Economic Development Opportunities Remain Strong

While many companies in our community encountered significant setbacks in 2020, there were still some bright spots and big wins in terms of economic development projects in Cedar Rapids. Large new projects such as BAE Systems, as well as expansion projects, such as JRS Pharma and In Tolerance were noteworthy projects in 2020.

2020 Economic Development Highlights:

- 12 projects received City Council approval

- $402+ Million capital investment

- 252 new jobs created

- 1,376 jobs retained

- 894 new residential units, including 180 affordable units

BAE SYSTEMS

- $176.6 million capital investment ($55 million – building construction and site improvements | $121.6 million in machinery & equipment, hardware & software, and building furnishing)

- Construction of a new 200,000 sq. ft. classified defense commercial building

- Retention of 650 jobs acquired from Collins Aerospace, of which 550 must meet the High Quality Wage threshold of $22.27/hr

IN TOLERANCE

- $3.44 million capital investment ($1.92 million building expansion | $1.52 million in machinery & equipment)

- Demolition of two existing commercial facilities and construction of new 13,090 sq. ft. addition

- Creation of 6 new jobs which meet the High Quality Wage threshold of $23.20/hr

JRS PHARMA

- $15.9 million capital investment ($3.6 million building expansion | $11.3 million in machinery & equipment | $1 million research & development)

- Construction of a new 9,200 sq. ft. production facility and associated tank farm

- Creation of 18 new jobs, of which 16 meet the High Quality Wage threshold of $22.27/hr