BUSINESS LEADERS ECONOMIC FORECAST: In Short- and Long-Term, Job Leaders Think the MI and U.S. Economies will Stay Flat
DETROIT, Mich., July 30, 2015 – 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% and 33%, respectively) and roughly two-thirds believe the economies will remain flat (69% and 67%, 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% of business leaders believing the Michigan economy will improve in the next eighteen months. Only 39% of business leaders forecast the U.S. economy will grow over the same time-period. However, more than half (53%) 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.