Feb. 12 - Demographic projections by ESRI suggest banks with significant footprints in certain parts of the Midwest and the South will be at an advantage.
When looking at projections for median household income growth, the state of Iowa dominates. Among all metropolitan and micropolitan statistical areas with at least 100,000 people, just six are expected to see median income increase by 30% or more from 2013 to 2018. Of those six, three were in Iowa — Des Moines-West Des Moines, Iowa City and Cedar Rapids — and a fourth, Omaha-Council Bluffs, NE-IA, is partially in the state.
Iowa has benefitted from its well-known agricultural base, but the projections for explosive income growth likely derive from its burgeoning biosciences sector and an established advanced manufacturing industry, Tina Hoffman, communications director for the Iowa Economic Development Authority, told SNL.
The state's manufacturing industry is actually 3x larger than farming, according to the authority, which also boasts that the state has the second-lowest cost of doing business, citing a CNBC report.
Among the top 10 metros for projected income growth through 2018, Portland-South Portland, Maine, took the top spot with a projected 34.61% gain and Sioux Falls, S.D., scored No. 3. The rest of the top five spots were taken by Iowa's three cities, with Des Moines in No. 2, and Iowa City and Cedar Rapids in No. 4 and No. 5, respectively.
Keep reading the full report and analysis here: www.snl.com/InteractiveX/Article.aspx.