A new study ranks state 14th in country, but the ranking comes as talk of increasing the state's minimum wage percolates in Des Moines.
Forbes Recommends Iowa for Business
Iowa ranks 14th in the country in Forbes’ new list of best states for business.
“Iowa has transformed its agricultural economy over the past
50 years to a diversified one that covers a wide range of industries, including
manufacturing, food processing, financial services, and biotechnology,” the report
noted. The ranking comes as talk of increasing the state’s minimum wage percolates in Des Moines.
The study considered five major business factors to reach
its overall state rankings. Here’s how Iowa fared in each:
Business costs: 6th best in country
Labor supply: 40
Regulatory environment: 6
Economic climate: 18
Growth prospects: 36
Quality of life: 11
Recent talk of a statewide minimum wage increase—as well as
already-approved countywide wage hikes—could change Iowa’s standings in the
future, but the study had high praise for the state at the moment.
“Iowa’s average five-year unemployment rate is fifth best in
the U.S. and a reminder that the state fared better than most during the
recession,” the study said. “Iowa scores strongly on both regulatory environment
and business costs, which are 10% below the national average.”
Utah led the overall list, while West Virginia came in last.
Here’s how Iowa’s neighbors ranked:
Nebraska: 3
South Dakota: 10
Minnesota: 15
Missouri: 25
Wisconsin: 27
Illinois: 33
