Why Western Iowa is the Place for Business
8 Jun 2023
Why are many successful companies choosing Western Iowa? They’re taking advantage of business-friendly state policies and the region's highly trained and productive workforce to optimally produce and market their goods and services nationally and internationally.
Businesses in Iowa enjoy:
- No property taxes on personal property or inventories
- No sales or use taxes on energy used directly and primarily in the manufacturing process
- No sales or use taxes on materials used in the manufacturing process
- No sales or use taxes on industrial machinery & equipment
- No property taxes on industrial machinery & equipment
- Single factor (profits from sales in Iowa only) corporate income tax apportionment reduced to a flat 5.5% tax rate
- Lowering personal income tax rates to a flat 3.9% rate by 2026
- Right-to-Work state
Iowa is the second best state to start a business, according to a new study from Akounto, an accounting software company. Factors in determining this ranking included corporate tax rates, business filing fees, private sector establishment closure rate, monthly commercial energy bills, household income, and number of workers aged 16–64.
Iowa has a notably low business establishment failure rate of 2.13 percent, a substantial 25 percent lower than the national average. In terms of costs, Iowa’s average business energy bill is $417.19, ranking fifth lowest in the nation, allowing companies to save and re-invest almost $200 extra each month when compared to the national average. Additionally, Iowa has the sixth highest employment rate in America, with nearly 80 percent of citizens aged 16 to 64 employed.
In a state that is business-friendly, the region northwest of Des Moines is a standout in part because of Western Iowa Advantage (WIAD) — the collaborative networking agency of Audubon, Calhoun, Carroll, Crawford, Greene, Ida, and Sac Counties. WIAD addresses regional workforce, housing, childcare, quality of life, and community development initiatives while promoting regional growth and sustainability. In 2022, economic development efforts translated into over $74 million in investments and over 240 jobs created.
WIAD uses its website as a powerful marketing tool to reach site selectors and entrepreneurs and to provide members with up-to-date data. Vital information is just a click away, including business advantages, demographic data, and workforce information.
The Business Advantages section offers in-depth tax advantages and incentives available in Western Iowa. WIAD can direct you to the assistance required for applying to the High Quality Jobs Program (HQJ), Tax Increment Financing (TIF), and tax abatement options. Revolving loan funds are also available.
The demographic data decision-makers and site selectors need is readily available through WIAD. Explore the Western Iowa Regional Profile and individual County Profiles for statistics on workforce, housing, incomes, and more.
Western Iowa boasts a work ethic that goes above and beyond. The website has workforce information about training, Home Base Iowa, demographics, resources, and laborshed data analysis. Business Spotlight articles tell the stories of trustworthy folks who take pride in their work.
Western Iowa Advantage
WIAD assists with location searches, permits, financial/tax incentive programs, utilities, workforce demographics, job-training programs, and more. WIAD is tackling 2023, removing barriers to growth and supporting education, businesses, and industry while tackling workforce attraction and housing. We are committed to facilitating ongoing improvements in our region’s economy, quality of life, and tourism. Contact us today at 712.792.9914 or email@example.com! Follow us on Facebook and LinkedIn.