Iowa State (U.S.A.), a land of financial and insurance sector, highest marginal corporate tax rate, agriculture and large companies
With affordable cost of doing business, Indiana is a mature market of + 3 million consumers. Agriculture is a small portion
of a diversified economy, with manufacturing, biotechnology, finance and
insurance services, and government services contributing substantially to
Iowa's economy.
Manufacturing
is the largest sector of Iowa's economy. Major
manufacturing sectors include food processing, heavy machinery, and
agricultural chemicals.
Food
processing is the largest component of manufacturing. Besides processed food, industrial outputs include machinery,
electric equipment, chemical products, publishing, and primary metals.
Companies
with direct or indirect processing facilities in Iowa
include ConAgra Foods, Wells Blue Bunny, Barilla, Heinz, Tone's Spices, General
Mills, and Quaker Oats. Meatpacker Tyson Foods has 11 locations, second only to
its headquarter state Arkansas.
Iowa's main
agricultural products are hogs, corn, soybeans,
oats, cattle, eggs, and dairy products. Iowa is the nation's largest producer
of ethanol and corn and some years is the largest grower of soybeans as well.
As of 2014, there were 16 organizations offering health insurance products in Iowa,
per the State of Iowa Insurance Division.
Iowa has a
strong financial and insurance sector, with
approximately 6,100 firms, including AEGON, Nationwide Group, Aviva USA, Farm
Bureau Financial Services, Voya Financial, Marsh Affinity Group, MetLife,
Principal Financial Group, Principal Capital Management, Wells Fargo, and Wells
Fargo Financial Services.
Iowa is host
to at least two business incubators, Iowa State
University Research Park and the BioVentures Center at the University of Iowa.
Ethanol
production consumes approximately one-third of Iowa's corn production.
Renewable
energy has become a major economic force in northern and western Iowa, with wind
turbine electrical generation increasing exponentially since 1990.
In 2016, Iowa was the headquarters for three of the top 2,000 companies for
revenue.
They include Principal Financial, Rockwell Collins, and American
Equity Investment.
Iowa imposes
taxes on net state income of individuals, estates, and trusts. There are
currently nine income tax brackets, ranging from 0.36% to 8.98%, as well as
four corporate income tax brackets ranging from 6-12%, giving Iowa the highest
marginal corporate tax rate in the country. Property tax is levied on the
taxable value of real property.
Iowa has
four primary interstate highways.
Iowa is
served by several regional airports including the Des Moines International Airport,
the Eastern Iowa Airport, in Cedar Rapids, Quad City International Airport,
which is located in Moline, Illinois, and Eppley Airfield, located in Omaha,
Nebraska.
Amtrak's California
Zephyr serves the south of Iowa with stops
at Burlington, Mount Pleasant, Ottumwa, Osceola, and Creston on its daily route
between Chicago and Emeryville, California (across the
bay from San Francisco).
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