Two Corridor Communities Rank High on New Milken List10/15/2010
Iowa City leads state with #9 ranking; In the Top 25 since 2002
Iowa City moved up thirteen spots to number nine in the Milken Institute’s Best Performing Cities Index. The index, named “Where America’s Jobs Are Created and Sustained,” ranks U.S. metros based on multiple factors in job creation and sustainability.
Iowa City was number twenty-two on the Best Performing Small Cities list last year and has continually been on the list since 2002. Cedar Rapids also posted significant gains, landing at number twenty-eight on the Large Metro list, up from number fifty-seven in 2009. Des Moines was number thirty-three on the Large Metro list; Dubuque ranked fifty-five on the Small Metro list.
Joe Raso, ICAD Group President, credits multiple factors for Iowa City’s consistent high rankings, including the area’s commitment to innovation. “Our interstate commerce clients see the opportunities for growth in this region,” said Raso. “We continue to rank near the top for technology output and nearly 70% of our clients are planning to expand in the next three years.”
In the study, Iowa City was ranked among the top fifteen cities for five-year technology output growth and was in the top twenty for one year job growth. In fact, a separate independent report from Garner Economics released in September shows Iowa City as one of only sixteen U.S. metros surpassing July peak employment totals from the previous five years.
“Our area has had its share of challenges, but our local economy has remained strong,” added Raso. “Unemployment remains below state and national averages and, based on our research, we will see future employment opportunities in multiple sectors.”
ICAD Group released data earlier this year noting that its interstate commerce clients anticipate creating approximately 1,100 new jobs, with more opportunities expected in manufacturing and the financial/insurance sectors.
The Best Performing Cities Index includes both long-term (five years) and short-term (one year) measurements of employment and salary growth. There are also four measurements of technology output growth, which are included because of technology's crucial role in creating good jobs and driving regional economies.
The index is solely an outcomes-based measure. It does not incorporate explicit input measures (such as business costs; cost-of-living components, such as housing; and other quality-of-life measures, such as commute times or crime rates).