Iowa

 

 

Agriculture remains the leading industry in the state. The major 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 is a major ethanol producer. There are already 28 ethanol refineries, producing 1.9 billion gallons of the stuff a year, nearly a third of America's total capacity. Many new facilities and expansions of existing ones are in the works. The main players in Iowa Ethanol sector are Archer Daniels Midland and local farmers' co-operatives.

There are more than 97,000 farms in the state. One Iowa farm family grows enough food and fiber to feed 279 people, one-fourth of whom live overseas. 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.

 

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.

These "bio-proteins" are an area of focus. Iowa State University is building 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.

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.

 

INFORMATIONAL SOLUTIONS 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 6,100 firms and 81,000 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, etc

 

http://www.iowalifechanging.com/business/business_growth.html

http://www.city-data.com/states/Iowa-Economy.html