(Spencer)– The Iowa Lakes Corridor Development Corporation is releasing the findings of their latest Business, Retention and Expansion Report. Trevor Smith, Senior Vice President of Economic Development, says 105 businesses and industries were surveyed in The Corridor’s four county territory…
“36 percent of the businesses we surveyed say they have plans to expand over the next three to five years, and that comes with a $230 million in projected capital investment and 290 new jobs created within those planned expansions over the next three to five years, and 65 percent introduced new products or services within the last year, so those are some of the stats that came out of our 2024 report.”
The report also details upcoming equipment purchases and needs…
“The top areas of investment for businesses are machinery and equipment, facilities, software, cyber security, and other capital areas. The big one that we’ve seen is manufacturers and businesses purchasing new machinery, updating it.”
Smith says the report details sales performances…
“36 percent of the businesses we interviewed said they report increasing sales; 46 percent say stable and only 16 percent say they’re decreasing in sales. Their primary markets are regional and national, and 24 percent of the companies we surveyed also said that they have international sales.”
The Corridor is also releasing findings of a recently conducted wage and benefit survey in its four county area. Smith says it looks at average wages for both salaried and hourly employees…
“Their hourly workers over the last year, they’ve increased that number about four percent, whereas a salaried, that was at about 3.16 percent. The most common PTO structure and benefits were PTO banked, 50 percent whereas traditional was about 40 percent. The median leave hours for the first year were 40 hours for vacation, 40 sick leave and PTO about 80.”
Smith says the report identified several challenges including a shortage of skilled workers along with a lack of affordable housing and child care. Advantages include quality schools, a low crime rate and outdoor recreation.
