Doing Business in Iowa

The state of Iowa is home to many corporate entities, from Fortune 500 companies to start-up businesses. Doing business in Iowa tends to work out for a number of reasons, among which are: the fact that Iowa is centrally located and a very good place to work and live, and the fact that the state has a dynamic workforce of over 1.5 million. Iowa also has one of the lowest transportation and energy costs in the United States.

Benefits of Doing Business in Iowa

Many industries have achieved significant success in the state of Iowa, including advanced manufacturing, information technology and life sciences. These three industries in particular, have been targeted by the State, and they receive many government benefits. Other benefits of doing business in Iowa include:
• Low operating costs – In 2010, CNBC ranked Iowa as the state with the lowest business costs, and this is a consistent condition. For example, the average cost of industrial electricity is 24% lower than the national average. In terms of industrial space, the lease rates in Iowa are 18% lower than the national average, and the construction costs are 14% below the national average.

• Tax Incentives - Iowa’s government is very business-friendly, and corporate taxes in Iowa are the second lowest in the US. A good example of this is the fact that there is no property tax on new industrial equipment and computers. Likewise, there is no sales and use tax on the purchase of these items. This is excellent news for businesses that use computers for data processing and manufacturing. Also, many manufacturing materials are exempt from Iowa sales or use tax, including electricity and natural gas used directly in the manufacturing process. Additionally, there is no personal property tax, and in Iowa, this includes any corporate inventory of raw materials, goods-in-process and goods that can be sold.

• Strong workforce – Iowa has one of the most educated workforces in the nation, and its 90.4% high school graduation rate is 16% higher than the national average. Iowans tend to be among the top scorers in the SAT, and Iowa has the second highest average SAT scored. Three of the state’s universities are among the top one hundred in America. The strength of the Iowan workforce also lies in the fact that Iowa is an ideal state to live in, and is ranked as the third most livable state in the country.

• Low Workers’ Compensation Costs – The state of Iowa has one of the lowest averages for workers’ compensation across the nation. This news is particularly good for the manufacturing industry, where Iowa’s workers’ compensation insurance cost is 25% lower than the national average.

The state of Iowa is dedicated to growth and development. It is this ongoing commitment that makes doing business in Iowa such an excellent idea.

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