Bank Iowa Releases Results of Second Annual Iowa Farmers Survey

WEST DES MOINES, Iowa--(BUSINESS WIRE)--Bank Iowa has released the results of its second annual survey of Iowa farmers. The Bank Iowa Ag Index tracks Iowa farmer sentiment on issues related to a range of topics — from the ag economy to agtech on the farm.

As an independent ag bank, Bank Iowa’s research investment reflects its promise to deliver consultative financial services to Iowa’s farmers and the state’s ag communities.

A report contextualizing the survey data is available by [https://www.bankiowa.bank/AgIndex]. Below are a few notable findings.

In opposition to national farmer sentiment, the majority of Iowa farmers' outlook on the 2023 ag economy was positive. Sixty-seven percent said they believed the ag economy would be the same or stronger in 2023.

“Iowa farmers' positive outlook makes sense,” said Bank Iowa President/CEO Jim Plagge. “Especially given the unique nature of our state’s commodity prices, land values and modern crop genetics.”

The index revealed an increase in administrative jobs on the farm. Office jobs, such as bookkeepers and accountants, increased 18 percent in 2022. More than three in ten reported that technology had reduced the need for physical laborers.

Although finding people to work on an Iowa farm remained a challenge in 2022, Iowa farmers are mainly concerned about finding the right people. In 2021, finding labor was ranked the No. 1 issue. In 2022, the concern ranked No. 3 behind finding qualified labor (No. 1) and labor expense (No. 2).

For farmers with access to capital, technology is leading the way in terms of investment decisions. In 2021, just one in five Iowa farmers (22 percent) were considering agtech investments in 2022. In 2022, the survey revealed nearly 36 percent were considering agtech for the upcoming year.

Nearly every participant in the 2022 survey had implemented agtech within their operation. Automation was the most popular, followed by livestock tech and AI.

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.