News and Events

September 26, 2007

Des Moines Economy Grows 7.2 Percent

Des Moines economy
grows 7.2 percent

 
By Donnelle Eller
Register Business Writer

 
Growth in the Des Moines metro area economy ranked 24th nationally, driven primarily by the rapid expansion in the financial and insurance industry, a federal report released recently shows.

 
The Des Moines metro’s gross domestic product — a measure of goods and services produced — rose 7.2 percent from 2004 to 2005, the most recent information provided.

 
The U.S. Bureau of Economic Analysis report estimates for the first time the gross domestic product in 363 metropolitan areas.

 
The Des Moines area’s economy grew 21 percent to $27.7 billion between 2001 and 2005, according to the report. In that time, financial and insurance activity nearly doubled to $9 billion.

 
The Des Moines metro area led economic growth in the state from 2004 to 2005. Here’s how other Iowa cities fared, with gross domestic product, year-over-year percentage increase, and ranking:

 
Ames: $2.8 billion, 1.7, 246th.
Cedar Rapids: $10.5 billion, 5.6, 57th.
Davenport: $13.2 billion, 2.4, 202nd.
Dubuque: $3.5 billion, 2.8, 179th.
Iowa City: $5.3 billion, 3.1, 152nd.
Sioux City: $4.7 billion, 0.9, 280th.
Waterloo/Cedar Falls: $6.1 billion, 2.7, 189th.

 
The Omaha-Council Bluffs metro area logged in with a GDP of $34.9 billion. It grew 3.1 percent from 2004 to 2005, ranking 154th.

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