DETROIT – According to a survey conducted by Business Leaders for Michigan (BLM), the state’s business roundtable, the majority of Michigan’s largest employers project that the Michigan and U.S. economies will remain flat in the next 6 to 18 months.
“The majority of Michigan’s largest employers believe that the state’s economy will remain essentially the same over the next six to eighteen months – and only slightly outpace the nation over the same time period,” said Doug Rothwell, BLM president and CEO. “Recent global conditions in China, Europe and the Middle East are clearly having an impact. But Michigan’s inability to adopt a long-term road solution and talk of dramatically scaling-back economic development have also contributed to a climate of uncertainty.”
Highlights of the survey of Business Leaders for Michigan include:
Next six months: Approximately one-third of business leaders believe the Michigan and U.S. economies will improve over the next six months (31 percent and 33 percent, respectively) and roughly two-thirds believe the economies will remain flat (69 percent and 67 percent, respectively). It should be noted, however, that no respondents believe that the economy will worsen.
Next eighteen months: Optimism for Michigan’s economy over the long-term was somewhat higher than that of the U.S. economy with 44 percent of business leaders believing the Michigan economy will improve in the next eighteen months. Only 39 percent of business leaders forecast the U.S. economy will grow over the same time-period. However, more than half (53 percent) believe both the Michigan and U.S. economy will remain essentially unchanged.
The survey also found that less than half of business leaders project their companies will add jobs and make capital investments in Michigan over the next six months.
The results reflect a survey of Business Leaders for Michigan’s 80 members, the state’s largest private sector job providers that represent nearly one-third of the state’s economy.
Quarterly Economic Outlook Reports are available at businessleadersformichigan.com/research-and-reports.