A majority of Iowa manufacturers expect to make capital expenditures in the third quarter of 2023, according to the latest quarterly business survey by Iowa Association of Business and Industry (ABI).
The survey was sent to ABI board members in mid-June.
Additional key findings in the survey include:
Sales expectations: According to the survey, 45% of respondents expressed optimism for sales growth in the upcoming quarter. Although this represents a slight decrease compared to the second quarter of 2023, it demonstrates a resilient and positive outlook among industry professionals. Additionally, 42% of respondents anticipate their sales to remain steady, indicating stability in the market.
Workforce Stability: Fifty-seven percent of respondents expect their workforce size to remain relatively unchanged. This consistency aligns with previous surveys conducted during the first and second quarters of 2023, suggesting a consistent employment landscape.
Capital Expenditure Plans: The survey revealed that 68% of participants plan to make capital expenditures during the third quarter of 2023. Although this figure is a decrease compared to the previous quarter, it still demonstrates most businesses continue to invest in their operations and infrastructure.
Recognizing the importance of future readiness, businesses are working on initiatives aimed at enhancing infrastructure, building capacity, and improving their market position. Additionally, supply chain improvements remain a key area of focus.
“These survey results indicate both opportunities and areas of caution for businesses,” said Mike Ralston, ABI President, in a news release. “Understanding the sales expectations, workforce stability, and capital expenditure plans can assist businesses in making informed decisions that drive growth and foster resilience.”
To learn more about ABI, visit iowaabi.org.
