page_title: Economy of Omaha, Nebraska
section_title: Current urban growth
hierarchical_section_title: Economy of Omaha, Nebraska / Current economic sectors and industries / Current urban growth
caption_attribution_description: English: TD Ameritrade Park Omaha under construction next to Qwest Center Omaha.
context_page_description: The economy of Omaha, Nebraska has served as a major commercial hub in the Midwestern United States since its founding in 1854. Dubbed the "Motor Mouth City" by The New York Times, Omaha is widely regarded as the telecommunications capital of the United States. The city's economy includes agriculture, food processing, insurance, transportation, healthcare and education. Warren Buffett of Berkshire Hathaway has lived in Omaha all of his life, as have the ConAgra Foods, Union Pacific Railroad and Mutual of Omaha Companies, and Kiewit Corporation, all Fortune 500 corporations.
  According to the Nebraska Department of Labor, in March 2008 the unemployment rate in Omaha was 3.9 percent. Between 2000 and 2005 Omaha's job growth was 0.70 percent. In 2006 the sales tax rate was seven percent, with income tax at 6.68 percent. That same year the median family income was $56,869, with a 1.80 percent housing price gain.
  In September 2007 the city ranked eighth among the 50 largest cities in the United States in both per-capita billionaires and Fortune 500 companies. According to USA Today, no other city in the country could claim a ranking as high as Omaha on both lists.
context_section_description: The city recently has experienced a large amount of economic growth. In its downtown area, the Omaha World-Herald's Freedom Center, the First National Bank Tower, the CenturyLink Center Omaha, and the Gallup University campus have each been identified as central to the city's revitalization efforts. WallStreet Tower Omaha was a planned downtown addition that would have been the city's third tallest building. The Missouri River waterfront development project features a pedestrian bridge connecting Omaha and Council Bluffs, Iowa. Also, there are two condominium towers and an area for both retail and restaurants. Redevelopment has been ongoing in the north downtown area, with interest piquing after the recent announcement of a new downtown baseball stadium for the College World Series in the area.
  In West Omaha — parts of which were covered in cornfields as recently as 2002, several commercial districts and high wealth neighborhoods have developed. A mixed-use development in the southwest portion of the city called Coventry will be a complex of mansions, commercial development, and retail/restaurants. Projects are also under way for improving North Omaha. In the Midtown area, Mutual of Omaha is redeveloping an area bordering 31st to 33rd streets and Dodge to Harney streets that is called Midtown Crossing at Turner Park. Featuring condominiums, apartments and an Element Hotel, The area will also host an urban style movie theater with restaurant and bar/club included, a grocery store, restaurants, a dry cleaners, a health club and other shops and services. After renovating and expanding the public Turner Park, the development seeks to become a catalyst for further redevelopment in the area. Another mixed-use project in Midtown is situated on the site of the former Ak-Sar-Ben Colesium. Aksarben Village is a huge complex consisting of University of Nebraska at Omaha's Aksarben Campus containing learning centers and dorms, Blue Cross and Blue Shield of NE's new Headquarters, First Data's Omaha offices, a neighborhood grocer, restaurants, shops, a hotel, lounges, bars,  clubs, a movie theater, residential areas, and several other medium and small business offices.
  Also, in 2009, Omaha released a new master plan for Downtown's development over the next 30 years. It divides several unique districts, The Downtown Center, North Downtown, the Entertainment district, the North and South Riverfront, the Joslyn District, The Park East/Farnam District, and the Old Market District. The Entertainment district will include the CenturyLink Center Omaha and the TD Ameritrade Park. Also, there is a proposed area for several soccer or baseball fields. A large Part of the new Master Plan is the prediction of 8 new office towers in the next 30 years.
  Another positive economic note for Omaha is that out of all major U.S. cites, it was least affected by the 2008 economic recession.
caption: TD Ameritrade Park Omaha being built next to the CenturyLink Center Omaha in Downtown.
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