Thursday, March 13, 2008
Governor Culver Announces Iowa Personal Income Grew 6.0 Percent In 2007
Iowa's Economy Outpaces the Nation in Per Capita Income Growth, Renewable Energy, Employment and Exports
(Des Moines) – Today, Governor Chet Culver announced that Iowa's per capita personal income surged six percent in 2007 to $35,023 from $33,038 in 2006, placing ninth in the nation and second in the Midwest in overall per capita personal income growth. According to new Bureau of Economic Analysis (BEA) findings, Iowa per capita personal income growth outpaced the national personal income growth per capita average of 5.2 percent. In 2007, Iowa total per capita income surpassed Ohio and Oregon, moving the state from 29th to 27th in the nation.
"It is clear -- Iowa’s economy is strong and growing stronger," said Governor Chet Culver. "From income growth, renewable energy, employment and exports, Iowa's strong economy continues to outpace the nation. But we can't stop here. The Culver/Judge Administration will continue to do the hard work of aggressively recruiting and retaining high-quality jobs, and building a brighter, stronger future for Iowa."
In renewable energy production, Iowa currently ranks first-in-the-nation in ethanol, second in biodiesel and fourth in wind energy.
In February 2008, Iowa's unemployment rate was 3.5 percent, exceeding the national average of 4.8 percent.
Iowa's 2007 exports of manufactured and value-added goods increased 14.32 percent to $9.6 billion from $8.4 billion in 2006, surpassing the national average of 12.11 percent.
For more information about the BEA study, please visit: http://www.bea.gov/newsreleases/regional/spi/sqpi_newsrelease.htm.