Iowa
From Wikinvestor
Iowa is a state in the Midwestern region of the United States of America. It is the 29th state of the United States, having joined the Union on December 28, 1846. The state is named for the Ioway people, a Siouan tribe of Native Americans that formerly lived there. It is officially known as the "Hawkeye State" and unofficially known as the "Tall Corn State".
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Geography
The Mississippi River separates Iowa from Illinois and Wisconsin to form the eastern boundary of the state. The Missouri River on the west edge of the state forms the boundary with Nebraska (with the exception of Carter Lake). The Big Sioux River in the northwest corner of the state forms the North/South boundary with South Dakota. To the north lies Minnesota and to the south lies Missouri. There are several natural lakes in the state, most notably Spirit Lake, West Okoboji Lake, and East Okoboji Lake in northwest Iowa (see Iowa Great Lakes).To the east lies Clear Lake, Iowa. Man-made lakes include Lake Odessa, Saylorville Lake, Lake Red Rock, Coralville Lake, Lake MacBride and Rathbun Lake.
Iowa's natural vegetation is the Tallgrass prairie and Savanna while the topography of the state is gently rolling plains. Loess hills lie along the western border of the state, some of which are several hundred feet thick. In the northeast, along the Mississippi River, is a section of the Driftless Zone, which in Iowa consists of valleys filled with conifers—a landscape not usually associated with this state.
The point of lowest elevation is Keokuk in southeastern Iowa, at 480 feet (146 m). The point of highest elevation, at 1,670 feet (509 m), is Hawkeye Point, located in a feedlot north of Sibley in northwest Iowa. The mean elevation of the state is 1,099 feet (335 m). Considering the size of the state at 56,271 square miles (145,743 km²), there is very little elevation difference.
Iowa has 99 counties but 100 county seats because Lee County has two. The state capital, Des Moines, is located in Polk County (#60).
Iowa has the highest average radon concentrations in the nation due to significant glaciation that ground the granitic rocks from the Canadian Shield and deposited it as soils making up the rich Iowa farmland. Many cities within the state, such as Iowa City have passed requirements for radon resistant construction in all new homes.
Climate
Iowa, like most of the Midwest, has a humid continental climate throughout the state (Koppen climate classification Dfa) with extremes of both heat and cold. The average annual temperature at Des Moines is 50 °F (10 °C); for some locations in the north the figure is under 45 °F (8 °C), while Keokuk, on the Mississippi River, averages 52 °F (12 °C). Winters are brisk and snowfall is common. Spring ushers in the beginning of the severe weather season. Iowa averages about 50 days of thunderstorm activity per year.[8] Tornadoes are common during the spring and summer months, with an average of 37 tornadoes in a single year.[9] In 2008, twelve people were killed by tornadoes in Iowa, making it the deadliest year since 1968 and also the second most tornadoes in a year with 105, which matched the total from 2001.[10] The Iowa summers are known for heat and humidity, with daytime temperatures often near 90 °F (32 °C) and sometimes exceeding 100 °F (38 °C).
Demographics
As of 2008, Iowa has an estimated population of 3,002,555, which is an increase of about 19,000 or 0.6%, from the prior year and an increase of 76,000 or 2.6%, since the year 2000. This is the first time the state has topped the three million mark in population. The U.S. Census Bureau has not released specific demographic information for 2008. In 2007 the state had a natural increase since the last census of 53,706 people (that is 197,163 births minus 143,457 deaths) and a decrease due to net migration of 11,754 people out of the state. Immigration from outside the United States resulted in a net increase of 29,386 people, while migration within the country produced a net loss of 41,140 people. 6.1% of Iowa's population were reported as under the age of five, 22.6% under 18, and 14.7% were 65 or older. Males made up approximately 49.2% of the population. The population density of the state is 52.7 people per square mile. The center of population of Iowa is located in Marshall County, in the city of Marshalltown.
Economy
If the economy is measured by gross domestic product, in 2005 it was about $124 billion.[22] If measured by gross state product, for 2005 it was US$113.5 billion.[23] Its per capita income for 2006 was US $23,340.[23] The role of agriculture in Iowa's economy can be measured in multiple ways, but its total impact, including agriculture-affiliated business, has been measured as 16.4% (in terms of value added) and 24.3% (in terms of total output). This is lower than the economic impact in Iowa of non-farm manufacturing, which accounts for 22.4% of total value added and 26.5% of total output. Iowa's main agricultural outputs are hogs, corn, soybeans, oats, cattle, eggs and dairy products. Its industrial outputs are food processing, machinery, electric equipment, chemical products, publishing and primary metals. Iowa produces the nation's largest amount of ethanol. Des Moines also serves as a center for the insurance industry.
Iowa imposes taxes on net state income of individuals and estates and trusts. There are currently nine income tax brackets, ranging from 0.36% to 8.98%. The state sales tax rate is 5%, with non-prepared food having no tax.[25] Iowa has two local option sales taxes that may be imposed by counties after an election at which the majority of voters favors the tax. They are in addition to the 5% state sales tax. The regular local option tax is imposed on the gross receipts from sales of tangible personal property. It usually remains in effect until it is repealed, but the ordinance may include a sunset clause. The school infrastructure local option tax is automatically repealed 10 years after it is imposed, unless the ballot imposes a shorter time frame.
Property tax is levied on the taxable value of real property, that is, mostly land, buildings, structures, and other improvements that are constructed on or in the land, attached to the land or placed upon a foundation. Typical improvements include a building, house or mobile home, fences, and paving. The following five classes of real property are evaluated: residential, agricultural, commercial, industrial and utilities/railroad (which is assessed at the state level). Homeowners pay less than half of the property tax collected each year in Iowa. Farmers pay 21%, and businesses and industry, a total of 23%. Utility companies, including railroads, pay 10%. Iowa has more than 2,000 taxing authorities. Most property is taxed by more than one taxing authority. The tax rate differs in each locality and is a composite of county, city or rural township, school district and special levies.
Companies
Iowa is the headquarters for seven of the top 1,000 companies for revenue. They include Principal Financial, Rockwell Collins, Casey's General Stores, and HNI. Iowa is also headquarters to other companies including Hy-Vee,Pella Corporation, Vermeer Company, Kum & Go gas stations, Von Maur (a department store), Pioneer Hi-Bred, McLeodUSA, and Fareway grocery stores, among others.
