POWERING ECONOMIC PROGRESS
The locally owned electric cooperatives of Iowa are committed to fostering economic development in the rural areas we serve, which improves quality of life through local jobs and added tax revenue.
Economic Impact Study
In 2023, IAEC commissioned Goss & Associates of Omaha to conduct an economic impact study, detailing how Iowa's electric cooperatives contribute to the state's economy. 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 1,912 jobs, generated self-employment income of $79.5 million and paid $144.7 million in state and local taxes.
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.
Iowa Area Development Group (IADG)
United States Department of Agriculture (USDA)
Additionally, USDA’s Rural Utilities Service (RUS) administers programs that provide much-needed infrastructure or infrastructure improvements to rural communities. RUS's Electric Program provides capital and leadership to maintain, expand, upgrade and modernize America’s vast rural electric infrastructure. The loans and loan guarantees finance the construction or improvement of electric distribution, transmission and generation facilities in rural areas. The Electric Program also provides funding to support demand-side management, energy efficiency and conservation programs, and on-and off-grid renewable energy systems. Loans are made to cooperatives, corporations, states, territories, subdivisions, municipalities, utility districts and non-profit organizations.
Learn more about USDA involvement in Iowa at http://www.rd.usda.gov/ia.