New economic data on Iowa
Please see new data provided by the White House to Sen. Grassley’s office below.
Iowa has demonstrated strong economic growth during the past year, with steady job gains in manufacturing, a declining unemployment rate and impressive gains in median income.
- The Tax Cuts and Jobs Act is estimated to lead to a 7.1 percent increase in wage and salary income for Iowa’s average household and increase median wages by $4,128.
- The unemployment rate in Iowa has fallen one percentage point since the election of President Trump and is the second lowest unemployment rate in the United States at just 2.5 percent.
- Monthly initial claims for unemployment insurance in Iowa have fallen by nearly 14 percent since President Trump was elected and recently reached their lowest level since 1999.
- Real median household income in Iowa increased by 5.2 percent to reach $63,481—the highest level ever recorded.
- Over a half a million customers have seen utility rates slashed in Iowa as a direct result of the Tax Cuts and Jobs Act.
- Under President Trump, the percent of Iowans living below the poverty line decreased by 0.7 percentage points to 9.1 percent, reaching the lowest point since 2007.
- Manufacturing is Iowa’s fastest growing sector, with total manufacturing employment increasing by 6.2 percent since the election. Year-over-year job growth in Iowa manufacturing recently reached its fastest pace since 1998.