or plumbing lines. Although much of land development is possible to DIY, stump grinding should be left to the pros.
Wichita Set For Development Surge
As the largest city in a predominantly rural, low-population state, Wichita straddles the divide between a bustling city and a small-town community. Although it has fared better than most, it has not been immune to the economic damage caused by the depopulation of rural Wichita. But in 2022, as the rest of the country’s property market begins to languish, development in Wichita is at an unprecedented high. Across Wichita, new developments are bringing prospects of economic growth to local neighborhoods.
The biggest of these new developments is a project in North Wichita along I-135 and 21st street. While this area was once home to an oil refinery, for years now it has consisted of empty lots. But this year, 150 acres of land are set to transform into multiple warehouses and a travel center. This project is predicted to usher in a period of economic growth for North Wichita. Not only will the development attract visitors, but it will also create direct jobs for local Wichitans.
And it’s not just North Wichita. Near the Riverfront Stadium, development plans for a 150-room hotel and a 200-space parking garage next to the stadium are underway. The plan also includes a 55,000-square-foot office building with retail space. These developments suggest that prospects for land and property development in Wichita are in a great place. And if Kansas wins the APEX bill economic incentives package, property development could soar even more.
This bill is designed to attract billion-dollar companies through offering tax credits, reimbursement on payroll and employee training, and exemptions for sales and property taxes. At this point, Kansas is one of two states competing for the multi-billion-dollar project, so it remains to be seen who the winner will be.
