Majority of Iowa manufacturers planning capital expenditures
Business Record Staff Mar 27, 2023 | 10:11 am
1 min read time171 wordsAll Latest News, Retail & Business
Iowa manufacturers are set to make significant strategic investments in their organizations in the second quarter of 2023, according to the latest Iowa Association of Business and Industry Quarterly Business Survey.
The survey found that 81% of respondents plan to make capital expenditures in the coming months, with 51% expecting sales to expand. Despite concerns over navigating the supply chain, optimism for the rest of the year remains high.
Additionally, 67% of respondents foresee their workforce remaining stable, with the number of employees expected to stay the same.
ABI President Mike Ralston praised Iowa manufacturers for their resilience and said that making capital expenditures is crucial for future growth and competitiveness.
“Whether it’s evaluating import partners to boost near-shoring or increasing domestic production through the capital expenditures, Iowa manufacturers will continue to face these challenges with the resiliency they have always shown,” Ralston said in a prepared statement.
For previous survey results, visit www.iowaabi.org. ABI represents nearly every industry in Iowa, with about half of its 1,500-member companies being manufacturers.