From the Governor
“My top priority as governor is to build on our current success by bringing new resources and opportunities to every corner of our state. Every Iowan contributes to the success of their community and our state, and we celebrate this honor knowing that our work to build a better Iowa will never be finished.” —Gov. Kim Reynolds
New Growth in the Hawkeye State
Iowa is driving its economy with what it says are low operational costs, a pro-business environment and an educated workforce. In addition to furthering its reliance on wind energy, the state has seen a number of notable investments in the past year by Archer Daniels Midland, Tyson Fresh Meats and Michael Foods.
From the Governor
“Apple’s significant investment and commitment to grow in Iowa is a clear vote of confidence in our state. This announcement further solidifies Iowa as a hub where innovation and technology flourish and world-class companies can thrive.” —Gov. Kim Reynolds
High Quality Jobs: Offers loans, forgivable loans, tax credits, exemptions and refunds for projects that create jobs defined by the state as “high quality.”
Economic Development Set-Aside (EDSA): Offers direct and forgivable loans of up to $1 million for projects that create manufacturing jobs, add value to Iowa resources or increase exports. Preference is given to projects that create or retain the greatest number of jobs with the least amount of program dollars.
New Jobs Tax Credit: Offers up to $1,794 per new employee for businesses that enter into a New Jobs (260E) agreement and commit to expanding their Iowa employment base by at least 10%.
Research Activities Credit: Offers a refundable credit for expenditures related to R&D, including wages, supplies and improvements to land and depreciable property.
Iowa Innovation Acceleration Fund: Offers financing to eligible businesses through two programs. PROPEL awards up to $300,000 to accelerate market development; INNOVATION EXPANSION awards up to $500,000 to encourage the expansion of product lines.
Iowa Economic Development Authority: iowaeconomicdevelopment.com
Professional Developers of Iowa: pdiowa.com
Iowa Area Development Group: iadg.com
Greater Des Moines Partnership: dsmpartnership.com
Highlighted Program or Initiative
The Future Ready Iowa Act was passed in early 2018 and outlines education, workforce and business collaboration strategies to encourage more residents to obtain training and education beyond high school. The program will hold 17 summits across the state, each with tailored discussions about how strategies can best be applied to communities.
- Tyson Fresh Meats, a wholly owned subsidiary of Tyson Foods, announced in May a $43 million upgrade at its facility in Perry.
- Archer Daniels Midland announced in February it will invest in a $196 million expansion of its facilities in Clinton.
- Michael Foods announced in February an $85 million, 150,000-square-foot manufacturing and distribution facility in Norwalk that will create 168 new jobs.
- Invenergy announced in August it will start construction next year on two wind farms with 80 tur-bines at each location that can generate a combined 400 MW.
- MidAmerican Energy, which is owned by Berkshire Hathaway, announced in May a $922 million investment in a 591 MW wind farm.
Archer Daniels Midland
Three Fortune 500 companies are headquartered in the state:
Casey’s General Stores
“It has been a decade since we started our first distribution center operations in Oelwein, and we are extremely pleased that we became part of this community.” —Bob Flicker, COO, East Penn Manufacturing
“We looked at numerous locations in the Midwest, and Norwalk had many advantages. We look forward to Michael Foods becoming a preferred employer in the area and being a part of the community.” —Steve Schonhoof, Senior Vice President of Integrated Supply Chain, Michael Foods