Michigan business owners believe their bottom line will improve over the next six months according to the latest Michigan Future Business Index, published in partnership with Accident Fund Insurance Company of America and the Michigan Business Network.
“This latest survey continues to reflect the strong optimism of business owners in Michigan,” says Mike Britt, president of Accident Fund. “A vibrant and healthy business climate is critically important to small and mid-sized businesses. Although we have significant challenges ahead, we’re clearly moving in the right direction.”
The semi-annual report, which surveyed nearly 700 business owners and C-suite executives in Michigan, found nearly 70 percent of respondents are satisfied with the economy and how it affects their business, up from 62 percent in June.
And employees are likely to benefit from that optimism. Nearly 40 percent of respondents said they are likely to increase employee wages over the next six months, a number that’s been consistently on the rise since October 2010, when only 20 percent anticipated raises.
Amid the optimism, challenges were noted surrounding the issue of finding qualified talent to fill open positions. Of primary concern to the survey participants was finding skilled workers and some projected a possible pullback in hiring because of the limited access to skilled labor.
“Michigan businesses continue to demonstrate a strong ability to overcome obstacles and move forward,” says Chris Holman, CEO of the Michigan Business Network. “The success of our business community is the key to a prosperous economy and I’m proud of all they do to make Michigan strong.”
To read the full report, click here.
