Like a good monetary fund, the insurance and finance industry keeps growing strong in Cedar Rapids.
Some of the top employers in the sector are Transamerica, GreatAmerica Financial Services and Toyota Financial Services, and these companies alone employ nearly 5,000 people combined. City officials point out that Cedar Rapids has an insurance-friendly tax environment, and thousands of professionals – many of whom graduated from local colleges – have grown the industry into the success it is today.
Ron Corbett is a former mayor of Cedar Rapids who served from 2009 through 2017, during which time he pushed for the city to get more involved in economic development. Today, he works for the Cedar Rapids Metro Economic Alliance as its business retention and expansion strategist.
“Over the years, Cedar Rapids has done a tremendous job in diversifying its economy, and a lot stems from the mid-1980s when Iowa had a farm crisis and lost a lot of its population,” Corbett says. “It took several decades to recover, but Cedar Rapids put together a plan to diversify, and we’re seeing the fruits of that effort right now. One area that is certainly growing here is the financial services industry.”