IBC Releases 2024 Competitive Dashboard
February 28, 2024
IBC’s Annual Competitive Dashboard Highlights
Resilient Economy and Opportunities for Workforce Growth
DES MOINES – The Iowa Business Council (IBC) released its annual, nonpartisan review of the state’s economic competitiveness. Known as Iowa’s Competitive Dashboard, the report measures the state’s national rankings in five categories: economic growth; workforce & education; governance; health & wellness; and demographics & diversity. For each category, Iowa is awarded a cumulative score that determines whether it is outperforming, competitive, or underperforming. The report can be measured consistently across all 50 states, providing an accurate depiction of how Iowa is competing nationally.
Among the key findings of the report, Iowa’s overall standing in the face of national and international uncertainty remains strong. Under the Economic Growth category, Iowa’s Gross State Product (GSP) increased by more than 9.5% to $238.3 billion compared to last year’s report. Noting Iowa’s strong standing in manufacturing value as a percentage of its GSP, Iowa is well diversified across multiple industries which highlights the state’s continued economic resiliency.
Iowa’s economy is poised for even more growth with significant increases in competitiveness relative to its tax climate. Iowa’s state ranking for Corporate Tax Climate have improved from 46th in 2010, to 29th in 2023. For the Individual Tax Climate, Iowa’s standing has improved from 41st to 22nd in the same timeframe.
The report also calls out opportunities for growth and improvement. Specifically, metrics contained within the Demographics & Diversity category should be highlighted for Iowa policymakers. Iowa’s population has grown at a far slower rate than the rest of the country. Furthermore, while the state remains in the top ten nationally for its labor force participation rate, the state is essentially “tapped out” with respect to that participation. Combined with Iowa’s low unemployment rates, the labor shortage continues to hamper all companies’ ability to expand throughout Iowa.
“Although Iowa remains in a strong economic position compared to the previous year, our available workforce remains strained. To conquer these challenges, IBC companies continue to support and provide opportunities for advanced work-based learning opportunities for Iowa’s students while engaging in new strategies to bring in talent from outside of Iowa to fill unmet needs,” said Phil Jasper, IBC chair and President of Raytheon.
“The IBC will continue to support policy initiatives that increases economic opportunity for every Iowa while increasing our competitiveness across every Dashboard metric,” added Joe Murphy, IBC president.
The dashboard, which has been released annually since 2011, serves as a tool for policymakers and business leaders to use when making sound economic decisions. IBC members encourage community leaders to join in implementing the report’s recommendations, or use the data to develop their own action items. Over the course of the next several months, the IBC will present the report’s findings throughout the state.
To view the full report, visit https://www.iowabusinesscouncil.org/news/dashboard2024/.
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About the Iowa Business Council
The Iowa Business Council (IBC) is a nonpartisan, nonprofit organization whose 22 members are the chief decision makers of major Iowa employers across all of the state’s 99 counties. IBC member companies have invested billions of dollars of capital in Iowa's commercial infrastructure; lead the way in technology innovation, R&D, and grants procured; and are often the driving financial and volunteer forces behind philanthropic efforts all over the state.
IBC member companies include: Alliant Energy; Atlantic Coca-Cola Bottling Company, Casey’s General Stores, Inc.; Collins Aerospace; Corteva Agriscience; Deere & Company; Fareway; HNI Corporation; Hy-Vee, Inc., Iowa Bankers Association; Kent Corporation; MercyOne; MidAmerican Energy Company; Pella Corporation; Principal; Ruan Transportation Management Systems; The Weitz Company; UnityPoint Health; Vermeer Corporation; Wellmark Blue Cross Blue Shield of Iowa; Wells Enterprises, Inc.; and Workiva.