The University of Iowa’s Institute for Economic Research is slightly lowering its economic forecast for the state. The Institute is forecasting a three-percent growth rate in personal income for Iowans. That’s down from the November forecast of three-point-three percent. Institute Director Beth Ingram says the economy is in a “slowdown”, NOT a “recession.” She says Wall Street plays a big role in the slowdown, along with high winter heating bills. Overall, though, Ingram says Iowa’s economy isn’t that bad. Ingram says our economy grades out at a “B” level after getting an “A” the last couple of years. The institute predicts state tax revenues will grow three-point-seven percent, slightly above the official state estimate of three-point-five percent.
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