Marion Economic Development Corporation (MEDCO) has released the Marion Community Index for the first quarter of 2023.
The report is informed by a business survey that allows MEDCO to measure the health, challenges, optimism, and opportunities of the organization’s business partners. Thirty-nine companies participated in Q1. The survey focuses primarily on sales growth, material pricing, employment trends, and capital expenditures.
Survey responses were collected during the week of March 27.
- 44% of companies experienced Q1 sales growth compared to the same quarter in 2022.
- 72% of companies expect sales to grow in the next quarter, while 54% expect sales to grow in the next year.
- 51% of respondents experienced an increase in raw material prices over the past quarter.
- 64% expect material prices to continue to increase in the next quarter, while 72% expect material prices to increase in the next year.
- 39% of companies added employees to their team in the first quarter.
- 46% anticipate increasing their workforce in the next quarter, while 62% anticipate workforce growth over the next year.
“Our local business leaders are optimistic about sales increasing and once again shifting from employee retention to new employee attraction.” says Brady Quinn, MEDCO’s Business Retention Specialist, in a release. “Comments from respondents reinforce the concern that increased interest rates and inflation will begin impacting new capital investments and construction starts.”
Additional survey trends from the past year are available at medcoiowa.org/2023report.
