Economists and business leaders say there's no easy explanation for that growth.
Data compiled by the Greater Omaha Chamber of Commerce shows that while employment in the industry remained relatively flat, wages rose twice as much as the national average. On paper, high worker productivity appears to be contributing to high output, Decker said.
The industry's quick adaptation during the pandemic may have fueled growth.
Nebraska Bankers Association President Rydell Woodbury said in 2020, Nebraska banks emerged as early leaders in helping businesses access forgivable loans through the federal Paycheck Protection Program.
At First Nebraska Bank in Woodbury in the Valley, employees would work on corporate applications until 3 or 4 a.m., he recalled.
Once the application was approved, the funding allowed the company to continue operating and keep employees employed, Woodbury said. Banks, on the other hand, had financially healthy customers who could repay their loans and avoid foreclosure.
Woodbury said state leaders have chosen to reopen the economy quickly and businesses are ready to do so.
“The reason we were able to do better is because we remained stable. We didn't have a ton of layoffs,” Woodberry said. “We didn't have to try to fully recover. We had structure.”
As cliché as it may sound, Nebraskans have been resilient and the recovery from the pandemic has facilitated the economic gains that have since been realized, Woodbury said.
Some large financial and insurance companies also appear to be contributing to the industry's growth.
Fiserv, a Wisconsin-based financial technology company with more than 5,000 employees in Metro, said it increased production in two core business functions by about 6% in 2022 without significantly increasing headcount. Spokesman Chase Wallace said.
The 2022 Omaha boom has been years in the making, said Heath Mello, president of the Greater Omaha Chamber of Commerce.
He said lawmakers and economic development officials have created an environment in Omaha where insurance and financial companies want to locate and expand.
“This is what happens when you strategize for industry growth,” Melo said.
28% growth in finance and insurance is “great, but likely not sustainable,” Decker said.
There are some clouds on the horizon. Richard Beyer, president of the Nebraska Bankers Association, said the state's labor shortage will ultimately constrain the industry's economic growth.
But business leaders and economists agree that Omaha's economy is likely to continue experiencing strong growth (about 3%) because of its diversity.
Ernie Goss, an economics professor at Creighton University, said the city, with two medical schools and several major hospitals, is a center for medical care and scientific research.
An evolving concert scene and events like the College World Series have enhanced Omaha's reputation as a regional tourist destination, Goss said. Agriculture and food processing also maintain a steady presence in the local economy, he added.
Decker said Omaha's economy is broader-based, making it less prone to major recessions and more stable in investor confidence.
Local economic growth isn't just good for companies' balance sheets, Melo said. He says it will create new, high-paying, high-demand jobs.
Goss said Omaha's “growth aspect” also makes it an attractive location for newcomers looking for job opportunities and a high quality of life.
“2022 was a very good year for Omaha,” he said. “But if you look at Omaha’s profile, I think the future could be just as bright.”
