Iowa also ranked 48th in personal income growth in 2024 

DES MOINES - Even before more potential across-the-board tariffs this week, preliminary data released Friday by the Federal government’s Bureau of Economic Analysis painted a bleak picture of Iowa’s economy:

• In real, inflation-adjusted terms, Iowa’s economy contracted 0.5% in 2024, 49th in the country. North Dakota was the only other state to have negative growth (Table 1: “Real gross domestic product, percent change from the preceding period”)
• At 2.4%, Iowa’s personal income growth ranked 48th in the country, ahead of only Nebraska and North Dakota (Table 4: Personal income by state and region, percent change from the preceding period
• The Iowa Farm Bureau has previously noted that declines in the ripples from declines in farm income are projected to cut up to 11,400 jobs and slash $1.5 billion from Iowa’s economy. It’s a sign that things are going to get worse.

“Iowa under Kim Reynolds and insider Republicans is falling behind our neighbors and going in the wrong direction,” said Iowa Democratic Party Chair Rita Hart. “This data just confirms what Iowans dealing with manufacturing job losses, an ag economy downturn, and rising prices already know: after almost a decade of handouts to special interests, tax breaks for those at the top, and insider cronyism leaving regular Iowans behind, the crowd in Des Moines is out of gas and out of ideas. Democrats are ready to provide new energy and real change.”