DAVENPORT, IOWA (July 23, 2020) — The Quad Cities region has been ranked in the top 10 for economic growth in the Midwest and the top 50 in the country in Area Development's 2019 Leading Metro Locations report.Released in early 2020, the Quad Cities Metropolitan Statistical Area (MSA) ranked N° 7 out of 85 MSAs in the Midwest, N° 21 out of 160 midsized MSAs in the US, and N° 50 out of 399 total MSAs in the US in the ninth annual report.Area Development magazine, considered a leading publication for covering corporate site-selection and relocation, ranked 399 MSAs using 16 indicators of economic change and growth-attributes, including employment-growth, unemployment-rates, and average hourly-earnings.
MSAs were scored in four categories of change and growth-indicators — economic strength, year-over-year growth, midterm (five-year) growth, and prime workforce — that contribute to the overall ranking. The Quad Cities performed best in the economic-strength category (N° 6 overall; N° 2 among midsized metros) and the year-over-year growth category (N° 16 overall; N° 5 among midsized metros).
Dr Christine Chmura, an economist who analyzed Area Development’s report, cited growing manufacturing sectors as the common thread among top metros in the economic-strength category.
“Communities that champion their manufacturing sector benefit not only from the success of those firms, but also from the large ripple effect they cause,” she said in a recap of the report. “For every manufacturing job, typically two to three additional jobs are created; that’s a large multiplier for any region of any size.”
The Quad Cities finished at N° 129 overall in midterm growth and N° 229 overall in prime workforce. In addition, the bi-state region fared better overall than any other community in Iowa, finished fourth overall in Illinois, and placed second overall behind Fort Wayne, Indiana, among 36 midsized metros in the Midwest.
Quad Cities Chamber President and CEO Paul Rumler said the report card paints a good portrait of the region’s strengths, specifically its solid manufacturing base. The numbers also support the Chamber’s focus on developing talent and attracting people to the Quad Cities, he said.
“Building a stronger workforce, growing our region’s population, and facilitating business growth are critical to beating our competition,” Rumler said. “The Chamber is committed to leading that charge and creating a prosperous regional economy where all can thrive.”
For the full report, visit https://www.areadevelopment.com/Leading-Locations/Q4-2019/leading-metro-locations-full-results-2019.shtml#.
