The Iowa City Area Development Group (ICAD Group) has released a report of eighteen metrics detailing the economic growth and stability of the ICAD Group service territory since 2002.
Working with the University of Northern Iowa’s Institute for Decision Making, ICAD Group devised this report to provide its board, investors and the community an accurate representation of economic development impact and market growth during the past nine years.
Additionally, this report will serve as a benchmark for future reports to gauge the effect of future economic development activity.
According to Joe Raso, ICAD Group President, the report captures the ripple effects of past ICAD Group projects and overall economic growth of the market. “It is easy to focus on job numbers and capital investment estimates with location or retention projects, but we are also interested in the long term impact,” said Raso. “Our projects have a direct effect on key community metrics including taxable valuations, school enrollment and bank deposits.”
Among the major findings in the 2011 ICAD Group Service Territory Metrics Report:
• The market’s commercial taxable valuation is more than $2.4 billion, a 22.6 percent increase from 2007 to 2011;
• The market’s residential taxable valuation is more than $7.6 billion, a 22 percent increase from 2007 to 2011;
• There are 31 banks/credit unions in the ICAD Group service territory and total deposits have increased $1.5 billion, or 74 percent, in the past five years;
• The Iowa City area cost of living is below the national average and lower than Ames, Burlington and the Quad Cities;
• Public school enrollment has increased by 1,030 students, or 5.8 percent, since 2007.
Where possible, the report analyzed ICAD Group’s service territory consisting of all of Johnson County, Kalona, Tipton, West Branch and West Liberty.
ICAD Group (iowacityareadevelopment.com) plans to present this information to elected officials in member communities as well as companies and services directly noted in the report, such as schools, banks, developers and real estate agencies.
“Some data points aren’t directly linked with ICAD Group work, but are still valuable for companies researching our market,” added Raso. “Overall, this information is available for anyone who sees benefit. There are great stories to tell about our market and we’re happy to be a resource.”