Members of the Business Leaders for Michigan expect both the state and U.S. economies to grow in the next six and 18 months, but the organization predicts Michigan’s economy will outpace the U.S. economy.
“The state’s largest job providers continue to believe Michigan will out-perform the national economy over the next year and a half,” says Doug Rothwell, president and CEO of Business Leaders for Michigan, a Detroit-based business roundtable focused on growing the state economy. “Optimism about the economy rose sharply in the last quarter due partly to the resolution of federal budget and debt ceiling negotiations and strong year-end financial reports from major Michigan employers.”
Of those surveyed, 64 percent believe the state’s economy will grow over the next six months, while 51 percent think the U.S. economy will grow in that same period. When considering the long-term, 79 percent and 63 percent foresee economic improvement for the state and country, respectively, over the next 18 months.
Officials of the association say the state’s largest employers last year added close to 10,000 jobs and made capital investments of almost $7 billion. Looking forward, 52 percent of the executives surveyed predict the companies will add jobs in Michigan within six months, and more than one-third believe they will make capital investments in the state.
The results reflect a survey of Business Leaders for Michigan’s 80 executives, the state’s largest private sector job providers that represent nearly one-quarter of the state’s economy. Members include chairpersons, CEOs, and most senior executives from organizations including General Motors, Chase, Comcast Cable, and the University of Michigan.
