The most recent Michigan Future Business Index data shows that acquiring talent and the rising cost of health insurance are the top concerns for Michigan’s small- to mid-size-business leaders. Business owners showed slower sales and profit results over the past six months, while wages and capital investment strengthened.
Of the respondents, 81 percent said they remain satisfied with the overall economy, and 77 percent believe Michigan is a good or excellent market for business. Expectations for sales and profit growth are highest in the retail and insurance/finance categories.
The survey shows less optimism for continued increases in sales and profits, as well as continued concern for talent acquisition, wage increases, health care cost increases, and government tariffs. Businesses said they would like more help from state government through simplified tax codes and regulations, improved roads, and help finding talent.
“We are beginning to witness the increasing concerns of business owners in Michigan,” says Chris Holman, CEO of the Michigan Business Network. “But the economy is still growing, and there is every reason to believe that we can continue to move this economy in a positive direction. The MFBI helps us amplify the voice of small business in Michigan and provide data to guide decisions of business advocacy organizations and policymakers, setting an agenda to help Michigan business prosper.”
A detailed summary of the Summer 2019 Michigan Future Business Index is available here.
The semi-annual Michigan Future Business Index has been commissioned by the Accident Fund Insurance Co. of America and the Michigan Business Network since 2006. It is conducted by ROI Insight, a Grosse Pointe-based market research firm. A total of 411 Michigan business executives from companies with 500 of fewer employees were interviewed between May 2 and June 5 via phone and web.