There’s a feeling of uncertainty among Iowa manufacturers, according to the latest Iowa Association of Business and Industry (ABI) Quarterly Business Survey. ABI sent this survey to its board mid-September.
- Survey results show 60 percent of respondents plan to make capital expenditures in the fourth quarter of 2022, down from 70% in Q3.
- Fifty-six (56) percent of respondents expect the number of employees in their business to stay about the same, with 40 percent expecting numbers to grow.
- Thirty-seven (37) percent of respondents expect sales to expand in the third quarter of the year. This is a decrease from 48 percent in the third quarter and 60 percent for the second quarter of 2022. 18percent expect sales to retract, a 5 percent increase from last quarter.
“A shortage in workforce and inflation are chief concerns,” said Mike Ralston, ABI President. “As Iowa manufacturers continue to anticipate affects from inflation and experience supply chain hurdles, they are shifting their focus to absorbing the growth they’ve experienced over the last 12 to 18 months rather than expanding sales.”
Employee recruitment and retention also remains a focus for employers. Iowa business leaders are confident and cautious. They are always looking ahead to opportunities to improve the skills of existing employees and add new talent.
“ABI members continue to prioritize workforce as a top issue for Iowa businesses,” said Ralston. “It’s why workforce continues to be a legislative priority for ABI.”
Approximately half of ABI’s 1,500-member companies are manufacturers. ABI represents nearly every industry in the state of Iowa.
Original source can be found here.
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