GRAND RAPIDS – Michigan’s economy should remain in good shape for the foreseeable future, according to results of a semi-annual survey PNC Bank conducts with small and medium-sized business owners.
Among respondents, 56 percent said they expect their company’s sales to increase in the next six months and nearly one-quarter expect to hire more full-time employees.
The results indicate that business owners in Michigan “remain highly optimistic about the prospects for their own businesses and the U.S. economy, although optimism has moderated from the historic highs of spring 2017, in the immediate aftermath of the 2016 elections,” said PNC economist Kurt Rankin.
According to the most recent data from the Michigan Bureau of Labor Market Information and Strategic Initiatives, unemployment in August was below 5 percent in Barry, Ionia, Kalamazoo and Newaygo counties, and below 4 percent in Allegan, Kent and Ottawa counties.
By metropolitan area, Grand Rapids-Wyoming had the lowest unemployment rate in the state at 3.8 percent. Among other metros in West Michigan, the unemployment rate was 4.6 percent in Kalamazoo-Portage, 5 percent in Niles-Benton Harbor, 5.1 percent in Battle Creek, and 5.8 percent in Muskegon, according to the state.
In the PNC survey, business owners also showed confidence in their local and the U.S. economies: 28 percent said they were optimistic about the local economy, versus 36 percent in the spring and 20 percent a year ago.
On the national economy, 30 percent were optimistic, which compares with 38 percent in the spring and 14 percent a year ago prior to the 2016 presidential election.
