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Classified in: Covid-19 virus
Subjects: Survey, Economic News/Analysis

Survey: State's Business Owners Say It's Good to be an Iowa-based Business

Bank Iowa today released the results of its second annual survey of Iowa business owners. The Bank Iowa Business Index tracks business owner sentiment on issues related to a range of topics ? from the quality of available talent to the evolution of business continuity strategies.

As one of the leading independent banks in the state, Bank Iowa's investment in market research reflects its promise to deliver consultative financial services to Iowa's business owners.

A full report contextualizing the data is available at www.bankiowa.bank/businessindex. Below are key takeaways.

Incorporated in Iowa

Owners reported that their business had either increased (42%) or remained steady (40%) as compared to the prior year. This against a backdrop of economic uncertainty, rising costs of living, record inflation and ongoing supply chain challenges.

Jim Plagge, president/CEO of Bank Iowa, attributes the survey findings to the health of the state's ag economy. "Iowa is heavily dependent upon agriculture," said Plagge, who has more than 40 years of ag lending experience. "When ag production is profitable, the entire state benefits."

Labor Benefits

More than half of participants (56%) listed Iowa's talent as the No. 1 most important advantage to owning an Iowa business. Forty-four percent said they have seen an improvement in the quality of job applicants over the last year.

Competition for Iowa's workers remains high. More than eight in 10 Iowa businesses reported having unfilled positions within their companies in the fall of 2022.

Ongoing Pandemic Impact

According to 80 percent of Bank Iowa survey participants, the pandemic fundamentally altered their business's strengths, weaknesses, opportunities and threats (SWOT). As a result, 83 percent plan to adjust their practices based on changes they've experienced.

Among those changes is better accommodation for remote and hybrid employees. Nearly 80 percent of survey respondents said COVID-19 had a permanent impact on their company's work-from-home policies. Fifty-six percent said the work-from-home economy has helped their business.

About Bank Iowa

With more than $1.9 billion in assets, Bank Iowa ranks as one of the leading independent ag banks and the second-largest family-owned bank in the state. Farmers, families and businesses access Bank Iowa's products and services through 26 locations in 23 communities, as well as online and on mobile devices. To learn more, visit bankiowa.bank. Member FDIC. Equal Housing Lender.

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