DETROIT — A survey of Business Leaders for Michigan (BLM), the state’s business roundtable, shows that the state’s largest employers are more optimistic about the economy in Michigan vs. the nation over the next year and a half. But the economic outlook for both Michigan and the nation are declining significantly due to fears about Europe’s fiscal crisis, slowing global growth and the lack of clarity to future American tax and spending policies.
“Michigan’s largest job providers continue to be bullish on the state’s economic prospects and are backing it up with increased hiring and investment,” said Doug Rothwell, President & CEO. “Business leaders relative optimism about Michigan’s economic outlook versus the nation’s is at a three year high and nearly a third of the largest job providers are planning increased hiring and investment in the next six months. But Michigan is not an island, and global and national economic issues are clearly dampening the rate of growth these business leaders expect to achieve.”
Highlights of the survey of Business Leaders for Michigan include:
• The short-term economic outlook for the U.S. is the lowest in three years, but confidence in the future economy of Michigan v. the U.S.has reached a three-year high.
• Long-term optimism is declining, but remains strong for the Michigan economy.
• Nearly-two thirds of BLM members expect their sales to increase over the next 6 months and 95% expect their sector of the economy to do the same or better over the next 6 months.
The results reflect a survey of Business Leaders forMichigan’s 80 executives, the state’s largest private sector job providers that represent nearly one-quarter of the state’s economy.
Quarterly Economic Outlook Reports are available at businessleadersformichigan.com/research-and-reports.