Home // Data // 1Q 2018 Economic Forecast: Federal Tax Reform Will Boost U.S. and Michigan Economies

1Q 2018 Economic Forecast: Federal Tax Reform Will Boost U.S. and Michigan Economies

1Q 2018 Economic Forecast: Federal Tax Reform Will Boost U.S. and Michigan Economies
Friday, Mar 2, 2018
Download Press Release


business financial accounting

DETROIT, Mich. – Michigan’s business leaders forecast  stronger growth for both the U.S. and state economies due to federal tax reform, according to the latest quarterly survey of Business Leaders for Michigan (BLM) members.

Survey respondents also expect their companies’ capital investment in Michigan to increase (52 percent) or remain the same (45 percent) during the next six months. Sixty-one percent of respondents expect employment in Michigan to increase.

“Optimism about the future had plateaued before tax reform passed,” said Doug Rothwell, BLM President & CEO. “This legislation is viewed as a major improvement to America’s business climate that will also help Michigan.”

Highlights of the survey of Business Leaders for Michigan include:

  • Next six months: The percent of business leaders (80 percent) having a positive view of U.S. economic growth over the next six months nearly doubled from late last year. Similarly, 74 percent of respondents believe Michigan’s economic growth will improve during the same time period – nearly a 30% increase from the third quarter of 2017.  What’s unique in this survey is that 100 percent of all respondents indicated same/better/higher economic outcomes—absolutely zero percent envision weakness at either the state or U.S. levels.

 

  • Next 18 months:  Optimism about the Michigan economy over the long term now lags expectations for the U.S. All of the survey respondents believe the U.S. economy will hold or improve over the next 18 months – nearly a 100% improvement over last year. With respect to Michigan, a majority of business leaders (58 percent) expect improvement, with 32 percent anticipating things will stay about the same, and 10 percent expecting a decline.

Quarterly Economic Outlook Reports are available at: https://businessleadersformichigan.com/category/data/surveys/.

Recent News

Press Releases

Business Leaders for Michigan announces new Vice President of Marketing and Communications

Sep 17, 2018

Business Leaders for Michigan announces new Vice President of Marketing and Communications DETROIT, Mich. –Anna Heaton, currently Governor Rick Snyder’s Press Secretary, will join Business Leaders...

Read More
News

Open letter regarding civility in public discourse

Jul 20, 2018

There are more than 220 individuals and groups who have signed on to this letter, spearheaded by Gov. Rick Snyder. We, the undersigned, representing a diverse group of citizens dedicated to the princi...

Read More
News

Historic alliance of diverse organizations comes together to improve Michigan’s K-12 education outcomes; focus on student needs, future

Jun 20, 2018

A strong, thriving public education system is the cornerstone for helping Michigan’s children succeed in school, careers and life as well as building robust communities and an economy that works for...

Read More