Iowa Economic Development Authority FY2023 Annual Report, 2022

(2022) Iowa Economic Development Authority FY2023 Annual Report, 2022. Iowa Economic Development Authority

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Abstract

Iowa’s economy is strong and growing steadily. Iowa’s GDP in 2022 was $197.8 billion. Iowa experienced a 5.7% growth in GDP since 2020. As a low cost of doing business state, Iowa is in a great position to attract new businesses and to encourage expansions of already existing companies. Since January 2011, many great companies have found Iowa the perfect place to establish operations or expand. The IEDA has assisted 642 projects using programs, such as the High Quality Jobs Program, and funds authorized by the Iowa Legislature since January 2011. From January 2011 through June 2023, the IEDA Board awarded $94 million in direct financial assistance and $970 million in tax credits. These incentives bring projects to Iowa that are expected to result in 84,257 direct, indirect and induced jobs and $21.1 billion in capital investment for Iowa’s economy. For every $1 in state incentives, which includes direct financial assistance and tax benefits, these projects provide a return of $26.46 in capital investment.