When I ran for Mayor in 2005, I stated my belief that “the next five years would define the next 50 for Dubuque!”  No one could have predicted the current national/international crisis…so, how is Dubuque doing in light of the situation?

From the local banking sector, the report is that given the turmoil in the financial services industry, and the reminder of how global our economy has become, the good news, is that Dubuque’s local banks are in good solid condition.  They are making new loans on a daily basis; they have liquidity and are well capitalized.

The federal government has just increased the FDIC insurance limit to reassure bank customers and discourage individuals from putting their life savings in cash under the mattress. Akin to the benefits of buying local produce and locally made products, local banks offer client service, local decision making and responsible lending practices.  Our local banks are well positioned for years to come.

According to the latest numbers (August 2008) from Iowa Workforce Development, Dubuque’s economy is growing.  In fact, based on an apples-to-apples comparison (August 2007 to August 2008), Dubuque is up by more than 200 jobs!
Moreover, in crucial sectors like goods producing and manufacturing, Dubuque’s 2008 average employment is outperforming the 2007 numbers.

Our Dubuque CEOs remain confident according to GDDC’s recent interviews with 200 CEO’s/business owners/managers …and almost 50% have plans to add jobs, equipment, construction/capital investment.  The remainder will hold tight and a tiny portion intend to reduce payrolls.  And, in testament to the direction we have taken the past few years to becoming a progressive, sustainable community is that solid projects keep coming! Within our existing businesses, there are a dozen new projects that total at least $52.6 million, with 326 new jobs, and more than 320,000 square feet of new construction.  It is important to note that this does not include an additional $125+ million investment in the casinos, medical facilities, college campuses, retail developments, and many others. Within the area of new business – there are three projects totaling $112 million in new construction and at least 410 new jobs.

Important to the progress we have made as a community is that existing and prospect activity is Robust! In fact, the number of projects at GDDC is near all-time high.  Moreover, these same companies are taking steps to move forward meaning that Dubuque continues to receive several site visits from prospects.

Are there any dark clouds on the economic front?  Absolutely…because GDDC cannot control the global finance markets…GDDC cannot control global and domestic consolidations.  Therefore, Dubuque will, undoubtedly, take some hits.  However, based on current and planned investments, as well as a diversified economy, Dubuque is predicted to outperform peer cities in the U.S.

At the City government level, it was about six weeks ago that the City Council met in its annual goal setting session with a facilitator that has worked with our community for more than two decades.  Lyle Sumek told me he has been amazed at the progress of Dubuque, and encouraged by the ongoing philosophy of teamwork and collaboration not only between and among council members and city staff, but across the community’s leadership.  

Dubuque’s five-year goals remain focused on a diverse, strong economy; becoming a sustainable city; planned and managed growth; improved connectivity in the areas of transportation and telecommunication, and partnering for a better Dubuque. The 2008 – 2010 top priorities include workforce development, warehouse district redevelopment, Port of Dubuque development including business recruitment for the north Port, a sustainability plan, continued funding of our street program, and a new model for public transit.

These council and management priorities are arrived at through a highly participatory and collaborative process. We are able to arrive at consensus, I believe, due to the respect we have for our citizens and one another, the gifts each brings to the table, and a good sense of humor.

All things considered, Dubuque is in a very good place, and that is good news for our citizens!