Most Americans instantly associate Iowa with empty fields, corn, and maybe Slipknot. However, there is a lot more to the state than that. The Iowan economy is much stronger and better diversified than it once was. For investors, this means that there are more opportunities than ever before, and those opportunities are a much safer bet than they used to be. Here’s what you need to know before pulling the trigger on your Iowa investment.
What Does The Economy Of Iowa Look Like?
There are many misconceptions about Iowa’s economy, it is much more diverse than many people realize and goes far beyond agriculture. Of course, Iowa is famous in the US as a farming state, and agriculture is still a major component of the Iowan economy. However, agriculture is no longer the dominant sector and the service, manufacturing, and retail sectors all account for a higher percentage of Iowan’s personal income than agriculture does.
Manufacturing
Manufacturing has been an important albeit long overlooked component of the Iowa economy. Iowa’s strong agriculture sector has existed alongside a strong manufacturing sector and a booming trade in farm machinery and tools. Almost a fifth of Iowan adults are employed in the state’s manufacturing sector. While the sector has traditionally been focussed on both farm and other heavy machinery, as well as food processing, it is much more diversified today.
Today, electronics and chemicals also account for a big chunk of Iowa’s manufacturing industry. An abundance of space and ample access to raw agricultural materials has made Iowa an attractive investment option for a growing list of manufacturers.
Agriculture
When most people think of Iowa, they think of farmers and fields. Iowa’s agricultural exports are worth slightly less than their factory exports over the course of the year, although the figures are very close. Soybeans and feed grains are the dominant agricultural exports of Iowa, accounting for more than half of Iowa’s total agricultural exports between them. Iowa’s farms also account for 18% of all the corn produced in the USA and a similar percentage of the soybean crop.
Tech And Finance Investing
There are plenty of opportunities to be found in Iowa. Investors today can benefit from a much more diversified economy than Iowa once had. Searching for businesses on a marketplace facilitates the buying and selling of businesses abd reveals a diverse range of web-based businesses available to buy and sell. For investors that are looking for opportunities and entrepreneurs looking for new ventures to take over, Iowa is a popular state to use as a base of operations. An increasingly strong tech sector within the state also means that local knowledge is constantly improving.
Is Iowa Worth Investing In?
Iowa in 2020 is very different from the Iowa of the 20th century. However, opportunities in the state have expanded rather than contracted. The increasingly diverse nature of Iowa’s economy means that investors are much better protected from unexpected market forces when they do make an investment.
