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BLM 3Q 2018 Economic Forecast: Business leaders signal slower growth

Upcoming elections cause some uncertainty for Michigan
BLM 3Q 2018 Economic Forecast: Business leaders signal slower growth
Tuesday, Oct 16, 2018
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DETROIT, Mich. – Michigan’s business leaders predict slower growth during the next six to 18 months, according to the latest quarterly survey of Business Leaders for Michigan (BLM) members.

While 95 percent of  survey respondents expect their companies’ capital investment in Michigan to increase or at least remain the same during the next six months, a larger proportion  (54 percent) expect it to remain the same than in previous quarters. Nearly 40 percent of respondents expect to add jobs, while more than half (56 percent) expect employment levels within their companies to remain about the same.

“After nearly a decade of very strong growth, we’re starting to see some uncertainty reflected in these survey results,” said Doug Rothwell, BLM president & CEO. “Much of it is likely connected to the November elections and what our nation’s and state’s future economic policies will look like. Now, more than ever, it is important for our state to remain cohesive and united behind a clear plan for a keeping Michigan competitive.”

Highlights of the survey of Business Leaders for Michigan include:

  • Next six months: The percent of business leaders (31 percent) having a positive view of U.S. economic growth over the next six months has decreased significantly since the second quarter level of 79 percent. Similarly, just 22 percent of respondents believe Michigan’s economic growth will improve during the same time period, down from 57 percent during the second quarter.

  • Next 18 months:  Optimism about both the Michigan and U.S. economies has declined since the second quarter. Twenty-two percent of the survey respondents believe the U.S. economy will improve over the next 18 months, another 22 percent believe the economy will stay about the same and more than half (56 percent) expect a decline. With respect to Michigan, less than ten percent of business leaders (9 percent) expect improvement, 53 percent anticipate things will stay about the same, and 37 percent expect a decline.

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

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