Rankings show Quad Cities economy strong, well positioned for growth

The Quad Cities was recently recognized by Livability.com as having the third-most diversified metro economy in the U.S. for its variety of industries, among other things. The region has a strong manufacturing presence along with logistics, agricultural innovation/food processing, corporate operations and defense. Within these five industries, there are more than 300 business subsectors, and the Chamber began actively recruiting companies in the ag tech and materials tech sectors in 2020. 

According to Livability.com, the Quad Cities has the “range of industries, depth and nimbleness needed to overcome turbulent times and come out the other side even stronger.”

In January, Area Development magazine, the leading publication for covering corporate site selection and relocation, ranked the Quad Cities No. 50 in the U.S., No. 7 in the Midwest, No. 4 in Illinois and No. 1 in Iowa for economic growth.

In October 2019, the Quad Cities earned a spot on Forbes’ top-200 list of “The Best Places for Business and Careers.” The region ranked especially well in the "cost of doing business" category: No. 27 in the U.S., No. 5 in the Midwest and No. 2 in both Illinois and Iowa. Forbes also reported the cost of living in the Quad Cities was 16% below the national average.

The Quad Cities ranked No. 6 on the U.S. News & World Report’s list of Most Affordable Places to Live in 2020-21. According to the report, the region “offers a better value than similarly sized metro areas when you compare housing costs to median household income.” The Quad Cities also ranked No. 79 on the U.S. News & World Report’s list of Best Places to Live in the U.S. Rankings were based on numerous indexes, including quality of life, strength of job market and the value or cost of living.

Smartest Dollar analyzed purchasing power across the U.S., and the Quad Cities ranked No. 8 among midsize cities with the highest cost-of-living adjusted earnings. The median adjusted salary for full-time workers in the Quad Cities is $56,406, a figure that "should be an important factor when weighing employment opportunities," according to the report. Researchers at Smartest Dollar calculated cost-of-living adjusted earnings using data from the U.S. Census Bureau and U.S. Bureau of Economic Analysis.

In March, the Quad Cities metro and Clinton, Iowa, ranked among the top Mississippi River metros for corporate facility projects in Site Selection magazine’s 2019 Governor’s Cup Awards. In the Mississippi River division known as the Big Muddy Cup, the Quad Cities ranked No. 6 for total projects (21); and Clinton ranked No. 10 for total projects (4) and No. 3 for projects per capita.

In June, the Quad Cities ranked No. 29 out of 100 small cities (populations between 100,000-500,000) in the 2020 America’s Best Small Cities Report by Resonance Consultancy. The region ranked high (No. 8) in the “Prosperity” category, which looks at an area’s employment, corporate headquarters, Fortune 500 companies and household income.

Both Forbes and Resonance also emphasized quality of life amenities in the Quad Cities, including numerous annual music festivals, cultural institutions and educational services. In Area Development magazine’s 2019 site selection survey, more than 82% of corporate respondents rated quality of life as an important location factor to consider when making new facility, expansion or relocation plans. In the same survey of company representatives, quality of life ranked No. 4 in overall importance – up two spots from 2018 – behind highway accessibility, availability of skilled labor and labor costs.