Another Farm equipment manufacturer has announced layoffs in Iowa

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Kinze Manufacturing, Inc. has announced the layoff of 193 workers from its Williamsburg operation, as reported by the Iowa Workforce Development’s WARN notifications. Employees were notified on Wednesday, with the layoffs scheduled to take effect on august 1st.

Kinze Manufacturing is a global producer of planters, grain carts, and high-speed tillage equipment. The layoffs are occurring amid a challenging period for farm equipment manufacturers, driven by a decrease in demand for farm equipment such as tractors.

Bigger picture

These layoffs reflect broader economic pressures affecting the farming industry in Iowa. USDA projects a significant drop in net farm income, down 25.5% in 2024, following a 16% decline in 2023. Because of this decline in farmers' income, other manufacturers like John Deere anticipate a 20% decline in new equipment sales in 2024.

Iowa has experienced a substantial increase in the number of layoffs in 2024 compared to 2023. As of July 2024, 5112 workers had been laid off, compared to 3,555 workers throughout the entirety of 2023. This marks a significant increase of 1,557 layoffs, translating to a 43.7% rise in job losses.