When starting a business anywhere it is always best to research the specifics of the local economy of the area in which you are choosing to open that business. Cedar Rapids, Iowa is the state’s second largest city with a population that is close to 450,000. This city is home to two four-year colleges one of which is now a university, a good public school system, a somewhat diverse population and a good economy due to corn.
Cedar Rapids demographics
Based on the 2000 census the population of Cedar Rapids is 91.9% non-Hispanic whites but the background of these individuals stems all over Europe and Canada. The citizens of Cedar Rapids also enjoy a fairly good living with the average income per household being $ 43,704. It seems that this city was rightfully forecasted as the fastest growing in the country in the next three years.
Business prospects in Cedar Rapids
Cedar Rapids ranks among the world’s largest cities for processing corn, and with this processing comes jobs. With rising world food prices the price of corn is sure to soar to new heights in the near future and this is one of the main contributing factors to the economic growth pending for Cedar Rapids. In his article for Forbes magazine on October 29, 2010, Kurt Badenhausen stated that Cedar Rapids “is expected to see employment expand 14.2% over the next three years… the strongest of any metro area in the country… Cedar Rapids’ economy is expected to grow by 30% over the next three years.”
The business prospects with corn are definitely lucrative but it is important to note that established companies have automated, high paying jobs. These 4000 jobs provided by the food industry pay on average $ 85,000.00 per year. It is impossible to compete with these companies as a start-up as they are more technologically advanced and can offer much higher salaries.
Cedar Rapids have two four-year colleges, college communities are great for small business owners, try your hand at businesses tailored to this population.
Czech Village is a popular Czech community in Cedar Rapids and this is a good niche market for setting up a business. Know the community and its needs and go from there.
Cedar Rapids Iowa is the best city to explore business prospects in this economy. It is sure to grow and your business will definitely attract talent as the job market will be fierce, enabling the best of the best to come forward with the hopes of representing your company.