Jim Offner has written an interesting profile (published in Delta SkyMiles magazine) on the great state of Iowa that may pique the interest of those of you looking to invest in or replicate a working economic model. Ranked as the 4th lowest in unemployment, Iowa was barely hit by the housing crash, and is known of the “king of corn”, with more corn grown there than any other state in the nation. Iowa is ranked sixth in the U.S. in manufacturing output, with a reported 24.5 percent growth in manufacturing GDP, compared to 15 percent in the U.S. over the past ten years (as reported by Debi Durham, director of the Iowa Economic Department Authority).
Iowa also ranks third in the nation in wind power consumption and generation, as roughly 20 percent of its energy comes from wind. More than 80 companies in Iowa are supported by wind power as they make and assemble wind turbines seen throughout Iowa and the rest of the country. Iowa has also grown to become a high producer of jobs, research, manufacturing, and business and tech startups. Here’s another statistic for you—“Of Iowa residents age 25 or older, 91 percent have at least a high school diploma, the seventh-best state showing in the nation,” reported Jim Offner
The cost of doing business in Des Moines, Iowa is roughly 17 percent below the national average according to Jay Byers, CEO of the Greater Des Moines Partnership. There are more than 60 insurance and financial service companies headquartered in Iowa, including Wells Fargo—with 14,000 employees that (outside of its California base) make up the company’s largest worker roster. Outside of Chicago and Hartford, Connecticut, Des Moines, Iowa is the largest insurance center in the U.S., and it has the highest concentration of financial service workers.
StartUpCity, a Des Moines incubator, is hopeful that there will be huge growth of future companies by offering entrepreneurs access to mentors, a physical space to work, develop, and collaborate, and have access to investors.
It definitely looks like Iowa is on to something and is on track to be one of the top economic leading states in the U.S. this is the time if you’re interested in invest in Iowa, or copy like crazy what they are doing there!