The Marion Economic Development Corporation (MEDCO) has released the Marion Community Index for the third quarter of 2023.
The report is produced from responses to a business survey that allows MEDCO to measure the health, challenges, optimism, and opportunities of the organization’s business partners. A total of 38 companies participated in the third quarter survey, representing a 20% response rate.
The survey focuses primarily on sales growth, material pricing, employment trends, and capital expenditures.
The survey responses were collected during the weeks of Oct. 2 and Oct. 9.
Highlights of the Marion MEDCO survey:
- 40% of companies experienced Q3 sales growth compared to the same quarter in 2022.
- 32% of companies expect sales to grow in the next quarter, while 55% expect sales to grow in the next year.
- 55% of respondents experienced an increase in raw material prices over the past quarter.
- 42% expect material prices to continue to increase in the next quarter, while 71% expect material prices to increase in the next year.
- 32% of companies added employees to their team in the third quarter.
- 40% anticipate increasing their workforce in the next quarter, while 47% anticipate workforce growth over the next year.
- 42% of respondents experienced an increase in capital expenditures over the past quarter.
- 40% expect capital expenditures to continue to increase in the next quarter, while 50% expect capital expenditures to increase in the next year.
“In the face of ongoing interest rate and inflation challenges, coupled with the increase in uncertainties around current and long-term business climate, our local business leaders are reevaluating their capital expenditure, sales and material pricing strategies,” said Brady Quinn, MEDCO’s business retention specialist. “MEDCO stands ready to support our community in navigating these economic shifts, fostering resilience, and promoting sustainable growth.”
