DETROIT, Mich., October 3, 2016 – The latest quarterly survey of Business Leaders for Michigan (BLM), the state’s business roundtable, forecasts the Michigan and U.S. economies will experience slower growth over the next six to 18 months.
“Michigan’s business leaders believe the economy will continue to improve, albeit more modestly, into the new year,” said Doug Rothwell, BLM President & CEO. “But the longer-term view has gotten a bit more pessimistic over the course of 2016. Most of this is being driven by factors outside of Michigan—slower growth in some overseas economies, growing domestic regulatory pressures and uncertainty surrounding this year’s election. Despite these factors, however, many of our largest job providers continue to hire and expand in Michigan.”
Highlights of the survey of Business Leaders for Michigan include:
- Next six months: Most business leaders believe the Michigan and U. S. economies will remain the same over the next six months (78% and 72%, respectively) with some believing there will be modest growth (15% and 8%, respectively). This is slightly better than the May 2016 survey.
- Next eighteen months: More than half (54%) of the business leaders surveyed believe the U.S. economy will remain about the same over the next 18 months and 33 percent believe it will get worse. Only about 13% believe the American economy will get better. The outlook for Michigan was a little better overall than the U.S with 24% believing the state economy would improve, 26% forecasting a decline and 50% predicting it would remain flat.
The survey also found almost half of the business leaders project their companies will add jobs and almost half plan to make capital investments in Michigan over the next six months.
The results reflect a survey of Business Leaders for Michigan’s 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: 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 32% of the state’s economy, provide nearly 375,000 direct jobs in Michigan, generate over $1 Trillion in annual revenue and serve nearly one-half of all Michigan public university students. Find out more at: www.businessleadersformichigan.com.