Report: Michigan Business Owners Optimistic about Economic Growth

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More than 40 percent of small- to mid-size business owners across the state report they plan to add employees in 2016, and 30 percent said they hired people in 2015, according to a new report by the Accident Fund Insurance Company of America and the Michigan Business Network.  

The report finds 70 percent of respondents are satisfied with the economy, and 50 percent of business owners say sales were up in 2015. More than 40 percent of companies reported rising wages.

Looking to 2016, nearly 40 percent of respondents expect an improved bottom line over the next six months — a new high. And more than 40 percent of companies say they expect to increase wages.

“There is tremendous optimism about the business climate in Michigan and the opportunities for success," says Mike Britt, president of Accident Fund Insurance. “However, we can't lose sight of the challenges we face in attracting and retaining top employees."

Britt says keeping and attracting good employees remains the greatest challenge to Michigan business owners. More than 20 percent of respondents cite labor market challenges as their biggest concern, up from 16 percent from the June survey.

The Michigan Future Business Index surveyed 755 Michigan business owners and C-suite executives. To read the full report, click here. 

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