STATE ECONOMIC PROFILE
Iowa Economic Overview
$206.1b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.8%
30
3,214,383
POPULATION
Growth Rate 2019-24
State Growth Rank
0.3%
32
315,929
BUSINESSES
Growth Rate 2019-24
State Growth Rank
1.9%
39
Overview of the Iowa Economy
In 2024, the state of Iowa has a population of 3,214,383, having grown an annualized 0.3% over the five years to 2024, which ranks it 32nd out of all 50 US states by growth rate. Iowa's gross state product (GSP) in 2024 reached $206.1b, with growth of 1.8% over the 5 years to 2024. Businesses in Iowa employed a total of 1,649,492 people in 2024, with average annual employment growth over the past five years of 0.2%. The top three sectors by total employment are Manufacturing, Finance and Insurance, Real Estate and Rental and Leasing, while the unemployment rate across the state in 2024 was 3.3%.
What is Iowa's Gross Domestic Product (GDP)?
In 2024, Iowa's GDP reached $206.1b, representing an increase of 1.8% from 2023. Iowa's GDP has grown at an annualized rate of 2.8% over the five years to 2024. Moreover, Iowa's trailing five-year GDP growth ranks it 30th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Iowa's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Iowa Industry Trends
What are Iowa's Largest Industries by Revenue?
The largest industries by revenue in Iowa are Life Insurance & Annuities, Corn, Wheat & Soybean Wholesaling and Commercial Banking, which generated $57.0b, $24.3b and $21.2b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Iowa
Top 10 Companies Headquartered in Iowa by Employment
The largest companies by employment in Iowa are State of Iowa, UnityPoint Health and MercyOne, which employed 70,200, 30,000 and 22,000 people in 2024.
STATE ECONOMIC PROFILE
Iowa Sector Statistics
In Iowa, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Iowa's GDP by Sector?
The Manufacturing, Finance and Insurance and Real Estate and Rental and Leasing sectors contributed the most to Iowa's GDP in 2024, representing a combined 43.0% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Iowa's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Manufacturing sectors contributed the most to employment in Iowa in 2024, representing a combined 40.6% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Iowa Employment Trends
1.6m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.0%
5
3.3%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
4.1%
19
What Employment Trends are Impacting Iowa?
The state of Iowa employs 1,649,492 people in 2024, which ranks it 32nd out of all 50 US states. Employment in Iowa has grown at an annualized rate of 1.0% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Iowa include Healthcare and Social Assistance, Retail Trade and Manufacturing, which employed 240,602, 229,630 and 199,524 people in 2024, respectively. Iowa's unemployment rate is 3.3% in 2024, which ranks it 17th out of 50 states. Iowa's unemployment rate has trended upwards at a rate of 4.1% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Iowa, and compare them to the US economy, using the chart below.
$126.1k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
13.3
2
What is Iowa's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Iowa's DPI in 2024 was $126.1k, compared to the US average of $128.6k, which places it 2nd out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Iowa's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Iowa Construction & Building Trends
$6,998.5tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
11.0%
44
$3.1tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
5.6%
26
9,911
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
-2.4%
12
What can construction trends tell you about a state’s economy?
In Iowa, non-residential construction was $6,998.5tn in 2024, which ranks it 44th out of all US states. Residential construction was $3.1tn in 2024, which places Iowa 26th in the United States. The number of building permits issued in Iowa in 2024 was 9,911, representing a -2.4% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Iowa, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Iowa Population Statistics
Which Counties in Iowa have the Largest Populations?
The counties with the highest populations in Iowa are Polk County, Linn County and Scott County, which had populations of 508,809, 228,707 and 173,506 people in 2024.
STATE ECONOMIC PROFILE
Iowa Demographics
Education Level Iowa
Race in Iowa
Iowa State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 639 Iowa Industry Reports.
