A new report concludes Iowa’s businesses overall have been “highly productive” and there’s been good job growth in the state in the past decade. However, the study warns Iowa’s low population growth and a lack of graduates with science, engineering and math degrees could dampen future economic growth. The Iowa Partnership for Economic Progress, a state advisory board appointed by the governor, commissioned the report from the Ohio-based Battelle Memorial Institute. Governor Terry Branstad was on hand for the report’s release.
The study measured the state’s economic output and workforce and concluded Iowa’s rebound from the 2008 recession has been higher than the national average. Iowa has outperformed the nation in the number of new jobs that require advanced skills, but the report also found that Iowa’s colleges and universities aren’t producing as many graduates with science, technology, engineering and math degrees when compared to all U.S. colleges.
From 2009 to 2013, there was a 31 percent increase in the number of Iowa college graduates with so-called STEM degrees. However, only one out of every 10 Iowa college graduates earned a degree in a STEM-related field. The report also warns Iowa’s population growth is less than half the national average and that will limit the ability of Iowa businesses to expand and hire more workers.
