Both the Cedar Rapids and Iowa City Metropolitan Statistical Areas posted impressive jumps in a new economic strength analysis released by POLICOM. Of the 366 metros measured, Cedar Rapids is ranked 54 and Iowa City is ranked 68. Iowa City rose 34 spots compared with 2012; Cedar Rapids improved by 35.
When combined, the region known as Iowa’s Creative Corridor is second in the state, with Des Moines ranked as the top Iowa metro.
POLICOM, which specializes in analyzing local and state economies, annually ranks the 366 Metropolitan Statistical Areas and 576 Micropolitan Statistical Areas in the United States for “economic strength:” the long-term tendency for an area to consistently grow in size and quality. The study measures 23 different economic factors over a twenty-year period to create the rankings. Data stretching from 1992 to 2011, released in January, 2013, was used for this study.
Mark Nolte, ICAD Group President, points out the biggest takeaway from these rankings is consistency. “POLICOM’s formulas determine how our economy has behaved over an extended period of time, not what has caused it to perform,” said Nolte. “Unlike other parts of the country, we’re able to weather the highs and lows to provide stability for companies doing business here.”
The data sectors used in creating the ranking include overall growth in size and quality of the economy; the behavior of the economy; and the impacts of negative sectors on the economy, such as medical and income assistance.
The nine Iowa metros in the study are Ames, Cedar Rapids, Council Bluffs, Davenport, Des Moines, Dubuque, Iowa City, Sioux City and Waterloo.
POLICOM has created this study each year since 1997.