FY24 Adopted Budget

Economic Overview

The Iowa City economy experienced consistent annual growth from 2010 through 2018; real GDP grew in thirty-six consecutive quarters up until that time. A decline in GDP occurred in 2019 due to the international trade wars which broadly impacted the Midwest region. This was

followed by the impact of the COVID-19 pandemic in 2020. Growth rebounded as expected in 2021. (Source: Bureau of Economic Analysis)

Iowa City’s employment picture has fared better than the state as a whole over the past ten years, and its unemployment rate continues to remain below state and national levels. As of March 2022 (preliminary), the Iowa City Metropolitan Statistical Area (MSA) was the forty-second lowest unemployment rate of all MSAs nationally.

Unemployment Rates

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 National 8.1% 7.4% 6.2% 5.3% 4.9% 4.4% 3.9% 3.7% 8.1% 5.3% 3.6% Iowa 5.0% 4.7% 4.3% 3.8% 3.7% 3.1% 2.6% 2.8% 5.1% 4.2% 2.7% Iowa City 3.8% 3.5% 3.1% 2.7% 2.7% 2.5% 2.0% 2.1% 4.6% 3.7% 2.3%

(Source: Bureau of Labor Statistics)

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