First Boom –
1888-1892
Many new industries – not solid financial bases Bust
left closed businesses, empty buildings
Population growth to 10,000 Bust -
half of population moved away
Infrastructure sewer & water
systems installed
Bust - bond debt
Recovery Kearney began
carefully building a stronger and broader economic base
1. Agriculture First & original economic base
for Kearney
Market for grain cattle from beginning Retail sales of farm equipment Blacksmith shops for
manufacture and repair Harness makers
Today
Still shipping out grain, not cattle Still
retail sales of farm equipment, bigger & more expensive Gateway
Farm Expo & Cattlemen’s Classic – annual events
2. Education
Normal School – 1903 Kearney
won fight to have it established here Reliable financial base being a
state institution
Renamed Kearney State Teachers College Renamed Kearney State College –
expanded education beyond teacher training Made part of the state
university system Renamed
University of Nebraska at Kearney
Today
One of the major employers in Kearney
3. Health Care Some small hospitals in early
years
Good Samaritan Hospital constructed in 1926
Additions which include specialized services for heart, cancer Now a second hospital opened –
Kearney Regional Today
Specialists came in last 45 years – some 120 doctors now
Numerous nursing homes and assisted living facilities established
One of the major employers in Kearney
4. Industry Kearney's First Boom - Many businesses
established So many businesses
closed at end of the Boom Period in 1892 Left
empty buildings – Paper company, cottonmill
Kearney’s Second boom – Air Base built in
1942
Boosts to the local economy
1. Construction of base
2. Civilians employed on base
3. Housing & entertainment off-base
End of Boom – Base closed in 1948
Population – Even though military personnel
left there had been permanent growth in Kearney Growth
from 9,640 in 1940 (two years before base was built) to 12,115 in 1950 (two
years after it closed),
a 25% increase
Growth
has continued, not by 1-2000/year as from 1900-1940 but by 2-4000/year
Business/industry - The industrial complex
that left Kearney was the Air Base which reduced business in town Again
“abandoned buildings” this time at the air base property with all its
buildings & hangers
What
did Kearney do? 1. The
Kearney Airport was established 2. Land
was rented out for farming 3.
Hangers became part of the new industrial park 4. City
worked to bring in new industries
a. Retained ownership of those buildings, even the first ones they built to
the spec of an industry –
Rockwell-Cabella’s
b. Made sure the new incoming business was sound financially
5. Travel &
Tourism
Recognition that we had attractions here – Sandhill cranes, central location
for conventions
Motels were built
Passed lodging tax to be used to attract visitors and conventions to Kearney More motels & expansion of
major ones to accommodate state-wide conventions
Some Lessons
Learned
Don’t rely on just one economy – when one is down, we have four others to
hold us up
More solid financial basis – good reputations for businesses coming in Build more slowly and carefully
than during the first Boom
Did you notice a steep
economic downturn in Kearney in 2008 when the nation had its last financial
crisis?