Iowa farmers are optimistic about the state's agricultural economy, according to a recent survey conducted by Bank Iowa. The survey polled thousands of farmers, with 67% expressing confidence that the ag economy will remain the same or improve in 2023. Additionally, over 70% of farmers reported being in the same or better financial shape compared to the previous year.
While finding qualified labor remains a top concern for farmers, the survey found that labor expenses were the second-highest concern. Bank Iowa's CEO, Jim Plagge, suggests that Iowa farmers may need to take on the task of training the next generation of farmers through hands-on apprenticeships.
The survey also found that technology is leading the way in terms of investment decisions. The percentage of farmers considering investing in ag-tech has risen from 22% to 36% over the past two years, with automation technology being the most popular investment. While larger farms are more willing to invest in technology, nearly every farmer reported implementing some type of ag-tech into their operations.
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Categories: Iowa, Business