Income & Employment
- Layoffs and business closings have caused unemployment in Cedar Rapids to reach 5.4%. That is high for this area, but much better than many parts of the country.
- Over the last year unemployment has increased on average 2.26 percentage points in the six county area – ranging from 5.4% in Washington county to a high of 6.8% in Jones county
- 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.
Related Items