Kansas City, MO: Fast Becoming A Tech Hub
Kansas City, Missouri should be recognized for more than just its barbecue. In the last few years, the business environment of Kansas City has experienced a sizeable increase in startup activity and tech ventures. Since the Kansas City Chamber of Commerce’s announcement of its goal to make Kansas City the most entrepreneurial city in America, accelerators have been created, events to connect entrepreneurs have been organized, co-working spaces have opened, and funding and resources have increased. Now the transformations occurring are receiving national notice.
In 2017, Kansas City was ranked among the top 25 tech hubs in the country according to a report from Cushman & Wakefield. Tech cities tend to demonstrate better performance in economic categories ranging from job growth to rent growth, which may be a good indicator for the future of Kansas City. Tech opportunities such as those found in the Downtown, River Market, and Crossroads areas, can have positive spillover effects on building owners, brokers, restaurants, and the city as a whole.
According to The Wendover Corporation, Kansas City is outpacing major cities, such as New York, in business growth. In 2016, it had the number one business growth index in the nation. The city’s growth is projected to continue, with 5.1 million square feet of new industrial space created in 2018 and 4.2 million square feet under construction. This new space has allowed the city to accommodate expanding or relocating global brands, such as Amazon, CVS Health, Dollar Tree, among others.
In addition to Kansas City’s beneficial tax climate, diverse economy, capable workforce, and fast internet speeds, the city’s central location and transportation infrastructure is a factor many businesses and logistics managers are taking advantage of. The characteristics and capabilities of the region allow 85% of the U.S. population to be reached in two days or less. While it has many strong cities in the region to compete with, it’s worth paying attention to the Kansas City business climate.