Economy of Iowa

Manufacturing is the largest sector of the economy of Iowa. The state is considered among the top ten states in the nation for business. In 2005, the GDP of the state was US $113.5 billion and its per capita in 2006 was US $23,340. Manufacturing, agriculture, biotechnology, government services, finance and insurance services constitute the economy of the state. The state imposes tax varying from 0.36% to 8.98%. Sale tax is 6%.

Food processing, heavy machinery, and agricultural chemical are major manufacturing sectors. Manufacturing outputs include food processing, machinery, electric equipments, chemical products, publishing, and metals. Major agricultural outputs are hogs, corn, soybeans, oats, cattle, eggs, and dairy products.

Other important sectors in the economy of Iowa are finance and insurance. The state produces 3.1 billion US gallons of ethanol from 39 ethanol plants. Renewable energy has become an important economic force in the western region of the state. It ranked second in wind generating capacity. It is home to the headquarters of five of the top 1,000 companies by revenue.

Gross state product	US $113.5 billion
Per capita income	US $23,340
Unemployment rate	6.6%
Major industries	Manufacturing industries, agriculture, finance and insurance
Major sectors	Agriculture, manufacturing, financial and insurance