Local Economic Impact Snapshot Released

–The Kossuth/Palo Alto County Economic Development Corporation recently released their Economic Impact Snapshot for 2021, and Executive Director Maureen Elbert tells KLGA News this is the result of a collaborative effort.

Elbert says the information provided by the surveys sent to area businesses is vital.

Elbert says both counties used to pull workers from farther away, but this year’s data shows that is changing as worker’s average commute now is between 15-20 miles.

Elbert says the information provided by businesses can also help them get workers better training or get training for new employees.

The 2021 Snapshot shows:

–The counties have a 96% employment rate, with average annual wages just over $47,000. Of the businesses surveyed, 28% plan to expand in the next five years and 74 companies anticipate new products or services over the next 2 years.

–The prime age labor force in both counties is 25-54. The counties GDP dropped 2% to $1.3 billion while jobs in both counties fell by nearly 8% from the previous year.

–The 2 counties combined to produce nearly 90-million bushels of corn, plus another 12.5-million bushels of soybeans from Kossuth County. Soybean data from Palo Alto County was not made available by the USDA.