'The state needs to re-evaluate our regulatory environment'
In good news for small businesses, Iowa was one of 48 states to see increased gross domestic product during 2014, according to new numbers from the Bureau of Economic Analysis.
GDP in the the Hawkeye State went up 0.4 percent during the year. However, that ranks only 45th best in the country, and all of Iowa’s neighbors fared better: Minnesota (1.4 percent), South Dakota (0.6 percent), Nebraska (0.7 percent), Missouri (0.9 percent), Illinois (1.2 percent) and Wisconsin (1.0 percent).
GDP measures the total amount that consumers, businesses and governments spend on goods and services, plus investment and net foreign trade.
Iowa needs to create an environment that encourages more business growth, says Kristin Failor, NFIB Iowa state director. “The state needs to re-evaluate our regulatory environment,” she says. “Many regulations Iowa small business owners are obligated to follow are burdensome and even overlapping, creating more work than needed. Iowa should press for an environment that wants to encourage small business owners, not stifle growth because of complications.”
Declines in Iowa’s agriculture and manufacturing were partly to blame for the state’s poor showing, the report shows.
Iowa’s previous GDP increases were 2.2 percent in 2013, 3.4 percent in 2012 and 2.3 percent in 2011.
