BLOOMFIELD HILLS ? A survey of Michigan business leaders, academics and industry experts shows optimistic expectations for Michigan’s economy in 2011.
The 2010 Michigan Economic Outlook was sponsored by the Business Improvement Team and conducted by Business Research Group of Bloomfield Hills. This is the first in a series of semi-annual surveys that BIT will be conducting.
A panel of Michigan entrepreneurs, business leaders, academics and industry experts was carefully selected to provide their six-month outlook on Michigan?s business and economy based upon their professional experiences and observations. Participation by region roughly mirrors Michigan?s population.
The findings show somewhat optimistic expectations for Michigan?s economy and the participants? overall expectations for their organization over the next six months.
Three quarters or more of the panel anticipate at least a moderate increase in each of the following indicators for Michigan companies:
Financial prospects compared to 2009
Job creation from small Michigan companies
Michigan manufacturing
New orders
Innovation
Total hours worked
However, not all indicators point to better economic times in Michigan and some sectors are not expected to rebound. Our Business Panel members predict that the number of foreclosures in Michigan will continue to climb, while tourism and jobs created in medium and large companies will likely see only modest increases. Many believe that individual wages will be stagnant and, although not an indicator of economic growth, the cost of health care and other employee benefit costs will continue to increase.
“Although it is easy for business owners to be pessimistic as they ride through this recession, our survey shows that they believe the next six months will be better for Michigan in most areas,? said Jeannette Saquet, President, Business Research Group. ?Businesses are particularly concerned about health and benefit costs along with possible increases in taxes but believe that new business/orders will increase. Future waves of this survey will compare trends in Michigan?s economy.”
The Business Improvement Team (www.BizImpTeam.com) is an interdisciplinary network of trusted providers of high quality consulting services (Absolute Engineering & Consulting, B2B CFO Services – Michael Campian, Center for Computer Resources (CCR), Fletcher Business Solutions, Franklin CIO Services, Hensel HR Consulting and Social Orgs) to all types of organizations.
a>>
