BUSINESS LEADERS QUARTERLY ECONOMIC FORECAST:Slower near & long-term growth; better in Michigan than nation
DETROIT, Mich., January 26, 2016 – The latest quarterly survey of Business Leaders for Michigan (BLM) members, the state’s business roundtable, forecasts that the Michigan and U.S. economies will generate very slow growth over the short and long term. They are slightly more optimistic about Michigan’s economy in long-term.
“Michigan’s largest job providers believe that both the Michigan and U.S. economies will experience very little growth over the next six months, but are more optimistic about Michigan’s growth over the next eighteen months than they are the rest of the nation,” said Doug Rothwell, BLM President & CEO. “Our surveys began forecasting the slow-down in growth we are just beginning to experience today. This survey indicates slow growth will be with us for the next year or so.”
Highlights of the survey of Business Leaders for Michigan include:
- Next six months: Most business leaders believe the Michigan and U. S. economies will remain the same over the next six months (61% and 80%, respectively) with some believing there will be modest growth (34% and 10%, respectively). This is slightly better than the October 2015 survey.
- Next eighteen months: About two-thirds (68%) of the business leaders believe the U.S. economy will remain about the same over the next 18 months. Only about 20% believe the American economy will get better. The outlook for Michigan was more positive that the U.S with 41% believing the state economy would improve, 10% forecasting a decline and 49% predicting it would remain flat.
The survey also found about half of the 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.