The Iowa Association of Business and Industry (ABI) has released the results of its latest business survey highlighting the expectations and concerns that Iowa businesses have going into this year’s fourth quarter.
ABI, the “voice of Iowa business” since 1903, shared the Q4 survey results in a news release Tuesday, Oct. 8. ABI sent the survey in mid-September to its board.
The findings, ABI said, reflect a range of perspectives on sales, workforce stability, and broader economic conditions including:
- 56% of respondents expect sales to remain steady in the quarter.
- 53% of respondents plan to make capital expenditures in the fourth quarter – a slight decrease from Q3.
- 43% of respondents anticipate an increase in their workforce, which is a significant increase from the 14% reported in the third quarter.
- Economic sentiment remains cautious with 60% of respondents expressing a neutral outlook on the overall economy.
For previous survey results, resources for manufacturers and events, visit www.iowaabi.org.
“While many of our members are maintaining a stable outlook when it comes to sales and employment, uncertainty in the broader economy is evident,” ABI President Mike Ralston said in the release. “Increased costs of product and service inputs and industry-specific challenges are leading some companies to adjust their plans for the remainder of the year.”
The survey highlighted areas businesses are preparing to tackle in the year’s fourth quarter. They include product development and upskilling employees. Respondents also cited the importance of managing working capital at year-end, making decisions regarding potential facility expansions as well as preparing for health care renewals.
Other concerns revolved around an unfavorable business climate and regulatory challenges. To address these issues, some companies reported focusing on automation and new product development. They are designed to improve efficiencies and remain competitive.
Adaptability required
“The complexity of the current business environment requires strategic planning and adaptability,” added Mr. Ralston, who has announced plans to retire at the year’s end. “Our members are making the necessary adjustments to stay ahead of these challenges and prepare for what lies ahead.”
Last week, ABI said Mr. Ralston will be succeeded by Nicole Crain. She’s ABI’s longtime executive vice president. The ABI board chose Ms. Crain after interviewing both internal and external candidates.
As Iowa businesses look toward the fourth quarter, many are balancing a stable outlook on sales and employment with the need to navigate pressing challenges across their industries, ABI said.
The pro-business organization’s mission is to provide a strong, unified voice to business and industry on issues affecting Iowa employers. ABI’s member companies represent all industries and sizes in Iowa’s 99 counties and collectively employ more than 330,000 Iowans.
