BETTENDORF, IOWA (September 2, 2024) — The Quad Cities Chamber released the Q2 2024 Market Report for the Quad Cities region. The report provides trends and data to help inform companies doing business within the region. Each report provides an economic analysis for the quarter by Dr Bill Polley, Director of Business Intelligence for the Chamber.
The Q2 2024 Market Report highlights how the Quad Cities regional economy fared compared to the national average from April 1 through June 30. Key takeaways are:
- Real GDP in the U.S. increased at a seasonally adjusted annual of 2.8% in the second quarter, up from a revised 1.4% in the first quarter. Expectations are for slightly lower growth in the remainder of 2024, but the "soft landing" without a recession is still a possibility.
- The Personal Consumption Expenditures price index declined slowly but steadily throughout the quarter. The progress on inflation, coupled with the weaker national labor market, signaled that rate cuts would happen in September.
- At the end of the quarter, the unemployment rate in the six-county area was 4.8%, up from 4.6% in March. Total nonfarm employment in the Quad Cities metro area decreased by approximately 1,200 jobs from June 2023 to June 2024, according to the Bureau of Labor Statistics.
- A number of recent layoff announcements would not have been fully reflected in payroll and unemployment figures by June. Due to the already announced layoffs, third quarter jobs are expected to be further down from last year's levels.
- Answers to the Chamber’s Business Outlook Survey for this quarter remained largely the same as last quarter with local and regional businesses reporting some declines in demand. While analysts on Wall Street are optimistic about the ability of lower interest rates to help support spending, that optimism has not filtered down to respondents of the survey. Of note was the special focus question, “I am concerned about the availability of qualified workers for my business.” A majority of respondents answered that they “strongly agree” (39%) or “agree” (35%).
The Q2 Market Report is available on the Chamber’s website and includes:
- Regional Market Summary
- Labor Market Update
- Business Outlook Survey
- Project Update
- SBDC Small Business Support