While a majority of Michigan business leaders are optimistic about their company’s prospects, little hiring has been done since the fall, according to a survey by PNC Financial Services Group Inc. PNC, which operates the PNC Bank headquarters in Troy.
“(In 2015) Detroit will battle for economic momentum with support from an improving housing market,” says Kurt Rankin, PNC economist.
While only 15 percent of Michigan companies are planning to add full-time employees, just 1 percent of companies are expect to layoff employees, which is down from 10 percent six months ago. The top two reasons companies give for why they aren’t hiring are they are choosing to do more work with fewer employees, and they lack business strength.
About half of business owners in the state expect their sales to increase, the most since the survey began in Michigan in 2012, Rankin says. He also expects to see growth in some specific industries, such as manufacturing and transportation.