At any given time in our nation’s economy, certain regions may be doing better than others and certain regions may be doing worse than others. Obviously, it all depends on the particular mix of the region’s industrial base, population, trends, workforce, demographics, and size.
For those of us in the Kansas City metropolitan area, we have some reasons to rejoice. With a fairly diversified local economy, we tend to be somewhat buffered from the extreme national highs and lows. Additionally, we have some developments that bode well for the region’s future economic state. Chris Hyzy is the chief investment officer for U.S. Trust (Bank of America’s wealth management group). Hyzy summarizes the positives (James Dorbrook, “Rosy Prospects for KC Economy” The Kansas City Business Journal, 6/7/13–6/13/13, p. 4):
“‘You typically talk about emerging markets being overseas, but when you look at where we are in the United States, the emerging market is right here. . . . A lot of it is because of [our] exposure to the industrial sector, railroads, logistics and transportation, automobile production, access to cheap sources of energy and the agricultural community. When you look at all that, this part of the country is in the catbird seat as it relates to the United States.’”
Knowing how your area relates to the larger scene is always important. It helps you to keep matters in proper perspective, whether your situation happens to be favorable or unfavorable. Sometimes that knowledge prompts you to relocate to a more favorable part of the country to increase your odds of long-term business and career success. Other times, it prompts you to hunker down and keep doing your best with the encouraging knowledge of favorable trends.
That same knowledge also should inform your periodic business and career SWOT analysis (strengths, weaknesses, opportunities, and threats). Knowledge indeed is power. Anytime you know the score, you will be a better player. So let’s keep playing the game, whether that is here in Kansas City or anywhere else.