Iowa's efforts to grow its bio-science economy are paying off. Home to more than 1,800 bio-science firms, the state is actively targeting this sector. In June, Cargill announced plans to expand its already extensive footprint in the Hawkeye state, with a state-of-the-art biodeisel facility in Iowa Falls. The site falls in an enterprise zone, making the company eligible for tax benefits. The company is also receiving a $76,000 training grant.
Tina Hoffman, of the state's "Iowa Life Changing" economic development program, says that much of the sector's growth is home-grown.
"The research coming out of our major universities in plant and animal sciences is spinning off into commercial products and companies built around them," she explains.
Other agricultural-based industries are finding new homes in Iowa. Italian food manufacturer Caremoli recently unveiled plans to spend $1.5 million to retrofit and existing building near Ames for its first U.S. production facility. The company produces semi-finished food stuffs for the cereal industry.
The project is just the latest manifestation of a distinct Iowa-Italy connection. Pasta maker Barilla built a plant in Ames back in 1998. Already the third-largest complex in the company's global portfolio, the plant may be in line for a $5-million expansion, according to published reports in late 2004. Meanwhile, in southeast Iowa, Case New Holland supplier firms Borghi USA, Alfagomma America and COBO International all from Italy all set up shop in the Burlington area over the past five years.
State attention here is also on job creation and retention, as rumors swirl over hometown favorite Maytag's future. In June, Governor Tom Vilsak signed legislation that solidifies a set of incentives introduced two years ago. The package targets the manufacturing, bio-sciences, financial services and insurance industries. The incentives include more money for worker training, and establish various tax credit mechanisms.