Over half of state’s largest employers will be adding jobs in Michigan
DETROIT, Mich., August 1, 2013 – What a difference from the days of The Great Collapse when no one was giving Michigan's economy any chance of rebounding. The auto industry had fallen apart, taking the rest of the state's economy with it.
Two of the Big Three were pushed -- or helped, depending on your point of view -- into bankruptcy court by the federal government. Links in the supply chain were breaking every day, and hundreds of thousands of people were thrown out of work.
The recovery continues today. Look at Detroit. Michigan's problems have not been solved, although they are now on a national stage.
Perhaps a turnaround is at hand.
Business Leaders for Michigan (BLM), the state’s business roundtable, continues to forecast that Michigan’s economy will grow faster than the U.S. economy over the next six to eighteen months. The forecast is reinforced by 52 percent of BLM members planning to increase hiring in Michigan in just the next six months.
Two of the Big Three were pushed -- or helped, depending on your point of view -- into bankruptcy court by the federal government. Links in the supply chain were breaking every day, and hundreds of thousands of people were thrown out of work.
The recovery continues today. Look at Detroit. Michigan's problems have not been solved, although they are now on a national stage.
Perhaps a turnaround is at hand.
Business Leaders for Michigan (BLM), the state’s business roundtable, continues to forecast that Michigan’s economy will grow faster than the U.S. economy over the next six to eighteen months. The forecast is reinforced by 52 percent of BLM members planning to increase hiring in Michigan in just the next six months.
“Michigan’s business leaders continue believe Michigan will out-perform the national economy over the next year and a half,” said Doug Rothwell, President & CEO. “The outlook has moderated as the global economy has slowed over the past six months, but the state’s top business executives continue to show confidence in Michigan as over half plan to increase hiring in the next six months.”
Highlights of the survey of Business Leaders for Michigan include:
- 44% of Business leaders believe Michigan’s economy will grow and none believe it will get worse compared to 64% of business leaders who forecast the U.S. economy will be about same over the next six months.
- 60% of Michigan’s business leaders believe the state’s economy will grow compared to less than half (44%) of business leaders who forecast the U.S. economy will grow in the next 18 months.
- 52% of business leaders project that their companies will add jobs in the six months in Michigan and over a 1/3 believe they will make capital investments in Michigan.
The results reflect a survey of Business Leaders for Michigan’s 80 executives, the state’s largest private sector job providers that represent nearly one-quarter of the state’s economy.
Quarterly Economic Outlook Reports are available at businessleadersformichigan.com/research-and-reports.
Restore The Roar: Manufacturing Renaissance, an ebook essay series, tells the stories of the entrepreneurs who are leading Michigan's economy back from the brink in industries as diverse as auto manufacturing and craft brewing.
For a free preview, please click here.
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