Business Leaders for Michigan’s quarterly survey of 70 of Michigan’s most prominent executives indicates that Michigan will continue to lag the nation’s economic performance over the next eighteen months, but modest hiring in Michigan should begin to pick up in the next six months. The executives represent a cross-section of industries across Michigan and are in a unique position to assess the direction of the economy.
Highlights of the survey include:
- Most Michigan companies expect to perform better than their sector competitors.
- Approximately 42% forecast increased hiring in Michigan in the next 6 months. Eighty percent forecast flat or lower capital investment in Michigan during the same period. Both are improvements from the last quarter.
- 89% believe Michigan’s economy will be the same or deteriorate over the next 6 months, about the same results as the 3rd quarter survey. 100% think the US economy will be the same or get better.
- 64% think Michigan’s economy will be the same or continue to get worse 18 months from now, while 100% think the US economy will be the same or better. The Michigan outlook is the same as the 3rd quarter survey.
Later this month, Business Leaders will release its 2010 Benchmarking Report.