A new government report finds the economies in Iowa and other Midwestern states have been hit by a big decline in farm earnings.
The U.S. Bureau of Economic Analysis measured personal income in January, February and March of this year and found close to zero income growth in Iowa. The personal incomes of Iowans rose just one-tenth of a percent in the first quarter compared to the last quarter of 2013.
The report indicates Iowa farm income dropped by more than a billion dollars in the first three months of the year. Other sectors of the state’s economy, including the construction industry, reported income gains, but those weren’t enough to off-set losses in the farm sector.
According to the report, Iowans collected over $140 billion in wages, salaries and other sources of income during the first three months of the year.