Business Leaders Economic Forecast: Optimism High for both MI and U.S. Economies in Short and Long Term
Plan more hiring and investment in Michigan this year
DETROIT, Mich., February 23, 2015 – Business Leaders for Michigan (BLM), the state’s business roundtable, projects that both the Michigan and U.S. economies will continue to grow through the next 6 to 18 months. The forecast is reinforced by nearly half of the state’s largest employers projecting that they plan to increase hiring or make new investments in Michigan this year.
“Michigan’s largest employers reported much stronger confidence in Michigan’s and the U.S. economy since the third quarter forecast,” said Doug Rothwell, BLM President and CEO. “The national outlook has improved for a variety of reasons – lower energy prices, good job numbers and America’s relative economic strength compared to other regions. In Michigan, the November election results had a positive impact on the future outlook. What’s interesting is that this is the first time in nearly three years that the outlook for the national and state economies are nearly the same.”
Highlights of the survey of Business Leaders for Michigan include:
- Sixty percent (60%) of business leaders believe both the Michigan and U.S. economies will grow in the short-term (the next six months). None believe that either economy will be worse.
- Nearly the same percentage of business leaders forecast growth over the long-term (the next eighteen months) for Michigan’s and the U.S. economy. Seventy-six percent (76%) of Michigan’s business leaders believe the state’s economy will continue to grow over the next 18 months and seventy-one percent (71%) of business leaders forecast the U.S. economy will grow over the same time period.
The survey also found that almost half of business leaders project their companies will add jobs in the next six months in Michigan and over 40% believe they will make capital investments in Michigan.
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/