Takeaway from 2018 Economic Forecast event
Jay Byers, CEO of the Greater Des Moines Partnership, said 2018 looks to be a strong year buoyed by tax reform and metrowide efforts.
“Our queue is strong, and the regional economic trends are all moving in the right direction,” Byers said at the Business Record’s Economic Forecast luncheon today in which several hundred business community members heard from a panel of state and corporate leaders. Byers was among those attending.
“The Greater Des Moines insurance and financial industries continue to be strong. We continue to see strength in the data center and wind markets. Manufacturing and logistics continue to be a great opportunity, and there are signs that the ag economy is turning in a positive direction,” he said.
Byers agreed with the idea that tax reform will help fuel the economy. “The reduction of the federal corporate rate was much overdue to make the U.S. more competitive on the global stage. The relatively high rates had been a detriment.”
He said the move to a simpler tax system and an end to the deduction for state taxes on federal returns, if approved, would make it more obvious that the state’s tax rates are competitive. As it stands, the deductibility makes the rate look higher than it really is, Byers said.
“Site selectors and people looking to do deals don’t read the footnotes,” he said. “This would significantly help our ability to attract economic developments.”
Byers also expects more action on quality-of-life issues such as water trails, which help with both economic and community development, he said.
Deloitte CFO of the Year Kirk Irwin, chief administrative officer at the Greater Des Moines Partnership, was recognized at the event. He mixed some humor in with his gracious remarks, thanking his colleagues and many others in the business community.
“I was really shocked when I heard about (the award),” Irwin said. “Fortunately I have had a few weeks to process it, and now I’m merely stunned. I’m making progress.”
Later he thanked his wife. “I want to acknowledge another partnership in my life, and that’s my wife, Shannon Cofield,” he said. “She is a tremendous source of advice, wisdom — and sometimes I’m not even sure when I need to ask her for advice, and she lets me know.”
The crowd got a good laugh on that one.
Read tomorrow’s Daily for additional takeaways from the 2018 Economic Forecast.