Iowa

 

 

Agriculture remains the leading industry in the state. The major agricultural industries are food processing and the manufacture of agriculture-related products, such as farm machinery. Other major sectors include communications, construction, finance, insurance, chemical products, primary metals, printing and publishing, electric equipment, trade, services and manufacturing.

The largest source of personal income for Iowans is manufacturing, followed by services, retail/wholesale trade and government.

Iowa is located in the heart of an eight-state market of nearly 912,000 businesses and 35.3 million people with a total of $902 billion in personal income. Small business is crucial to Iowa's strong economic climate and growth. Of the state's 68,000 businesses, almost 98 percent are small businesses.

 

AGRICULTURE

• Iowa has 55,875 square miles of land.  In Iowa, 31.7 million acres of land is devoted to farming.
• Over 90% of Iowa’s land is used for agriculture.
• Iowa ranked 3rd in 2006 in the U.S in farm cash receipts at $15.1 billion.
• In the U.S., Iowa ranks second in total agricultural exports. Iowa farmers exported more than $4 billion worth of agricultural products in 2005. Iowa ranked 1st in soybean and 2nd in feed grain.
• The state average value per acre in 2006 was $3,204.

·         In the United States, Iowa consistently ranks first in production of corn, pork and soybeans, and is a leader in oat, beef and dairy products.

 

Iowa is a major ethanol producer. There are 28 ethanol refineries in Iowa, producing 1.9 billion gallons of ethanol, nearly a third of America's total capacity. The main players in Iowa Ethanol sector are Archer Daniels Midland and local farmers' co-operatives.

 

 

 

BIOSCIENCE

More than 1,100 companies are engaged in Iowa's biosciences industry, and they employ over 72,000 highly-skilled workers.

According to the Battelle Memorial Institute's Technology Partnership Practice Report, Iowa's strengths in animal and plant sciences at the Regents universities and in the private sector point toward large-scale market potential and development of industry clusters including bioeconomy, biomedical imaging, drug discovery, development piloting and production, advanced food products, biosecurity/biodefense, post-genomic medicine, and animal systems.

Iowa State University has built a $425 million Plant Sciences Institute to serve as a global center for the study and commercialization of new products from plants, including vaccines; new industrial uses for crops, bio-based fuels, and other innovations.

 

TRANSPORATION

Iowa is within a day’s drive to the key markets of Chicago, Minneapolis-St. Paul, Kansas City, St. Louis, Milwaukee and Denver. Iowa products traveling by rail can reach one quarter of the U.S in one day, and the farthest point in 4 days.  Iowa has 113 airports.

MANUFACTURING

Although the value of the state's manufactures exceeds the value of its farm production, manufacturing is basically farm-centered. Manufacturing is Iowa's largest industry, contributing $19 billion annually to the state's economy and comprising 25 percent of the Gross State Product. More than 4,200 manufacturers - employ over 230,000 Iowans. Some of the big companies in Iowa are John Deere, Rockwell Collins, Alcoa, Pella, Vermeer, HNI, and Winnebago Industries The Major manufacturing goods of the state are processed food products, tires, firm machinery, electronic products, appliances, household furniture, chemicals, fertilizers and auto accessories.

 

INFORMATION SERVICES AND FINANCIAL SERVICES

Iowa is now home to many insurance and financial giants and is widely regarded as a major center for the insurance and financial services industries. Nearly 6,500 firms and 94,000 employees work in this sector in Iowa and its critical mass of insurance companies continues to prosper. In recent years Iowa has seen $254 million in insurance expansions, creating thousands of new jobs. Iowa's big insurance companies include AEGON USA, Principal Financial Group, Monumental Life Insurance, ALLIED Group, and Life Investors Insurance Company of America.  Iowa’s insurance industry output as a percent of gross state product now ranks third among the 50 states. 

BIOSCIENCES AND HEALTH

More than 1,100 companies are engaged in Iowa’s biosciences industry, ranging from large international companies, to small start-ups. According to the Battelle Memorial Institute's Technology Partnership Practice Report, Iowa's strengths are in animal and plant sciences, bioeconomy, biomedical imaging, drug discovery, development piloting and production, advanced food products, biosecurity/biodefense, post-genomic medicine, and animal systems.

Iowa makes a fundamental commitment to the success of bioscience companies through a number of incentive programs – including direct financial assistance, tax credits (including a doubling of the refundable R&D tax credit) and infrastructure funding. Bioscience companies can access a number of programs that stimulate job creation, capital investment and future community impact. Also available is the Iowa Values Fund – the state’s signature $500 million economic development initiative that helps companies expand and locate in Iowa as well as helps fund university research and development, workforce training and more.

Another critical component for the continuing success of bioscience companies is access to angel and venture capital. Thanks to legislation encouraging equity investments, the establishment of several venture capital community funds and a growing network of local investors, capital is readily available for companies in the biosciences.

 

 

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