Iowa Manufacturers Anticipate Strong Sales in Second Quarter
March 10, 2021
There’s more good news for Iowa’s economy.
Iowa manufacturers anticipate strong sales in the second quarter, according to results of the latest ABI Quarterly Iowa Business Survey.
“This is fabulous news for Iowans,” said ABI President Mike Ralston, “especially when you consider the pandemic and where we were a year ago.”
65% of survey respondents expect sales to expand over the next quarter. That’s compared to 55% in Q1 2021 and 47% one year ago.
Ralston attributes the extra growth to pent up demand and low inventories.
“Many people saved more money during the pandemic,” said Ralston. “Now they’re ready to spend that money.”
ABI surveyed its board members in early March 2021. The survey also found:
- 45% expect the number of employees in their business to grow in Q2. That’s compared to 52% in Q1 2021 and 19% one year ago.
- 65% plan to make capital expenditures. That’s compared to 68% in Q1 2021 and 56% one year ago.
Approximately half of ABI’s 1,500 member companies are manufacturers. The association represents nearly every industry in Iowa.
The survey results may be found at https://bit.ly/38oJQKq.