In the quarterly business survey sent to the Iowa Association of Business and Industry board members, 64% said they plan to make capital expenditures in the first quarter of 2024, showing a commitment to continue investing in their operations.

While many of the respondents shared that they are prioritizing cost reduction and sales growth strategies to navigate economic uncertainties, 52% anticipate stable sales in the first quarter.

A majority of the respondents, 58%, also predict that the number of employees in their businesses will remain consistent in the first quarter of the new year.

While there was a positive outlook for capital expenditures, sales and workforce retention, some of the challenges that businesses plan to tackle in the next quarter include intermittent, yet persistent supply chain issues; rising vendor and material costs; energy reduction; and sustainable packaging.

“The current business environment will remain complex as we enter 2024,” ABI President Mike Ralston said in a prepared statement. “It’s encouraging to see resilience and adaptability as businesses navigate challenges, and we remain committed to supporting them in their strategic endeavors.”

Each quarter, ABI sends a quarterly business survey to provide a comprehensive snapshot of the industry’s current state and future trajectory. The survey for the first quarter of 2024 was sent to ABI board members in late November.