The Marion Economic Development Corporation has released the Marion Community Index for the first quarter of 2022.
According to a release, the report is informed by a newly-developed business survey that allows the Marion Economic Development Corporation (MEDCO) to better measure the health, challenges, optimism, and opportunities of the organization’s 190 business partners. The survey focuses primarily on sales growth, material pricing, and employment trends.
Survey results were collected during the week of April 11.
- 64% of companies experienced sales growth compared to the same quarter last year.
- 79% of companies expect sales to grow in the next quarter, while 77% expect sales to grow in the next year.
- 96% of respondents experienced an increase in raw material prices over the past quarter.
- 88% expect material prices to continue to increase in the next quarter, while 86% expect that to continue over the next year.
- 41% of companies added employees to their team in the first quarter.
- 50% anticipate increasing their workforce in the next quarter, while 57% anticipate workforce growth over the next year.
According to the release, costs of materials was first amongst the businesses’ concerns to be identified as a primary challenge (30%). Workforce attraction (27%) ranked second, and supply chain (20%) ranked third. Over the next six months, respondents expected those challenges to remain in that order.
“Each year we meet with about a hundred companies and collect detailed information around the condition of the economy,” said Brady Quinn, MEDCO’s Business Retention Specialist, in the release. “While those conversations will continue to be important, this quarterly survey now equips us to collect more timely information and track key trends.”
The survey will be updated each quarter. The full quarterly index report is available at www.medcoiowa.org.