Quad Cities Chamber Blog

On Tuesday, April 23, 2024 the U.S. Department of Labor (DOL) and the Federal Trade Commission (FTC) issued separate final rules on two major issues: Increases to Overtime Salary Thresholds (DOL) and Nullification of Noncompete Provisions. We're providing information for business owners on actions that should be taken in the short term to understand the impact of these rules and adapt.

On Tuesday, April 23, 160+ local high school students and nearly 30 Quad Cities employers connected at the first Success Symposium, hosted by the Quad Cities Chamber and funded by the Moline Regional Community Foundation. This dynamic event aimed to inspire and guide high school students on the path to their future careers. The Symposium included a hands-on career fair helping to bridge the gap between industry leaders and students eager to explore diverse career opportunities through interactives and live demonstrations.

Recent speeches by Federal Reserve officials have helped move market sentiment away from expecting a summer rate cut. Even though overall economic growth is strong, the lingering inflation creates certain risks that add uncertainty to the economic forecast. This week we discuss some of these risks.

On Tuesday, April 16, the Iowa Senate passed a compromised version of the Major Economic Growth and Attraction (MEGA) Program. This closes two years of work to create a new incentive to help Iowa compete for large-scale economic development projects, defined in the bill as more than $1 billion in investment on a certified site of at least 250 acres. The bill now awaits Governor Reynold’s signature and is expected to take effect quickly thereafter.

The Quad Cities Chamber attended the Illinois Chamber of Commerce Day on the Hill last week and discussed key issues with Illinois legislators. Multiple issues were discussed including the proposal for the elimination of the tip credit for tipped employees, budget talks and economic development incentives for the state. 

The Quad Cities Chamber is celebrating three new apprenticeships scheduled to begin this summer. These apprenticeship programs are part of the Chamber’s strategic vision to address the immediate and future workforce needs of regional employers by leveraging educational assets to address talent pipeline challenges.

Inflation was a little higher than expected last month, sending bond yields higher and diminishing hopes of an interest rate cut in the near future. This week, we discuss the key contributors to inflation and how the current projections for GDP growth may affect the possible timing of the rate cuts.

Quad Cities legacy business, Parr Instrument Company broke ground for its $22 million expansion in Moline on Friday, April 12. The company, which celebrates its 125th anniversary this year, will more than double the size of its existing operation at 211 53rd St., Moline. 

Congressman Eric Sorensen (IL-17) and Congresswoman Mariannette Miller-Meeks (IA-01) introduced the bipartisan Opportunities for Non-developed Sites to Have Opportunities to be Rehabilitated for Economic Development (ONSHORE) Act. The ONSHORE Act establishes the Critical Supply Chain Site Development Grant Program. This program, managed by the Department of Commerce, offers grants to help communities and other eligible groups get sites ready for manufacturing projects in industries that are considered strategically important. 

The Chamber gives a warm welcome to the 12 businesses that became members in March. We thank you for your unique contributions and investment in our region's success.

The national labor market continued its unabated expansion in March, and the local labor market bounced back in February from a small stumble in January. What does all of this mean for the path of interest rates this year? Are we still looking for rate cuts to begin in the summer? This week, we examine the labor market data, considering how expectations have shifted and what upcoming data has the potential to move the markets even more.

The Quad Cities Veteran Network has been active in the Quad Cities for the past five years, hosting monthly meetings at local establishments. Founded by Bryan Miller (SERCO) and Dave Underwood (John Deere), the organization serves as a mechanism for helping veterans find jobs after leaving the military.

Housing values in the Quad Cities area continued to increase at a moderate rate in 2023 consistent with the average appreciation over the last few years. However, the housing in the Quad Cities remains quite affordable compared to other parts of the country. While the national headlines say that housing has become significantly less affordable since the start of the pandemic, the story is much different locally. This week, we look at some key indicators in the housing market that showcase how the Quad Cities differs from other parts of the country.

The greatly anticipated Amazon Robotics Fulfillment Center at 2022 Research Parkway in Davenport opened in October 2023, and in the months since, has employed 1,500 Quad Citizens with plans to hire 300 more in the next month. Jobs at the location offer full and part-time positions starting at $17.50/hour, plus industry-leading benefits. Innovative programs for hourly employees like Career Choice prepay tuition to enhance employees' education and skills training.

The Chamber has been actively promoting legislation in Illinois related to housing and development, and has engaged our local legislators on additional business-related topics including  a number of workplace regulations that change the employer-employee relationship. Deadlines on legislation are quickly approaching and now is our opportunity to ensure we achieve a positive outcome this session.

Conflicting readings on inflation are making the Federal Reserve’s decision on when to cut interest rates more difficult. The consumer price index (CPI) rose 0.4% in February and 3.2% over the last twelve months. What effect will this have on the Federal Reserve's plan to lower interest rates this year? This week, we examine the prospects for inflation and interest rate cuts in relation to the latest data.

Get set to kick your networking game up a notch. The Chamber's most anticipated after-hours event is almost here and you won't want to miss it. Hob Nosh, presented by Mediacom Business and TBK Bank, is making its return on Thursday, April 11 from 5 to 8 p.m. at the Waterfront Convention Center in Bettendorf. 

Last Friday, March 15, the Iowa Legislature completed its second funnel and has determined which bills it will focus on passing this session. In other news from the Legislature, the Iowa Revenue Estimating Conference released its Estimate of General Fund Receipts. This report sets the limit for spending unless it's for the Legislature's FY25 negotiations.

The Quad Cities Chamber traveled to the Illinois Capitol on Wednesday, March 20 for a day of impactful conversations with Illinois top legislators and our local members of the general assembly. Discussions included the need for new programs to support middle-income housing, overregulation of employer-employee relationships and the final push for passenger rail in our region.

Job growth remains strong nationally, but the unemployment rate rose slightly in February. Locally, employment is starting to decline, although the unemployment rate is still comparable to pre-COVID levels for this time of year. This week we outline some of the concerns about the labor market and how the situation is complicated by the national inflation picture.