LANSING – Nearly half of the members surveyed in the Business Leaders for Michigan think the state’s economic recovery is 18 months away.
The group’s third quarter survey found uncertainty in the U.S. market’s recovery, along with government debt and regulations, and the European market crisis, pushed members to defer their estimations as to when Michigan will rebound from the recession.
In the survey, 90 percent said they believe the state’s economy will be the same or deteriorate over the coming months, which was up from the 82 percent who said that in the second quarter. At that time, 41 percent expected Michigan’s recovery in 2011 compared to 49 percent now.
Another 41 percent believe hiring will increase over the next six months in Michigan, but that will be modest and attributable to low inventory levels.
“The survey gives policymakers direct and valuable insight into what Michigan’s economy will look like in the months ahead, and it’s basically more of the same,” said Doug Rothwell, president & CEO of the group. “True national economic recovery is still at least 12 to 18 months down the road, and Michigan will lag that recovery. We see no evidence that the decade-long trend of Michigan getting smaller and poorer relative to other states will reverse any time soon.”
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