Marion, IA – Marion Economic Development Corporation (MEDCO) released the Marion Community Index for the first quarter of 2024. 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. Thirty-five companies participated in Q1 2024, a 17 percent response rate. The survey focuses primarily on sales growth, material pricing, employment trends, and capital expenditures.

Survey responses were collected during the weeks of April 8th and April 15th.

• 37% of companies experienced Q1 sales growth compared to the same quarter in 2023.
• 43% of companies expect sales to grow in the next quarter, while 46% expect sales to grow in the next year.
• 46% of respondents experienced an increase in raw material prices over the past quarter.
• 43% expect material prices to continue to increase in the next quarter, while 66% expect material prices to increase in the next year.
• 43% of companies added employees to their team in the first quarter of 2024.
• 17% anticipate increasing their workforce in the next quarter, while 37% anticipate workforce growth over the next year.
• 37% of respondents experienced an increase in capital expenditures over the past quarter.
• 26% expect capital expenditures to continue to increase in the next quarter, while 46% expect capital expenditures to increase in the next year.

“Election years present unique challenges to decision making.” says Brady Quinn, MEDCO’s Business Retention Specialist. “Combined with the continued interest rate and inflationary uncertainty the current business climate feels tempered. MEDCO continues to proactively meet with and react to the needs of our local businesses. Our team looks forward to providing connections and resources that provide the opportunity for expanded economic opportunity.”

2024 Q1 Marion Community Index Trends