Quarterly Economic Report

Quarterly Economic Report March 2009 Published April 2009 www.northiowacorridor.com The North Iowa Corridor EDC serves the economic development needs of Clear Lake, Mason City and Cerro Gordo County. If there is something not in this report that you would like us to track, please feel free to call or email our office. You can reach us at 641.423.0315 or 800.944.1708 or email at adeterman@northiowacorridor.com . If you or someone you know would like to receive the QER, please contact us with the email address and we will gladly add it to our list. We look forward to hearing from you. Gregg Gillman Executive Director Ken Bales Development Specialist Angela Determan Project Manager Connie Trout Administrative Assistant Inside Cost of Living Comparison 1st Quarter, 2009 Commercial Air Fare Comparison Briefs…..  Retail Sales Tax Report Motor Vehicle Sales are a leading indicator of economic activity. It is the first indicator to turn down when the economy goes into a recession and the first to rise when it rebounds. Iowa Workforce Development News and Trends shows new vehicle registrations in Iowa are down 27.7% compared to March 2008. The state’s seasonally adjusted unemployment rate increased to 5.2% in March 2009 from 4.9% in February. The U.S. unemployment rate increased to 8.5% in March from 8.1 in February and 5.1% one year ago. Financial Institutions Report  Labor Summary  Housing Sales Iowa ranks 2nd in the nation in “Quality of Life”. Iowa has jumped to second in the nation according to a 50 state comparison issued annually by Washington based Congressional Quarterly Press. Factors included a healthy populaBuilding Permits tion, safe neighborhoods and excellence in education. “This study reaffirms to Iowans and demonstrates to people outside the state what a great place Iowa is for families, careers, business, tourism and recreation,” said Mike Tramon- Vehicle Titles tina, Director of the Iowa Department of Economic Development. Past North Iowa Corridor EDC Quarterly Economic Reports can be viewed at www.northiowacorridor.com/archives.html  Consolidated Tax Rates Cost of Living COMPARISON 1st Qtr 2009 Urban Area 100% Composite Index 85.0 97.7 92.4 96.5 90.0 89.3 114.4 110.1 98.2 99.1 89.5 13% Grocery 87.9 90.0 91.5 98.4 89.3 87.4 118.1 112.6 90.1 100.6 90.5 28% Housing 65.5 103.3 79.0 92.1 84.9 81.0 128.7 120.2 84.1 80.7 76.8 10% Utilities 93.6 90.4 88.4 81.4 90.6 94.5 98.4 97.8 117.1 116.3 107.1 10% Transportation 98.9 103.8 100.5 106.8 94.5 103.1 108.9 109.2 104.3 104.4 99.7 Mason City Ames Cedar Rapids Davenport- IA MolineRock Island -IL Des Moines Waterloo-Cedar Falls Minneapolis St. Paul Rochester, MN St. Cloud, MN Omaha NE -Council Bluffs IA Source: C2ER—www.c2er.org 100 = National Average 4% Health35% care Misc. Goods 96.4 95.3 104.8 93.8 90.5 90.7 106.6 104.1 107.2 101.6 94.3 92.4 96.1 101.6 101.1 93.2 91.0 108.0 105.0 104.9 107.4 90.9 Commercial Air Fare COMPARISON TO: Atlanta ATL Chicago, O'Hare ORD Denver DEN FROM: Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Leisure Business Walk-Up Des Moines 261 1000 1078 209 762 936 301 770 667 190 238 340 289 563 1,239 310 391 702 189 298 338 210 264 804 190 236 258 289 913 929 247 524 739 Minneapolis 169 394 605 109 225 319 189 279 663 219 340 599 217 410 410 199 219 360 239 289 537 239 439 618 239 320 579 219 419 615 206 325 524 Mason City 369 909 1219 303 635 779 389 689 1104 334 499 546 419 810 860 405 399 651 299 388 515 289 480 875 327 240 278 419 949 949 357 588 814 Cedar Rapids 279 882 1078 209 650 871 359 850 1284 210 353 658 256 996 1260 315 533 593 255 308 1058 439 850 1350 360 592 766 355 442 361 307 650 926 Dubuque 200 524 684 209 554 804 378 660 1017 292 357 662 162 264 314 171 334 523 294 308 760 380 614 1124 230 423 986 295 454 483 271 491 761 Chicago 177 319 377 Moline 179 399 359 209 590 778 378 633 793 255 304 520 141 255 288 161 381 509 295 339 668 380 628 900 230 423 804 286 306 419 260 435 634 Omaha 275 578 952 232 259 333 100 223 355 225 253 529 416 469 673 163 256 724 185 373 452 219 197 197 295 336 796 409 422 626 250 341 542 Las Vegas LAS New York City LGA Orlando Phoenix MCO PHX San Francisco SFO Seattle SEA Washington DCA Average 169 335 563 209 475 761 189 350 629 149 299 482 189 465 721 234 495 811 209 439 703 209 240 667 200 392 641 Source: Mason City Municipal Airport - Iowa DOT Office of Aviation 04.01.09 Retail Sales Tax REPORT Number Businesses Reporting 06/30/07 Clear Lake Mason City Cerro Gordo 341 958 1438 06/30/08 337 938 1411 Taxable Sales 06/30/07 $23,701,000 $136,346,917 $164,416,868 06/30/08 $24,064,362 $146,530,309 $175,287,253 Taxes Generated 06/30/07 $1,185,053 $6,817,382 $8,233,171 06/30/08 $1,203,215 $7,326,499 $8,764,338 Source: Iowa Department of Revenue & Finance Financial INSTITUTION DEPOSIT Cerro Gordo County June 2006 $891,387 June 2007 $919,047 June 2008 $908,715 % Change 2007-08 -1.12% Source: Federal Deposit Insurance Corporation Labor SUMMARY Cerro Gordo County March 2008 Labor Force Unemployed Rate Employment 25,320 1,190 4.7% 24,130 Feb 2009 25,830 1,520 5.9% 24,330 March 2009 25,980 1,630 6.3% 24,350 Change 3/08-3/09 +2.6% +36.97% +1.6% +.91% Source: Iowa Workforce Development Housing SALES Mason City March ‘08 Listings Sold Dollar/Sale Volume Source: Mason City MLS Clear Lake Report not available. 2008 YTD 63 $6,927,947 March ‘09 23 $2,082,511 2009 YTD 53 $4,732,861 30 $3,282,346 North Iowa Corridor EDC 25 West State Street, Suite B Mason City, IA 50401 State of Iowa Rank of City Consolidated Tax Rates Taxes Payable FY 2009 City Rank Rate (1=High) Residential REAL ESTATE ACTIVITY Mar2008/YTD Amount Waterloo Marshalltown Hampton Iowa Falls Fort Dodge 50 77 90 102 107 116 229 251 313 382 383 455 460 493 497 544 643 731 43.32425 41.93830 41.46782 41.24301 41.09263 40.92394 38.68276 38.23373 37.05782 36.25611 36.23733 35.29591 35.25565 34.70901 34.64293 33.81858 32.55432 31.16867 Mar 2009/YTD Amount Mason City Total Permits (units year to date) 1/1 0/0 none Single Family Housing Permits & Multi-Family Housing Permit $186,443/$186,443 Source: Mason City Community Development Department, U.S. Census Bureau and Greater Mason City Board of Realtors Ankeny Webster City Forest City Charles City Cedar Rapids Osage Cedar Falls Vehicle TITLE ACTIVITY Cerro Gordo County 2007 2008 1st qtr ’08 1st qtr ‘09 YTD ‘09 Waverly Lake Mills St. Ansgar Mason City 15,609 21,973 4,316 4,113 4,113 Source: Cerro Gordo County, Treasurer’s Office Online RESOURCES ► ► ► ► ► ► ► ► ► ► ► ► ► ► ► ► ► ► Garner Clear Lake Bureau of Labor Statistics of the U.S. Department of Labor—www.bls.gov Bureau of Labor Statistics of the U.S. Department of Labor—www.bls.gov Greater Mason City Board of Realtors— www.masoncitymls.com Greater Mason City Board of Realtors— www.masoncitymls.com Iowa Department of Transportation Office of Aviation—www.dot.state.ia.us Iowa Department of Transportation Office of Aviation—www.dot.state.ia.us Iowa Workforce Development—www.iowaworkforce.org Iowa Workforce Development—www.iowaworkforce.org Mason City Convention and Visitor’s Bureau—www.masoncitytourism.com Mason City Convention and Visitor’s Bureau—www.masoncitytourism.com Mason City Chamber of Commerce—www.masoncityia.com Mason City Chamber of Commerce—www.masoncityia.com Mason City Municipal Airport—www.masoncity.net Mason City Municipal Airport—www.masoncity.net The Council for Community and Economic Research , C2ER—www.c2er.org The Council for Community and Economic Research , C2ER—www.c2er.org U.S. Census Bureau—www.census.gov U.S. Census Bureau—www.census.gov