People & Partners

Hancock County has Quality Workers

Every successful business knows that one of the most important elements of that success begins with having quality, hardworking employees. Employees that know what it means to put in a day’s work for a day’s wage. Hancock County has a quality, job-ready workforce.

Demographic Profile

  • The population in Hancock County, Iowa was 11,006 per American Community Survey data for 2012-2016.
  • The region has a civilian labor force of 5,670 with a participation rate of 64.4%. Of individuals 25 to 64 in Hancock County, Iowa, 21.3% have a bachelor’s degree or higher which compares with 31.8% in the nation.
  • The median household income in Hancock County, Iowa is $54,813 and the median house value is $95,500

Gross Domestic Product

Gross Domestic Product (GDP) is the total value of goods and services produced by a region. In 2016, nominal GDP in Hancock County, Iowa contracted 0.5%. This follows growth of 1.2% in 2015. As of 2016, total GDP in Hancock County, Iowa was $816,471,000. Of the sectors in Hancock County, Iowa, Manufacturing contributed the largest portion of GDP in 2016, $382,434,000 The next-largest contributions came from Agriculture, Forestry, Fishing and Hunting ($130,862,000); Transportation and Warehousing ($45,289,000); and Real Estate and Rental and Leasing ($36,335,000).

Unemployment Rate

The seasonally adjusted unemployment rate for Hancock County, Iowa is 2.4% as of April 2018. The state of Iowa is 2.8% and the US is 3.9%.

Employment Trends

As of 2018Q1, total employment for Hancock County, Iowa was 7,368 (based on a four-quarter moving average). Over the year ending 2018Q1, employment declined 1.5% in the region.

Industry Snapshot

The largest sector in Hancock County, Iowa is Manufacturing, employing 3,255 workers. The next-largest sectors in the region are Health Care and Social Assistance (659 workers) and Transportation and Warehousing (590). High location quotients (LQs) indicate sectors in which a region has high concentrations of employment compared to the national average. The sectors with the largest LQs in the region are Manufacturing (LQ = 5.37), Agriculture, Forestry, Fishing and Hunting (5.23), and Transportation and Warehousing (1.89).

Education Levels

Expected growth rates for occupations vary by the education and training required. While all employment in Hancock County, Iowa is projected to contract 0.4% over the next ten years, occupations typically requiring a postgraduate degree are expected to grow 0.2% per year, those requiring a bachelor’s degree are forecast to contract 0.1% per year, and occupations typically needing a 2-year degree or certificate are expected to grow 0.3% per year.

Wage Trends

The average worker in Hancock County, Iowa earned annual wages of $44,547 as of 2018Q1. Average annual wages per worker increased 1.2% in the region during the preceding four quarters. For comparison purposes, annual average wages were $53,893 in the nation as of 2018Q1

Cost of Living Index

The Cost of Living Index estimates the relative price levels for consumer goods and services. When applied to wages and salaries, the result is a measure of relative purchasing power. The cost of living is 14.0% lower in Hancock County, Iowa than the U.S. average.

Industry Clusters

A cluster is a geographic concentration of interrelated industries or occupations. The industry cluster in Hancock County, Iowa with the highest relative concentration is Auto/Auto-related with a location quotient of 19.22. This cluster employs 2,377 workers in the region with an average wage of $40,271. Employment in the Auto/Auto-related cluster is projected to contract in the region about 1.0% per year over the next ten years.
 

Occupational Snapshot

The largest major occupation group in Hancock County, Iowa is Production Occupations, employing 2,213 workers. The next-largest occupation groups in the region are Transportation and Material Moving Occupations (789 workers) and Office and Administrative Support Occupations (741). High location quotients (LQs) indicate occupation groups in which a region has high concentrations of employment compared to the national average. The major groups with the largest LQs in the region are Production Occupations (LQ = 4.95), Farming, Fishing, and Forestry Occupations (3.21), and Installation, Maintenance, and Repair Occupations (1.64).

Occupation groups in Hancock County, Iowa with the highest average wages per worker are Management Occupations ($81,800), Legal Occupations ($64,700), and Healthcare Practitioners and Technical Occupations ($62,400). The unemployment rate in the region varied among the major groups from 0.6% among Management Occupations to 4.7% among Farming, Fishing, and Forestry Occupations.

Over the next 1 year, the fastest growing occupation group in Hancock County, Iowa is expected to be Installation, Maintenance, and Repair Occupations with a +0.9% year-over-year rate of growth. The strongest forecast by number of jobs over this period is expected for Installation, Maintenance, and Repair Occupations (+4 jobs) and Management Occupations (0). Over the same period, the highest separation demand (occupation demand due to retirements and workers moving from one occupation to another) is expected in Production Occupations (236 jobs) and Transportation and Material Moving Occupations (90).

View or download an Economic Overview from 2018, here.

Hancock County Economic Development Partnerships

Hancock County Economic Development Corporation is a good place to start your search for opportunities in Hancock County. However, we work with many other organizations to provide you the information YOU need to make important decisions in locating you or your business to this area.
Hancock County Economic Development is an active member of the The North Central Iowa Marketing Alliance is a seven county consortium of development professionals with deep experience in executing successful projects. We offer free technical assistance and will walk with you every step of the way, knocking down barriers and speeding up processes. Our seven county North Central Iowa region makes up one of the best, most productive regions in the state.
Hancock County Economic Development has a great resource with the Iowa Economic Development Authority's (IEDA) mission is to strengthen economic and community vitality by building partnerships and leveraging resources to make Iowa the choice for people and business. Through two main divisions – business development and community development – IEDA administers several state and federal programs to meet its goals of assisting individuals, communities and businesses. IEDA works to achieve its mission and goals to benefit Iowans while maintaining a high level of transparency. This section of the site includes reports, board information, public notices, job vacancies, requests for proposals (RFPs) and more.

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