Marion, IA – Marion Economic Development Corporation (MEDCO) released the Marion Community Index for the second quarter of 2023. The report is informed by a business survey that allows MEDCO to measure the health, challenges, optimism, and opportunities of the organization’s business partners. Forty-two companies participated in Q2. The survey focuses primarily on sales growth, material pricing, employment trends, and capital expenditures.
Survey responses were collected during the weeks of June 26th and July 10th.
- 57% of companies experienced Q2 sales growth compared to the same quarter in 2022.
- 55% of companies expect sales to grow in the next quarter, while 60% expect sales to grow in the next year.
- 52% of respondents experienced an increase in raw material prices over the past quarter.
- 41% expect material prices to continue to increase in the next quarter, while 52% expect material prices to increase in the next year.
- 41% of companies added employees to their team in the second quarter.
- 29% anticipate increasing their workforce in the next quarter, while 48% anticipate workforce growth over the next year.
- 38% of respondents experienced an increase in capital expenditures over the past quarter.
- 31% expect capital expenditures to continue to increase in the next quarter, while 57% expect capital expenditures to increase in the next year.
“Our local businesses indicate stabilization in material prices and lead times. The positive pricing trend has led to continued optimism for increasing sales.” says Brady Quinn, MEDCO’s Business Retention Specialist. “Comments from respondents reinforce the overall uncertainty around inflation and the concern with the labor pool quality and supply.”
2023 Q2 Marion Community Index Trends:
