Below is the end of session wrap up document prepared by the House Republican Research Staff

2012 End of Session Wrap Up

Iowa Workforce Development announced last week that Iowa’s unemployment rate had dropped to 5.2% in the month of March, down 0.1% from the previous month. While the unemployment rate dropped, the total nonfarm employment number actually fell by 1,600.

The drop in the statewide unemployment rate pulls Iowa even with New Hampshire for the 5th lowest unemployment rate in the nation. The national average fell a tenth of a percent from February and is now at 8.2%. The four states with better unemployment rates than Iowa are: New Hampshire (5.2%), Vermont (4.8%), South Dakota (4.3%), Nebraska (4.0%), and North Dakota (3.0%).
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Iowa Workforce Development announced this week that Iowa’s unemployment rate had dropped to 5.3% in the month of February. The unemployment rate is continuing to decline in the state of Iowa and is accompanied by a gain in non-farm employment of 8,700 additional jobs.

Iowa continues to retain the 6th lowest unemployment rate in the nation. The national average stayed the same as it was the previous month: 8.3% for the month of February. The five states with better unemployment rates than Iowa are: New Hampshire (5.2%,), Vermont (4.9%), South Dakota (4.3%), Nebraska (4.0%), and North Dakota (3.1%).
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The Iowa House approved SF 2329 which could give up to $16.5 million in tax breaks for the project, known as All-Star Ballpark Heaven. The incentive approved by the Legislature would allow the complex to retain state sales taxes generated on site for up to 10 years after it opens – up to $16.5 million.

The project would be built around the famous ball field near Dyersville a 193-acre development featuring 24 youth baseball and softball fields, an indoor “sportsdome” facility, dormitories, an amphitheater and a ropes course. Like the original, all the diamonds would be built into cornfields.

Developers say All-Star Ballpark Heaven could create more than 500 jobs.

The project is expected to cost $38 million

Oct 2011 Conceptual Drawing for All-Star Ballpark Heaven Below:
Field of Dreams Concept

Iowa’s position amongst states in regards to economic competitiveness improved according to a national study. On Wednesday, the Beacon Hill Institute released its annual survey of state economic competitiveness and rated Iowa as the eighth most competitive state in the nation. This is one step up from the state’s ninth place ranking in 2010.

The Beacon Hill Institute, based at Suffolk University in Boston, has conducted these surveys for eleven years. The survey grades each state on eight topics – government and fiscal policy, security, infrastructure, human resources, technology, business incubation, openness, and environmental policy. The grades for these categories are determined by rankings of 44 separate indicators ranging from the number of active physicians per 100,000 residents to how a state’s budget deficit compares to its gross state product.
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This week, Forbes magazine released its list of top cities in which an individual should look for a job. Des Moines was second on that list, only behind Washington, D.C. Forbes cited high household incomes and a low unemployment rate as the primary reasons for the ranking. The magazine also stated that projections from Moody’s Analytics estimate that employment in the Des Moines area will see an increase of 8.6% over the next four years, which would translate into 36,000 jobs.
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The 2012 legislative session has made its way through the first funnel. Click below to see a list of bills that made it through.

2012 First Funnel Survivors

Gov. Terry E. Branstad and Lt. Gov. Kim Reynolds today welcomed the news that Southwest Airlines, along with its wholly-owned subsidy, AirTran Airways, confirmed today the intent to convert AirTran Airways operations at 22 domestic and international airports to Southwest operations over time.

Des Moines International Airport was one of the cities listed in their announcement.

Gov. Branstad and his administration have been in contact with Southwest Airlines executives since taking office last January, hoping to persuade them to bring their air service to Des Moines.
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According to Fox News,the number of people seeking unemployment benefits fell further in the final week of 2011, a positive sign for hiring one day ahead of Friday’s December employment report.

The Labor Department says weekly applications dropped 15,000 to a seasonally adjusted 372,000 last week. It was the fourth drop in five weeks. The four-week average, which smoothes fluctuations, declined to 373,250, the lowest level since June 2008.

When applications drop below 375,000 — consistently — they generally signal that hiring is strong enough to reduce the unemployment rate.

Applications have declined steadily over the past three months. The four-week average fell 11 percent in 2011, evidence that companies are laying off fewer workers. But many employers have been slow to add jobs.

Read more: http://www.foxnews.com/politics/2012/01/05/unemployment-claims-drop-to-372k-last-week/#ixzz1ibRP8NDi

The state’s tax credit incentive programs have begun to be scrutinized by the Legislative Tax Expenditure Committee. The Committee was created as a result of legislation passed in 2010 that created a ten-person joint committee of the Senate and the House. Three Democrats and two Republicans from the Senate joined Three Republicans and two Democrats from the House to examine tax credits within the tax code. Specifically, the legislation called for a regular review of all tax credit, withholding credit, and revenue division programs in order to facilitate the reauthorization of successful programs and to do so at a cost that can be accommodated by the state’s annual budget.

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