LSEDC - News Release

Lee's Summit EDC Releases Robust Research Report - The 2012 Lee's Summit Advantage

LEE'S SUMMIT, MO (January 4, 2012) - At today's quarterly investor meeting, the Lee's Summit Economic Development Council (LSEDC) released the 2012 edition of the Lee's Summit Advantage - a two-part profile that details the advantages of Lee's Summit as a place to live and do business. The report compares Lee's Summit to 15 metro areas around the country that are notable because of their economic vitality and also provides a statistical profile of Lee's Summit compared to surrounding communities in the Kansas City metro - putting the data in regional context.

To inform current and potential Lee's Summit businesses and residents about the city and the region, LSEDC commissions the research and publishes this report every four years. As in 2008, the 2012 publication compares Lee's Summit to Independence, Eastern Jackson County, the Northland, Johnson County, Kan. and the Kansas City metro area. Results are based on demographics, growth indicators, labor force characteristics and quality of life factors.

"The Lee's Summit Advantage uncovers a tremendous amount of valuable, useable information. A resource LSEDC provides to keep the community engaged and informed, this publication compiles data that affects multiple stakeholders and can be used to promote community collaboration," said Daren Fristoe, LSEDC Chairman. "The 2012 report further highlights the benefits of Lee's Summit and is a useful tool as we continue to build a sustainable, growth-oriented community. I encourage all members of the community to read and understand this report."

Highlights from the 2012 Lee's Summit Advantage include:
• Lee's Summit experienced a 29 percent increase in population from 2000 to 2010, and is projected to grow by 27 percent between 2010 and 2020.
• Based on many of the business climate and quality of life indicators, results from the national comparison show that Lee's Summit is competitive with nationally ranked areas like Austin, Tex., Columbia, Mo., Des Moines, Iowa, Lawrence, Kan., and Omaha, Neb.
• Between 2000 and 2009, Lee's Summit experienced a 23 percent increase in the number of local business establishments - from 1,865 in 2000 to 2,298 in 2010.
• Lee's Summit ranked fourth among the comparative areas in terms of business growth. Other areas with growth rates of 20 percent or more include San Antonio, Tex., Raleigh-Cary, NC, Columbia, Mo., Austin, Tex., Fayetteville, Ark., and Iowa City, Iowa.
• With a population of 91,364 in 2010, Lee's Summit has grown significantly faster than the metro area, at a rate of 3.5 percent over the past three years - due to its excellent school systems, diverse housing choices, attractive quality of life and accessibility to Kansas City.
• The median income in Lee's Summit is $71,740 - nearly 25 percent above the KC metro area average. Northland area residents have a median income of $57,990, while Independence is at $43,002.
• Lee's Summit had a resident labor force of 50,678 persons in 2011, accounting for 4.7 percent of the metro area labor force.
• Although Lee's Summit is more of a housing center than a job center, about 31 percent of residents live and work in the city.
• Among persons over age 25, Lee's Summit has a well-educated labor force with 95 percent of employed residents having completed high school and 50 percent having a college degree or higher.
• Since 2000, Lee's Summit has added over 1.8 million square feet of new industrial space. Annual construction has ranged from a low of 4,800 new square feet added in 2009 to a high of 320,405 square feet in 2000. In total, since 2000, nearly $361 million in nonresidential valuation has been added to the city's tax roles. This translates into more than $1.128 billion in capital investment, not including land cost.
• Lee's Summit has also added more than 1.4 million square feet of office space since 2000.
• Since 2000, Lee's Summit has added more than 2.9 million square feet of retail space, including the 800,000 square foot power center - SummitWoods Crossing - and 498,000 square feet at Summit Fair. In total, there are 16 retail centers with 100,000 square feet or more in Lee's Summit. The total retail base in Lee's Summit is 3.8 million square feet.
For the 2012 Lee's Summit Advantage, visit http://www.leessummit.org/ls_advantage.aspx.

About LSEDC
LSEDC, a public-private sector partnership, is the city's designated marketing and product development arm to retain and attract business. LSEDC is devoted to improving the economic well-being of residents and businesses in Lee's Summit. For more information, visit www.leessummit.org.