Economy
CNBC's list of "Top States for Business in 2010" has recognized Iowa as the sixth best state in the nation in the overall score. In the 10 individual categories, Iowa's best ranking was being 1st when it came to the "Cost of Doing Business", this includes all taxes, utility costs, and other costs associated with doing business. 10th in the "Economy" rankings, 12th in "Business Friendliness", 16th in "Education", 17th in both "Cost of Living" and "Quality of Life", 20th in "Workforce", 29th in "Technology and Innovation", 32nd in "Transportation" and the lowest ranking was 36th in "Access to Capital"
While Iowa is often viewed as a farming state, in reality agriculture is a small portion of a diversified economy, with manufacturing, biotechnology, finance and insurance services, and government services contributing substantially to Iowa's economy. This economic diversity has helped Iowa weather the late 2000s recession better than most states, with unemployment substantially lower than the rest of the nation.
If the economy is measured by gross domestic product, in 2005 Iowa's GDP was about US $124 billion. If measured by gross state product, for 2005 it was US $113.5 billion. Its per capita income for 2006 was US $23,340.
On July 2, 2009, Standard and Poor's rated the state of Iowa's credit as AAA (the highest of its credit ratings, held by only 11 U.S. state governments).
As of January 2010, the state's unemployment rate is 6.6%.
Read more about this topic: Education In Iowa
Famous quotes containing the word economy:
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)