Iowa Manufacturers Target Innovation and Technology
A majority of Iowa manufacturers expect to make capital expenditures in the first quarter of 2023, according to the latest quarterly business survey by the Iowa Association of Business and Industry (ABI).
The report on the manufacturer's survey by the Iowa ABI showed 67% of respondents expect the number of employees in their businesses to stay about the same. Only 8% expect the number of employees to decrease.
In the same survey a year ago, 76% of respondents expected sales to increase in the first quarter of 2022, and 50% expected their employment level to stay about the same.
“Employers are continuing to face supply chain challenges and workforce shortages, while, in some cases, backlogs remain substantial,” said ABI president Mike Ralston. “And we note that many have the possibility of a recession in the back of their minds.”
Yet as seen in the survey results, many manufacturers are still choosing to make significant investments in automation as a solution to these barriers.
“In true Iowa fashion, our state’s manufacturers are rising to the challenges facing them,” Mr. Ralston said. “ABI looks forward to assisting members as they make these investments and bring new solutions to their facilities.”
If you are making a significant investment in automation, reach out to us to determine how you can maximize the investment while minimizing taxes.
Read the full article in the Corridor Business Journal.