A Quick Glance at Iowa

Iowa, whose nickname is The Hawkeye State, first obtained its statehood in 1846. With a population of 3,090,416 people, Iowa is the thirtieth most populated state in the United States.

If you are considering starting your new business in Iowa, you might want to look into one of Iowa's top three most populous cities - Des Moines (which is also the state's capital), Cedar Rapids or Davenport.

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Top Industry

The largest industry in the state of Iowa is insurance carriers and related activities.

• The gross domestic product (GDP), of this industry, is roughly $11.4 billion and accounts for 6.8% of Iowa's GDP.
• Insurance carriers and related activities also employs 2.5% of Iowa's private workforce.

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Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

• There are 641,288 small businesses, in the state, of Iowa.
• Small businesses in Iowa, make up 38% of the state's private workforce.

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State and Local Taxes

Listed below are the state and local taxes, for the state of Iowa, and how they rank against other states in the U.S.

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

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Additional Information

If you need additional information about how to start a business in Iowa, their official state page might be a good place to start. If you are looking to own your own established franchise in Iowa, we have collected a comprehensive list of companies that are actively looking to expand in Iowa, for you to explore.