The state’s fiscal year ends later this month, on June 30. Net tax revenue for the state of Iowa in the past 11 months is more than $7.3 billion. It’s about $1 billion more than same 11 month period in the previous fiscal year.
Consumer spending is up. Sales and use tax payments to the State of Iowa jumped 10% from July through the end of last month, corporate income tax payments to the state more than doubled and personal income tax payments were up nearly 16%.
Iowa’s unemployment rate has fallen by about two-thirds of what it was at the height of Covid-related shutdowns. In April of 2020, the state unemployment rate hit its pandemic peak of 11.1%. Iowa’s unemployment rate in April of this year was 3.8%.
Thousands of Iowans have dropped out of the labor force. The latest figures indicate 90,000 fewer Iowans are employed in non-farm jobs compared to February, 2020, before the pandemic hit.