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BLM 2Q 2019 economic forecast: Business leaders predict stable growth for Michigan, U.S.

BLM 2Q 2019 economic forecast: Business leaders predict stable growth for Michigan, U.S.
Wednesday, Jul 31, 2019
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Capital investment, job growth expected to remain stable over next 6–12 months but growing number see downturn ahead

DETROIT— A majority of Michigan business leaders expect to continue or boost their investment within the state, despite a growing number anticipating slower state and national economic expansion coming into 2020.

“While Michigan’s senior executives remain positive about their companies’ abilities to continue growing jobs and investing capital in the state, a growing number are getting concerned about an economic downturn,” said BLM president & CEO Doug Rothwell. “The complexities surrounding U.S. and international trade relations, as well as the political and election cycle, are causing a bit more pessimism than we have seen in past years.”

The latest survey data is in keeping with recent trends as measured quarterly by Business Leaders for Michigan. More than 80 percent of Michigan executives surveyed expect to add jobs or maintain current employment levels heading into 2020, while roughly 90 percent anticipated to maintain or expand capital investment in the state.

At the same time, a growing number of surveyed companies have poorer outlooks for the Michigan and U.S. economies.

Roughly 90 percent of BLM members think the U.S. economic outlook is going to stay about the same or worsen during the next six to 12 months, while around 95 percent believe Michigan also will remain stable or slower, according to the survey.

“We know that the capacity for employers to further invest in Michigan and establish new jobs is contingent on us addressing several pressing challenges: namely our infrastructure crisis, educational attainment and ensuring the state’s budget is completed on time,” Rothwell said. “To remain competitive over other states, our fiscal house must be in order and we have to show signs of improvement on key indicators.”

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

About Business Leaders for Michigan:

Business Leaders for Michigan, the state’s business roundtable, is dedicated to making Michigan a “Top Ten” state for jobs, personal income and a healthy economy. The organization is composed exclusively of the chairpersons, chief executive officers, or most senior executives of Michigan’s largest companies and universities.  Our members drive nearly one-third of the state’s economy, provide 390,000 direct jobs in Michigan, generate over $1 trillion in annual revenue and serve nearly half of all Michigan public university students. Find out more at: www.businessleadersformichigan.com.

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