CEO Guide to Site Selection

#17

Iowa

CEO Rank on Best & Worst States for Business

ECONOMIC MOMENTUM IN THE HAWK- EYE STATE

Des Moines’ cluster base of insurance and financial services companies helped pull the state through the pandemic better than many other states. Des Moines was recently featured in the Wall Street Journal as one of three breakout cities on the forefront of “America’s Eco- nomic Recovery.” With strong rail and road access, the city is also doubling down on its distribution strengths with the Des Moines Industrial Transloading Facility. It is on track to be operational by late-2021 and will serve as a place to transfer bulk materials between semi-trailers and trains. Developers say it will help make the region more attractive as a distribution hub with flexibility and reduced shipping costs. BAE Systems, Cargill and Nestlé Purina PetCare have announced projects here in the past year.

“The state’s Manufacturing 4.0 plan recognizes that Iowa’s manufacturing sector supplies global markets with every- thing from food products to aerospace electronics. To maintain our leadership role, Iowa businesses are already thinking outside the box to adapt to the ever-changing demands of the 21st century economy. This roadmap will outline new strategies to support their efforts and ensure Iowa’s future prosperity is widespread, reaching all people in all parts of Iowa.”
Kim Reynolds
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

Yes

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

High-Quality Jobs: Offers financial assistance to offset the cost incurred to locate, expand or modernize an Iowa facility.

Renewable Chemical Production Tax Credit: Incentivizes the production of high-value chemicals derived from biomass feedstocks.

Research Activities Tax Credit: Offers an additional tax credit for companies that meet the qualifications of the federal research credit for research and developmentinvestments.

New Jobs Training: Provides tax credits for business- es that provide additional training to employees and expand their workforce.

EDCs

Iowa Economic Development Authority
iowaeda.com

Des Moines Partnership
dsmpartnership.com/growing-business-here

Cedar Rapids Metro Economic Alliance
cedarrapids.org

HIGHLIGHTED PROGRAM OR INITIATIVE

Iowa’s Manufacturing 4.0 initiative began in 2020 after recognizing the need to support manufacturers’ abilities to incorporate the advancing technologies and ensurebusinesses of all sizes continue to remain competitive in the global economy. The strategic plan acts as a blueprint for Iowa’s largest industry sector and led to the creation of assistance programs and networks for collaboration.

BIG DEALS

  • Vermeer plans to construct a new parts distribution facility on its Pella campus and repurpose a facility for product and field training. Announced in July of 2021, theproject is expected to create 100 jobs.
  • In July, Almaco announced plans to increase its manufacturing capacity and create 60 jobs.
  • Weiler announced plans to increase its Knoxville foot- print. The $23 million project is expected to create 101 jobs.
  • Elanco US announced in July 2021 a $59 million expansion and 26 new jobs in Fort Dodge.
  • Shell Rock Soy Processing announced in November 2020 a $224 million investment and 51 new jobs in Butler County.

BIG COMPANIES

Two Fortune 500 companies headquartered in state:

  • Principal Financial Group (Fortune 500 headquarters)
  • Casey’s General Stores (Fortune 500 headquarters)
  • Meredith
  • American Equity Investment Life Holding
  • Winnebago Industries
  • Renewable Energy Group
  • HNI