Business Leaders for Michigan released its CEO Economic Outlook survey, showing that 73% of Michigan’s top executives expect the state’s economy to stay the same over the next six months, and more than half expect their incomes to increase.
Learn more about the survey in the press release below.
August 7, 2024
Detroit – Three-quarters of Michigan’s top executives expect Michigan’s economy to stay the same over the next six months and more than half expect their earnings to increase, the Business Leaders for Michigan CEO Economic Outlook Survey released today.
Long-term growth will require more work. Executives cited Michigan’s slow population and economic growth, rising costs, state policy and talent shortages as obstacles to overcome.
„We see improvements in our short-term economic outlook, but persistent barriers to sustained long-term growth. Consumers and businesses are concerned about increased costs, many of which may be affected by state policies and talent shortages. To grow our economy, Michigan must continue to improve its competitiveness in job and business creation and talent. must,” said Jeff Donofrio, president and CEO of Business Leaders for Michigan.
The outlook for Michigan’s economy in the second half of the year has improved by comparison Last census Held in December 2023. 73% of CEOs expect the state’s economy to remain the same, up from 53% previously. As for the U.S. economic outlook over the next six months, results were more mixed, with 54% expecting the economy to remain about the same.
The survey’s revenue estimates were also optimistic, with 51% of respondents expecting their company’s revenue to increase over the next six months. However, increased costs continue to affect overall profitability. And, even as office real estate declines nationally, nearly 85% of respondents expect the real estate footprint in Michigan to remain unchanged over the next six months.
Many of the state’s top executives continue to struggle to find qualified candidates for job openings, with 38% saying they are having trouble filling positions.
For the first time, the survey asked CEOs, „What excites you about Michigan’s future?” Some of the answers:
- „The prospect of a long-term economic stimulus package is recognized.”
- „Continued investment in our natural resources and Detroit.”
- „Efforts for Economic Growth and Diversification and a Renewed Focus on Education Reform.”
- „Continued investment in infrastructure and our wonderful natural resources and environment.”
- „We are still the go-to place for technology expertise to solve the world’s mobility challenges.”
The internal membership survey was fielded from June 18 to July 15, 2024.
About Business Leaders for Michigan:
Business Leaders for Michigan, the state’s business roundtable, is dedicated to making Michigan a top 10 state for jobs, education, widely shared prosperity and a healthy economy. Our work is guided Compete to win the project, a comprehensive strategy for how government, community, education and business leaders can improve Michigan’s growth. The organization has been created exclusively by executives from Michigan’s largest companies and universities. Our members drive 40% of the state’s economy, employ more than 540,000 people in Michigan, generate more than $1 trillion in annual revenue and serve more than half of Michigan’s public university students. Learn more at www.businessleadersformichigan.com.
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