Business Leaders for Michigan, a statewide organization of corporate executives based in Detroit, is projecting the Michigan and U.S. economies will grow in the next six to 18 months, but expects Michigan’s economy to continue to outperform the U.S. economy.
“The good news from this survey is that Michigan’s largest employers continue to be much more optimistic about Michigan’s short- and long-term economic prospects than they were a couple of years ago,” said Doug Rothwell, president and CEO of BLM.
“Job providers continue to be bullish on the state’s economic prospects and are backing it up with increased hiring and investment. More than half of Business Leaders for Michigan companies are forecasting increased investment in Michigan over the next six months.”
Fifty-four percent of business leaders believe Michigan’s economy will grow, while only 34 percent predict the U.S. economy will grow in the next six months, according to the survey. None believe the economy will get worse over the next six months.
Optimism continues to be high for Michigan’s economy in the long-term, outpacing optimism for the national economy with 71 percent of Michigan’s business leaders believing the state’s economy will grow, compared to only 46 percent of business leaders forecasting the U.S. economy will grow in the next 18 months.
Fifty-four percent of business leaders project their companies will add jobs in the next six months in Michigan, and more than half believe they will make new capital investments in Michigan.
The results reflect a survey of Business Leaders for Michigan’s 80 executive members, who are the state’s largest private sector job providers. Their companies represent nearly one-quarter of the state’s economy.
BLM’s Quarterly Economic Outlook Reports are available at businessleadersformichigan.com/research-and-reports.
BLM is dedicated to making Michigan a “Top Ten” state for jobs, personal income and a healthy economy, Rothwell said. The organization is composed exclusively of the chairpersons, chief executive officers, or most senior executives of Michigan’s largest companies and universities. Although it’s based in Detroit, West Michigan is very well represented in the organization.
The membership plays a key role in driving more than 25 percent of Michigan’s economy, with those companies providing more than 325,000 direct and 820,000 indirect jobs in Michigan. They generate more than $1 trillion in annual revenue, and the university membership is involved with almost one half of all Michigan public university students. More information is available at businessleadersformichigan.com.