State Revenue Estimating group says Iowa income growth will slow. Worried?

US dollar bank notes

US dollar bank notes

Iowa's three-member state Revenue Estimating Conference said that while revenue for the State is still expected to grow, it will be at a much slower pace than last year.

The group will give a final number in December and that is the number the Governor must use for her 2021 budget.

Revenue for the current fiscal year is expected to grow 1.4% the group said. Next year it sees a 2.7% increase, pushing State tax collections to just over $8 billion.

Right now they are saying our revenue is expected to grow just 1.4% in the current fiscal year to total $7.97 billion. For the following year a 2.7% increase is seen, which would push our tax caoolectionsIn the current fiscal year the group said Iowa income is expected to grow 1.4% to total $7.97 billion. The following year it sees a 2.7% increase, which would push State tax collections to over $8 Billion.Last year's growth was 6.4%.

The group said the projected slow growth was partially due to Federal trade and energy policies, but added that Iowa lacks skilled workers for fill construction and manufacturing jobs. That creates an creating an economic drag.

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