Tag Archives: Greater Cedar Valley Alliance &Chamber

Greater Cedar Valley Alliance & Chamber Report: Four Years of Economic Development Will Spur $1.8 Billion in Economic Output

Study Finds Every Dollar Invested Generates $64 in Output

Dorothy de Souza Guedes, Independent Writer

Waterloo, Iowa, May 7, 2018: Regional businesses will benefit from more than $1.8 billion in economic output generated over 10 years due to investments in economic development projects supported by the Greater Cedar Valley Alliance & Chamber from 2013-2017.

That is the conclusion drawn from analyzing data gathered by the Alliance & Chamber and reported in “The Economic Impact of the Greater Cedar Valley Alliance & Chamber from 2013-2017,” a report prepared by Impact DataSource, an Austin, Texas consulting, research, and analysis firm.

The Cedar Valley of Iowa is in northeast Iowa and is within a day’s drive of all major Midwest markets only 180 miles south of the Minneapolis/St. Paul and 265 miles west of Chicago and 315 miles southwest of Kansas City with a regional population of 236,038.

The Alliance & Chamber assisted 23 existing business expansions and new locations in the Cedar Valley of Iowa creating $260.3 million in new capital investment. Together, creating 558 jobs and retaining an additional 30 direct jobs and anticipated creation of 400 indirect jobs.

The report noted that for every $1 in new capital investment generated by these project, the businesses supported and generated:

$13.62 in additional worker earnings
$9.63 in additional local taxable sales
$2.01 in additional net benefits for cities
$5.61 in net benefits for all local taxing districts

During that five-year period, the Alliance & Chamber supported new or expanding existing businesses in economic development projects that created employment opportunities and spent money on supplies, services and other inputs. Direct expenditures include both those by the expanding businesses and earnings paid to new workers. This created a positive ripple effect on regional businesses as workers spend money in area businesses such as restaurants, banks, grocery stores, apartment complexes, convenience stores, and service companies.

“The Greater Cedar Valley Alliance & Chamber’s one-stop center for economic development services is critical to a community’s economic growth and many of these investments may not have occurred without the efforts of the Alliance & Chamber,” the report’s authors concluded.

“We act as a catalyst for economic and community development through strategies for growth, which prove to increase the economic vitality of this region like no other place in the state of Iowa. We are the Cedar Valley’s One-Voice for business and development interests. We believe in strong community development that feeds a strong economic development goal.,” said Cary Darrah, Acting CEO, Greater Cedar Valley Alliance & Chamber.

Local and state governments committed $24.9 million for incentives. After accounting for costs associated with increased demand for city services from new or expanding businesses and new households, the cities are expected to receive approximately $49.9 million in net benefits over the 10-year period.

The Alliance & Chamber plans to have the economic impact analysis done annually to review the impact of economic development projects on businesses and works in the Greater Cedar Valley of Iowa.

The Greater Cedar Valley Alliance & Chamber’s mission is to increase economic vitality and wealth by leading Collaborative economic and community development in Northeast Iowa.

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In the Media: Darrah Is Alliance & Chamber Interim CEO

“WATERLOO — The head of the Cedar Valley TechWorks has been named interim CEO of the Greater Cedar Valley Alliance & Chamber.

Cary Darrah, who has been with TechWorks since 2007, was named interim leader of the GCVAC as the economic development and business organization finishes a goal-setting process in its search for a new executive director.

Darrah also served 10 years as director of Cedar Falls Community Main Street from 1997 to 2007. She is the first woman to head the Alliance or any of its predecessor organizations since Kristi Ray headed the Cedar Falls Chamber of Commerce from 1997 to 2002.

The Alliance was created in 2004. The Waterloo and Cedar Falls chambers merged in 2007 and became part of the Alliance in 2008. TechWorks, a entrepreneurial campus of former John Deere buildings, is an Alliance subsidiary.

Darrah initially was TechWorks manager, then named Alliance executive vice president of community development in 2012 and TechWorks president in 2016.

‘Make no mistake, Cary is in the interim CEO position because she is very qualified,’ said Alliance board chairman Bob Smith Jr. of Lockard Cos.

Alliance and Chamber CEO Steve Dust announced last month he was stepping down after 14 years and would formally resign by June 30. His last day was Friday. Smith said it was easier to allow Dust to devote full attention to pursuing his next venture while the Alliance set its future course.

‘Cary was just the logical choice, very qualified,’ Smith said. ‘She’s well liked and trusted by the team there and the community.'”

Read the entire article here: Darrah named interim CEO as Alliance plans for future, by Pat Kinney, The Courier, February 22, 2018

5 on Friday: Fuel for Thought February 9, 2018

by Steve Dust, CEO, Greater Cedar Valley Alliance & Chamber

5 on Friday is a two-way street: please send me recommendations on books, reports, articles, blogs, videos, or anything you’re reading or watching that impacts business and the economy.

ONE What’s next? You Have an Amazing Opportunity

By now, most of you have heard that I’m leaving the Alliance & Chamber soon.

I am so very grateful for your leadership and financial capital used to build the Alliance and deliver meaningful economic growth, a stronger business climate, and civic change since I arrived in mid-2004.

I enjoyed leading the effort to establish and grow what has become today’s Alliance & Chamber group of organizations. Now, it really is time for new leadership to guide the Alliance forward, and for me to find the next challenge.

Usually, a guy finds his new gig before leaving, but in this instance you are literally on the cusp of amazing new opportunities in new directions, and you need to act on these now. New partnerships; new, sustainable revenue models; solidifying and expanding work of the Alliance group; and more. And you need to guide it.

Many of you have been invited to a meeting next week to begin that evolutionary process. I hope you will accept Bob Smith’s invitation if it arrives. And after working to get us all this far, I do not want what we have done to achieve this to be a barrier to what Alliance & Chamber needs to become.

I’m searching for what’s next. Donita and I would like to stay in the Cedar Valley, if possible. I’d like to join a Cedar Valley or Eastern Iowa firm that needs someone to start and grow a new business unit or grow through acquisitions, and I’m open to other opportunities, too. Like anyone, I’m looking for fun work, meaningful to the enterprise, which can support my family. Here are some very kind words sent my way.

Dust never settled for status quo, The Courier, January 28, 2018

TWO Future Ready Iowa: Create an Educated, Skilled Talent Pool

Quite a bit of info has been delivered to 5 On Friday followers about Iowa’s Future Ready Iowa Alliance initiative. Its goal: 70 percent of Iowans possess post-secondary credentials by 2025. Is that worth $18 million? I bet you’ll think so when you read what that expenditure will deliver to Iowa. Many of the recommendations of the Future Ready Iowa Alliance Board, of which eight members were from the Cedar Valley economic area, require legislative action. NFIB Iowa summarized the recommendations currently in the legislature. This initiative will test the legislators’ commitment to preparing Iowan’s to fuel your growth.

Gov. Reynolds’ Future Ready Iowa Alliance Proposes Spending $18 Million, National Federation of Independent Business, January 31, 2018

THREE Which Industries/Business Sectors Optimize Talent?

This is an interesting string of conversation in a blog that asks, “Which industries or trades identify and make the best use of talent?” The blogger, Tyler Cowen, answers, which is followed by a string of comments containing thoughts on the topic. It spills into a second post, as well. It’s a wide ranging discussion, so you have to stay with the string. Tyler Cowen is also the author of the book I recommended to you earlier, The Complacent Class.

Where is talent optimized? by Tyler Cowen, Marginal Revolution, January 27, 2018

FOUR Midwest Ag ties to Global Economy

Ok, I hear the collective, “duh!” as you read the title. I reacted that way, too. This reaction is because, as we know, one of the things that binds our Plains States together is that more than one-third of each state’s exports is ag and food products. The Fed’s publication does a good job of framing and quantifying the importance of open international trade. It’s important for all business and civic leaders to know the foundations and facts of this economic dynamic as the US begins a “renegotiation” of the North American Free Trade Agreement (NAFTA). Sorry , it’s all text– no graphs or charts.

Midwest Agriculture’s Ties to the Global Economy, by David Oppedahl, Federal Reserve Bank of Chicago, 2018

FIVE Future of Real Estate

Following in the same track as the last recommendation is this blog post by Michael Beckerman on Commercial Real Estate. Beckerman likely doesn’t say anything new in this post, but he crystalizes what has been floating around in your head as you observe what’s going on in your industry, business district, the Cedar Valley generally, etc. Real estate developers will not (usually) lead in creating demand for new space. Instead, you will define the spaces you need and the real estate development industry will produce it to fill demand. I don’t know how that’s any different than what has happened over the last several years, but Michael does help us see the forces shaping what’s coming at us because of the disrupters like Amazon and Air BnB.

To See the Future of Commercial Real Estate Development Don’t Look to Real Estate Developers, Michael Beckerman, Michael Beckerman blog, January 29, 2018

5 on Friday: Fuel for Thought February 2, 2018

by Steve Dust, CEO, Greater Cedar Valley Alliance & Chamber

Fuel for Thought What's Steve Dust reading this week? February 2, 2018, 5 on Friday

5 on Friday is a two-way street: please send me recommendations on books, reports, articles, blogs, videos, or anything you’re reading or watching that impacts business and the economy.

ONE: Did that Chicken Ever Cluck? Rib Have a Rib in it? Ribeye Have a Bone in It?

This week, Tyson Ventures announced an investment in Memphis Meats, a leader in the development of cultured meats from animal cells. Tyson’s unit joins Cargill, Bill Gates, Richard Branson, and others investing to explore new ways of filling the growing global demand for protein. This is a disruptor/game changer for the commodity ag and food industry that can have implications for the Cedar Valley and Iowa.

Tyson Foods Invests in Cultured Meat with Stake in Memphis Meats, GlobeNewswire, Seeking Alpha, January 29, 2018

TWO: The New Healthcare Model?

This week, Berkshire Hathaway Inc., JPMorgan Chase, and Amazon announced they would combine efforts to address satisfaction and cost in health care service delivery for their 1 million (plus or minus) employees. (Berkshire Hathaway’s local connections include MidAmerican Energy is part of Berkshire Hathaway Energy; part ownership in The Courier’s parent company, Lee Enterprises; and Wells Fargo.) The blog post link below is a combination of the joint announcement. Most of you have likely read about this with great interest, and the author’s realistic observations and projections of the potential disruption caused by an “Amazon Health Marketplace.” Here’s another big move to watch that could have real strategic impact on the Cedar Valley. There’s a lot of skepticism on the street about their ability to address such as big issue with a relatively small number of employees. That assumes it doesn’t launch into a new into Amazon Heath. That’s when it gets interesting for everyone in healthcare.

Amazon Health, Ben Thompson, Stratechery, January 31, 2018

Artificial Intelligence: Fact and Fantasy

A few weeks ago, I mentioned that I was reading Life 3.0: Being Human in the Age of Artificial Intelligence by Max Tegmark. It’s about what AI is, generally, and its implications for business and society. That pushed some button and ever since, I’ve been reading the quality info I can find on AI. Here are three items I want to pass along.

THREE: AI Changes Work

My suggestion is to pay a lot more attention to the Three Actions for Shaping the Future than the Five Schools stuff. The action items are more relevant to you and me today as we all figure out the pace and applicability of the early generations of AI.

How Will AI Change Work? Here Are 5 Schools of Thought, Mark Knickrehm, Harvard Business Review, January 25, 2018

FOUR: McKinsey Says AI Study/Tracking is a Time Critical Imperative

This is a very good exam of the impact on various industry sectors. Consumers seem to benefit first, and the real opportunity, to me, appears in the hardware and solutions delivery. Viva la consultants!

Artificial intelligence: The time to act is now, Gaurav Batra, Andrea Queirolo, and Nick Santhanam, McKinsey&Company, January 2018

FIVE: AI Policy

So, what are the policy implications of all this to the economy and the labor force? We’re still arguing about how to keep access to broadband, and how to distribute it. Who’s ready to talk about policy of AI? I’ve found Information Tech and Innovation Foundation (ITIF) – specifically, its president, Rob Atkinson — a very good voice in and on policy for technology topics. Here’s Rob’s recent thoughts on the implications of AI to the labor force and the economy, generally. His good advice: “take a deep breath and calm down” regarding AI’s impact on employment and humanity. Good advice.

Economic and Labor Force Implications of Artificial Intelligence, by Robert D. Atkinson, Information Technology & Innovation Foundation (ITIF), January 25, 2018

In the Media: Ashley Furniture warehouse opens in Cedar Falls

“There’s a new neighbor in the Cedar Falls Industrial Park — a 153,000-square-foot neighbor.

Furniture Mart USA of Sioux Falls, S.D., has opened its new $7.2 million Ashley Furniture distribution center at 2615 Capital Way, between Bossard-IIP and the Target Distribution Center..

Stewart said city officials have been ‘very responsive’ with assistance through the start-up process, and the Greater Cedar Valley Alliance & Chamber has assisted in recruiting employees.”

Read the entire article here: Ashley Furniture warehouse opens in Cedar Falls, Pat Kinney, The Courier, January 17, 2018

In the Media: Steve Dust to leave Greater Cedar Valley Alliance after 14 years

“‘I’m not retiring,'” Dust said. ‘I think what made me successful here, to the extent that I was, was my experience and skills in helping organizations find that vision, refine it, and create the organization and build the organization. That’s what I’ve done. That’s what I enjoy and that’s what I’m successful with.’

‘Just as I arrived at a time when the community was trying to come together to create the Cedar Valley, now we have another generation of leadership that’s emerging,’ Dust said. ‘There’s a whole raft of new business owners and senior manager who are going to be making decisions about what this economy is going to be.'”

Steve Dust to leave Greater Cedar Valley Alliance after 14 years, Pat Kinney, The Courier, January 16, 2018