After a few years of being considered a national joke, Michigan may have the last laugh. Projections for 2014 are not only good, they are better than the U.S. overall.
Michigan and the US economies are predicted to grow by the Business Leaders of Michigan, an economic roundtable for the state. Michigan’s growth is expected to continue and outpace the rest of the nation for at least the next six and 18 months.
“The state’s largest job providers continue to believe Michigan will outperform the national economy over the next year and a half,” said Doug Rothwell, president and CEO. “Optimism about the economy rose sharply in the last quarter due partly to the resolution of federal budget and debt ceiling negotiations and strong year-end financial reports from major Michigan employers.”
When asked about the next six months, 64% of the leaders said that they expect the state’s economy to grow and none expected it to get worse. Comparatively when asked about growth in the US optimism barely made into the majority, with only 51% having faith in the nation’s abilities.
The state’s lead gained slightly more when asked about longer range predictions. When asked to predict growth over the next 18 months 79% of business leaders had high hopes for the state, compared to 63% for the country as a whole.
In more good news 52% of leaders surveyed expect to add jobs in Michigan within six months and one third said they will make capital investments in the state.
Growth in 2013 certainly added to Michigan’s upward drive. The year saw employers adding 10,000 jobs to the state’s economy. Along with the new employment capital investments reached $7 billion.
The survey was taken by 80 executives, who are state’s largest private sector job providers and represent nearly one-quarter of the state’s economy.
Quarterly Economic Outlook Reports are available at businessleadersformichigan.com/research-and-reports.