The latest quarterly survey of Business Leaders for Michigan (BLM) members indicates that a majority of respondents expect stable to increasing economic activity for both Michigan and the U.S.
“A majority of our members surveyed predict their companies will maintain or increase capital investment and employment in Michigan into the new year,” says Doug Rothwell, BLM president and CEO. “In fact, 63 percent of members say their companies are likely to increase employment.”
Specifically, the report indicates that most business leaders are still optimistic about the growth of the Michigan economy over the next six months (58 percent) and are generally more optimistic about the nation’s overall economic growth (44 percent). The U.S. economic outlook improved over the last quarter.
Additionally, though optimism regarding the Michigan economy in the long term continues to exceed expectations for the U.S., margins are tightening. According to 45 percent of surveyed business leaders, Michigan’s economy will improve over the next 18 months, compared to 39 percent of business leaders who believe the U.S. economy will improve over the same time period.
BLM members also expect, by a margin of 50 percent, that they will increase capital investments in Michigan during the next six months, with the remaining 50 percent anticipating no change. Sixty-three percent expect increased employment, while 28 percent say they expect job numbers to remain stable for the foreseeable future. Nine percent of employers expect staffing reductions.
Business Leaders for Michigan is the state’s business roundtable and is dedicated to making Michigan a “top 10” state for jobs, personal income, and a healthy economy. A full version of the report can be found here.