Michigan CEOs Believe State’s Economy Will Worsen, Survey Shows
Michigan CEOs are pessimistic about the state’s economy in the coming months but believe the national economy will hit bottom and begin to improve, according to a survey released Wednesday, July 22, by Detroit Renaissance Inc. and the Michigan Business Leadership Council.
The survey of 60 Michigan chief executives found approximately 90 percent forecasting the same or lower employment and Michigan capital investment during the next six months.
Sixty-eight percent said they expect the Michigan economy will worsen during the next six months, and 80 percent believe the U.S. economy will be the same or improve.
Looking ahead 18 months, 80 percent of those surveyed believe Michigan’s economy will stay the same or worsen, with 49 percent saying the economy will be the same and 31 percent expecting further decline.
However, 78 percent of CEOs believe the U.S. economy will be in recovery.
In a news release, Doug Rothwell, president of Detroit Renaissance and the leadership council, said the survey results should be informative to state policymakers.
The leadership council is a statewide group of corporate executives that meets throughout the year to discuss ways to improve the economy and make Michigan a more competitive place to do business.
“The results show two things: First, Michigan cannot expect to grow out of its fiscal crisis anytime soon so it must make structural budget reforms, and second, major changes are needed to stimulate economic growth in this state,” Rothwell said.