IBC's 2024 Q4 Economic Outlook Survey Released
IBC Projects Positive Six-Month Economic Outlook
Final quarter survey results show large increase in optimism
DES MOINES, IA – The Iowa Business Council (IBC) has released its fourth-quarter Economic Outlook Survey (EOS) for 2024. The report measures IBC member expectations for sales, capital spending and employment for the next six months. If the index measures above 50, sentiment is positive. The survey’s overall economic outlook index is 65.63, an increase of 8.96 points from the previous quarter representing a significant increase in optimism from IBC members.
All three categories experienced large increases compared to the third-quarter survey.
- Sales expectations increased 8.75 points to a value of 68.75
- Capital spending expectations increased 7.81 points to a value of 64.06
- Employment expectations increased by 10.31 points to a value of 64.06
“As we enter the new year, the latest IBC survey results reinforce the broad sense of optimism in Iowa's economy from our members,” stated Gage Kent, CEO of KENT® Corporation and Chairman of the Iowa Business Council. “These numbers reflect an encouraging outlook for reduced headwinds. We look forward to capitalizing on this momentum by working closely with the Governor and Iowa General Assembly throughout the legislative session on policy areas that expand Iowa’s economic vitality.”
An unfavorable business climate (national supply chain, infrastructure, federal regulations) was listed as the top primary business challenge cited by 63% of those surveyed. Inflation was cited by 50% of survey participants and workforce attraction and retention was cited by 44% to round out the top three primary business challenges.
“The Economic Outlook Survey is well above the historical average of 60.46. We look forward to working with policymakers both in Des Moines and Washington, DC, to sustain this optimism throughout 2025.” said Joe Murphy, IBC President.
The Economic Outlook Survey has been completed by IBC members on a quarterly basis since 2004. The report provides insight regarding the projected trends for the state of Iowa, which can be used for business and economic planning. The reported trends have a state-wide impact, especially when considering that IBC companies have a presence in all 99 counties. To review previous Economic Outlook Surveys, please visit www.iowabusinesscouncil.org/news/eos.
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About the Iowa Business Council
The Iowa Business Council (IBC) is a nonpartisan, nonprofit organization whose 21 members are the chief decision makers of major Iowa employers. Employing over 150,000 Iowans, IBC member companies have invested billions of dollars of capital in Iowa's commercial infrastructure; lead the way in technology innovation, R&D, and grants procured; and are often the driving financial and volunteer forces behind philanthropic efforts all over the state.
IBC member companies include: Alliant Energy; Atlantic Coca-Cola Bottling Company; Casey’s General Stores, Inc.; Collins Aerospace; Corteva Agriscience; Deere & Company; Fareway; HNI Corporation; Hy-Vee, Inc., Iowa Bankers Association; Kent Corporation; MercyOne; MidAmerican Energy Company; Pella Corporation; Principal; Ruan Transportation Management Systems; The Weitz Company; UnityPoint Health; Vermeer Corporation; Wellmark Blue Cross Blue Shield of Iowa; and Workiva.
