At first blush, a poll that suggests 40 percent of Hoosier businesses plan to invest money into their business this year sounds promising.
BMO Harris Bank’s poll also finds that 29 percent of Indiana businesses surveyed plan to hire more employees.
“It’s good news for Indiana that so many businesses are planning to hire more employees,” said Andrew Cardimen, Chicago-based BMO’s managing director of commercial banking for Indiana.
Among these firms, there’s a positive outlook that “bodes well for future growth within the state.”
Cardimen also said 15 percent of respondents that plan to spend plan to put more money into employee training—another plus.
The downer is that Indiana businesses were less likely to pour money into their operations than those in the rest of the nation.
BMO’s national poll of 601 U.S. businesses found 64 percent planned to make an investment in their business this year.
There’s not enough data to suggest exactly why Indiana firms don’t plan to spend as much as counterparts as a whole. But BMO’s survey firm, Pollara, found some interesting tidbits. For example, 14 percent of Indiana companies said they’d recently made a major investment, and another 10 percent were saving money to do so in the future.