Iowa small businesses added 81K jobs, says UNI study
CEDAR FALLS, Iowa – The 2015 Iowa Small Business Report reveals that 30 percent of small businesses in Iowa added jobs in 2014.
The annual report, released by the University of Northern Iowa’s Center for Business Growth and Innovation, measures sales trends, job growth or loss, capital acquired, and business use of technology. The study surveys Iowa business owners with fewer than 50 employees. The survey is conducted in February regarding business activity during the previous calendar year.
Highlights from the report include:
- Iowa small businesses created 81,067 net full-time jobs. Businesses in the agricultural sector led the way with an average of 1.6 new employees during the year.
- Thirty percent of Iowa small-business owners added jobs in 2014, and those who did hired multiple employees (2.86 per company).
- The average new full-time manager earned a starting wage of $28.05 across industries.
- Technology has touched nearly every aspect of business operations, influencing hiring, layoffs and wages throughout the state. Twenty-one percent added jobs as a result of the introduction and use of technology. Tech jobs were among the highest paid small-business positions in Iowa.
- Sub-contracting continues to be a formidable driver of economic growth, as nearly 23 percent of all new hires in 2014 were sub-contract versus payroll positions. Sub-contract workers, who pay their own payroll taxes and other business expenses, earned a high of $125 per hour, with the average being $20.71.
- Home-based business is on the rise in Iowa as Internet bandwidth continues to improve across the state. The Data Center of Iowa reports the estimated number of home-based workers in Polk County has increased by more than 40 percent between 2000 and 2013. Other counties are seeing increases as well.
- At 30 percent, health insurance and other benefits topped the list of pressing problems faced by small-business owners in 2014, with small-business owners asking for more affordable plans and more options from which to choose.
The full report is available to download here.
Source: 2015 Iowa Small Business Report
Source: Business Record