Report looks at Corridor’s strengths, barriers

Corridor companies believe the region has a high quality of life an educational opportunities, but say the lack of available skilled workers is the area's biggest barrier to growth.

That's according to the first-ever regional existing industries report, put out Thursday by the Cedar Rapids Metro Economic Alliance and Iowa City Area Development Group.

The economic development groups compiled survey results from 150 executives to identify industry trends, legislative concerns and feedback on the region, its business climate and workforce.

The data also was compared with state and national data to see how the region is performing, the groups said.

Regional companies are outpacing most state and many national measures in key indicators such as sales growth and new product development.

A majority of Corridor companies, 72 percent, saw sales increase, according to the report - about on par with companies across the country (74 percent) and higher than Iowa companies (65 percent).

Likewise, about 87 percent of Corridor companies said they introduced a new product or service in the past five years, compared with 78 percent of Iowa companies and 77 percent of companies nationwide.

But the report also noted several barriers to growth, including the need for more direct flights and lack of diversity. The largest barrier to growth for the region continues to be the availability of properly skilled labor, the report said.

Companies reported more than 1,400 unfilled positions, the report found. And area companies said they are especially in need of employees in the 18-24 age range as baby boomers retire. The issue impacts all industry sectors, the report said, but manufacturing and transportation are the hardest hit.