The Iowa Association of Business and Industry quarterly survey finds most of its members plan to make capital investments in the second quarter of 2023.
Mike Ralston is the president of the association which represents 1,500 Iowa manufacturers. “You know, that’s a big deal. That’s a multimillion-dollar piece of equipment. It’s a plant expansion. It’s something big it’s out of the ordinary. And boy businesspeople wouldn’t do that if they didn’t feel pretty confident about the way things were heading,” Ralston says.
Ralston says the survey shows his members are still experiencing higher prices, longer waits, and sometimes struggle to get needed parts or equipment. “Before the pandemic, somebody got their particular component it took them 30 days. Then after the pandemic, literally it took like maybe a couple of years,” he says “It’s still high, but that’s a lot better than two years.”
Other questions in the survey show 50% of businesses expect sales to increase, and 70% foresee their workforce remaining stable.
(By Zachary Oren Smith, Iowa Public Radio)