Income & Employment
• Layoffs and business closings have caused unemployment in Cedar Rapids to reach 6.1%. This represents approximately 9,000 individuals.
• As of November 2010, Iowa’s unemployment rate is 6.6%. Iowa ranks 7th in the Nation for the lowest unemployment rate.
• The national unemployment rate is 9.8%.
The following chart indicates the unemployment rates in the six county area in October 2009 and October 2010.
• All of the counties had an increase in unemployment rate by 0.1% to 1.0%, except for Jones County who had no change.
• 162,400 jobs in nonfarm employment and agriculture are projected to be added in Iowa from 2008-2018. (Based on Iowa’s Industry Projections 2008-2018)
o The following two industry sectors are expected to account for over 43% (70,600) of the state’s job growth:
Health Care and Social Assistance
Professional and Business Services
• National companies with a local presence are consolidating. This has caused us to see job losses at some businesses like Cryovac and Midland Forge, but brought new jobs at companies like G.E. Capital and Iowa Precision.
• 75% of all replacement and new jobs will require education beyond a high school diploma.
• 51% of all replacement and new jobs will require a four year or graduate degree.
Competition for jobs has increased. The income needed to meet a families’ basic needs has also increased. The challenge for low-wage workers lies in the fact that increased income is most often the result of increased education and tenure in a job. Wages and opportunities at the lower education level are shrinking in Iowa. Low-wage workers need to acquire at least a post-secondary degree or certificate to obtain higher paying jobs.
Sources:
Iowa Workforce Development: “Iowa’s Workforce and the Economy 2010”
United States Department of Labor
