(West Des Moines, Iowa) -- A majority of farmers in a statewide survey say they're optimistic about the ag economy this year. The Bank Iowa survey finds 67-percent of farmers say they believe the ag economy will be the same or stronger in 2023.
“Iowa farmers' positive outlook makes a lot of sense,” said Bank Iowa President/CEO Jim Plagge. “Especially given the unique nature of our state’s commodity prices, land values and the modern genetics of crops.”
From 2021 to 2022, Iowa farmers expressed similar sentiment from year to year. In both surveys, just over seven in 10 respondents felt they were better off or in the same shape financially as the prior year.
The survey found a significant increase in administrative vs. physical jobs on the farm. Office jobs, such as bookkeepers and accountants, increased 18 percent in 2022. More than three in 10 respondents reported that investments in technology have reduced the need to hire physical laborers.
Plagge says technology appears to be leading the way in terms of investment decisions. In 2021, Bank Iowa found that just one in five Iowa farmers (22 percent) were considering agtech for their capital investments in 2022. In 2022, the survey revealed a much higher number at nearly 36 percent.
Nearly every farmer (98 percent) participating in the 2022 survey reported having implemented some type of agtech within their operation. Automation technology was the most popular, followed by livestock tech and artificial intelligence.
“Farmers are finding new forms of value in technology with every passing growing season,” observed Plagge. “A large portion of those that have already invested in agtech to augment their human contributions to the farm are doubling down, looking to earn even greater returns on their investments in an automated farming future.”