Posts Tagged ‘Iowa Economy’

New Jobs with $1.3 Billion Investments Coming to Iowa

An announcement from Iowa Economic Development Authority came out today with over $1.3 billion  being awarded in financial assistance to four companies in Iowa for job creation and expansion projects . The award was approved by the Iowa Economic Development Authority board.

For more information, contact:

Tina Hoffman, Iowa Economic Development Authority

Phone: 515.725.3150 or Cell: 515.783.8225

communications@iowa.gov

Economic Development Board Announces Largest Capital Investment in History of Iowa

February 17, 2012 (DES MOINES, IA) – The Iowa Economic Development Authority (IEDA) board today awarded financial assistance to four companies for job creation and expansion projects.  Today’s awards will assist in the creation of 254 new jobs, retention of three jobs and will account for $1.3 billion of new capital investment to the state.

“I am very excited to announce that with action today from the Iowa Economic Development Board, Iowa is one step closer to landing the largest capital investment project in the history of the state of Iowa,” said Governor Terry Branstad.

“In addition to the significant investment Iowa Fertilizer Company’s proposed project would make in southeast Iowa, it will also bring good, high-paying jobs to an area of our state that has had its share of challenges,” said Lt. Gov. Kim Reynolds.

Iowa Fertilizer Company is a subsidiary of Orascom Construction Industries, which is one of the world’s largest fertilizer producers.  The IEDA Board approved direct financial assistance as well as tax incentives for a proposed project to build a new large-scale fertilizer plant in Wever, located in Lee County.  The company is also expected to receive local financial assistance from Lee County and the IDOT board will consider infrastructure assistance.  The new plant would supply needed ammonia and other nitrogen fertilizers to farmers in Iowa and the Midwest.  The project represents an investment in excess of $1 billion and is expected to create 165 permanent jobs.

In addition to the permanent jobs the project would create, approximately 1,500-2,000 construction-related jobs would also be expected.  Debi Durham, director of the Iowa Economic Development Authority, said, “Iowa Fertilizer Company’s proposed project could have a huge impact for our entire state that will benefit us for years to come.  Economic development takes many forms but is best achieved when the assets of the location align perfectly with the strengths of the company making the investment.” She continued, “That is exactly why it is essential we have the right tools to continue to compete for global projects of this magnitude.”

The board also approved assistance for planned or proposed projects located in Cedar Falls, Riverdale, and Burlington.

Cedar Falls web strategy company expanding operations

Tactical 8 Technologies LLC (d/b/a T8 Webware), a financial web strategy and personalized services firm, was awarded $45,000 in direct assistance to expand their Cedar Falls facility to develop and implement new products.   The company, based out of Cedar Falls, is a provider of custom mobile applications, personalized payment card services and websites to financial institutions.  The project is expected to create 15 new jobs and represents a $75,000 capital investment.

Schebler continues to innovate

The Riverdale-based Schebler Company, a leading specialty manufacturer that provides industrial chimney systems, specialty fabrication services, residential and commercial heating/cooling solutions and food manufacturing equipment, was awarded tax benefits through the High Quality Jobs Program.  The company proposes to purchase a fully-automatic fabrication system to roll and laser-weld their chimney products that will allow the company to capture additional business from new products, grow their market share of historical products and ultimately enhance overall efficiency and expand capacity.  The $1.5 million capital investment is expected to create three new jobs and retain three jobs.

Burlington manufacturer proposes $25.8 million project

The board awarded Winegard Company tax benefits through the Enterprise Zone program.  The Burlington company is a leading manufacturer of TV reception products and has outgrown its current facility.  As a result, the company is considering the purchase and redevelopment of the Fairway Shopping Center for additional manufacturing and warehouse capacity.  The additional capacity will also allow the company to increase market share and provide better process efficiencies.  This project is expected to create 71 new jobs.

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Tags: Iowa Economic Development Authority Board, Iowa Economy
Category Featured, Jobs & Economy, Recent News |

Iowa’s Economic Outlook Continues to Improve

The outlook for Iowa’s economy continues to improve as a new survey of businesses leaders out today predicts solid growth for Iowa and the Midwest.

Here’s the latest from the Associated Press:

A big jump in a monthly survey index suggests more economic growth is ahead for nine Midwest and Plains states.

The Business Conditions Index rose to 55.9 in January, compared with 50.0 in December.

Creighton University economist Ernie Goss says the December report suggested the region’s economy was slowing down because of debt concerns in Europe and the lukewarm U.S. economy. But he says it appears now that December’s “tepid reading was due to seasonal or nonrecurring factors.”

The survey uses a collection of indexes ranging from zero to 100. Goss says that any score above 50 suggests growth while a score below 50 suggests decline for that factor.

The survey of supply managers covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.

Tags: Iowa Economy, Midwest Survey
Category Featured, Jobs & Economy, Recent News |

Unemployment rate drops again; Iowa’s economy continues to pick up steam

Iowa’s economy continued to pick up steam last month, as Iowa’s unemployment rate dropped to 5.6%. Here’s the release from Iowa Workforce Development:

Iowa’s seasonally adjusted unemployment rate fell to 5.6 percent in December, the lowest level reported since June 2009. The current rate compares with 5.7 percent for November, and 6.1 percent for December 2010. The U.S. unemployment rate dropped for the fourth straight month in December to 8.5 percent. The November rate was revised to 8.7 percent, and the December 2010 rate stood at 9.4 percent.

“The state’s economy ended 2011 in a better place than was expected just a few months ago,” said Teresa Wahlert, director of Iowa Workforce Development. “Both the labor force and total employment are beginning to trend upward, and the unemployment rate has fallen considerably below the 6.0 percent mark.”

The statewide estimate of unemployed persons fell to 93,500 in December from 94,700 in November. The level of unemployed persons stood at 102,600 one year ago.

The total number of working Iowans increased to 1,565,500 in December from 1,562,000 in November. Iowa’s measure of total employment began to increase in November after declining since May.

Tags: Iowa Economy, iowa workforce development
Category Featured, Recent News |

Dubuque Named Best Small City to Raise a Family

Forbes.com named Dubuque the top small city to raise a family in a recent article that was released on Monday.

Our top-ranked city, Dubuque, Iowa, is much smaller than a place like New York, with a population of 92,139, but still one of the larger cities on our list (we only ranked cities with a population under 100,000). Dubuque’s size puts it in a kind of sweet spot: large enough to be a center of industry, small enough to not be overcrowded. An economy that successfully diversified after the collapse of the local manufacturing industry contributes to an unemployment rate that’s nearly half the national average, at 6.5%, and a median household income of $48,779. That means most families have the jobs they need. They also don’t have to spend a lot of time getting there: Only 2.6% of the population spends an hour or more getting to work.

Forbes looked at quality-of-life measures that could make living easier for families. They started with the most recent data available from the U.S. Census Bureau on all Metropolitan and Micropolitan Statistical Areas with a population under 100,000. That left them with 126 cities, they then ranked with measures including, commute, education, mean income, and jobs.

The full article may be viewed here: http://www.forbes.com/2010/10/25/small-cities-family-lifestyle-real-estate-quality-of-life.html

Tags: best place to raise a family, Dubuque, Iowa Economy
Category Featured, Jobs & Economy, Recent News, Uncategorized |

Small Business Program Continues to Help; Create Jobs

Iowa’s Small Business Loan Program, which started August 1^st, has already shown it’s paying dividends to Iowa’s small businesses.

The program is an effort to create good paying jobs and help Iowa’s small business owners through a $5 million loan program.  The Iowa Small Business Loan Program will provide loans up to $50,000 to small businesses with under 35 employees, with an interest rate of 3.9%.

As of October 1^st, the following results can be shown:

• 46 loans are in the process with the Small Business Development Centers.
• 11 applications have been received by the Iowa Foundation for Microenterprise and Community Vitality (IFMCV), of which, eight have been recommended to the Department of Economic Development (DED) for approval and three have been recommended for denial.
• The eight approved businesses have been awarded $375,000 in capital, which has leveraged $325,000 in additional co-financed capital.
• Of the eight businesses, two have been start-ups and six are existing businesses.
• 32 full-time and 16 part-time jobs have been created or retained.

The program is still taking applications. To apply businesses must also have a business plan and receive assistance from an Iowa Small Business Development Center, the John Pappajohn Centers for Entrepreneurship, or the Iowans for Social and Economic Development.

Interested businesses should contact their local Small Business Development Center (www.iowasbdc.org) to confirm eligibility and application process.

Tags: Economic Development, Iowa Economy, Iowa Small Business Loan Program, Iowa Small Businesses, Save Our Small Business Fund, small businesses
Category Featured, Jobs & Economy, Recent News |