Study sheds light on how electric cooperatives power economic progress throughout Iowa
Iowa’s locally owned and governed electric cooperatives contribute greatly to the state economy, according to a recent economic impact study produced by Goss & Associates. For the five years ending in 2021, the study found that Iowa electric co-ops generated a total impact on the state of $4.8 billion, produced $688 million in wages and salaries, directly supported 1,961 jobs, generated self-employment income of $79.5 million and paid $144.7 million in state and local taxes.
“This study confirms what we have long known; electric cooperatives contribute greatly to the state’s economic progress, especially throughout rural Iowa,” remarked Chuck Soderberg, executive vice president and general manager of the Iowa Association of Electric Cooperatives (IAEC). “Powering lives and empowering communities are core to our cooperative mission.”
Not only have Iowa’s electric co-ops’ economic impacts been historically significant, but the study also concludes that “co-ops have assisted local and state organizations in the retention, attraction and expansion of businesses in the state. Separate from their spending impacts, electric cooperatives invest in efforts to attract and retain jobs and investment within their communities.”
In addition to their daily duty of providing safe, reliable and affordable power, the study found that Iowa electric cooperatives had an impact of $14.7 billion in economic development projects between 2018 and 2022, supporting 7,366 jobs (retained, attracted or expanded) during that same time period.
The study was commissioned by IAEC and produced by Goss & Associates, based in Omaha, NE. Access a PDF of the 2023 economic impact study at www.iowarec.org/who-we-are/economic-progress.
For More Information:
Erin Campbell, IAEC Director of Communications