Labor shortages are being felt across all job categories, including in manufacturing, office and front-line positions, with 85 percent of survey respondents expecting to have trouble filling positions over the next six-to-12 months.
“We must take significant steps to address the labor shortage across our state,” said Jeff Donofrio, President and CEO of Business Leaders for Michigan. “Our recent benchmarking study shows Michigan’s labor force participation rate is ranked 41st in the nation, and companies are feeling the effects. The historic state budget surplus gives Michigan a unique chance to increase the number of people with degrees and credentials and remove barriers to work, helping solve these talent gaps.”
About 49% of survey respondents expect inflation to continue at its current rate and 34% expect it to increase over the next six-to-12 months, while 16% say inflation is likely to come down. The biggest impacts of inflation are in materials and wages.Despite the challenges, 70 percent of executives say their business is doing better than before the pandemic. In addition, 55 percent of executives say the Michigan economy will stay the same, 22 percent say it will improve and 24 percent say it will get worse in the next six-to-12 months; 43 percent say the U.S. economy will stay the same, 28 percent say it will improve and 28 percent expect it to get worse.
