More than Eight-in-Ten Business Leaders Satisfied with Overall Economy According to Latest Michigan Future Business Index
LANSING, Mich. - The latest Michigan Future Business Index (MFBI) data show more than eight-in-ten (82 percent) of statewide business leaders representing small- to mid-sized businesses remain satisfied with the overall economy. Satisfaction is strongest in West Michigan (88 percent) and Metro Detroit (82 percent).
Listen in to this PodCast which shares an interview with Mike Maurer, Divisional Director, Business Development for Accident Fund Insurance Company of America.
(Here's the rest of their perspective on the latest Michigan Future Business Index)
More than half (52 percent) of respondents projected profit growth in the first half of 2020, and 60 percent projected increased sales growth for that same period.
Optimism remained strong despite relatively flat business performance over the past six months. During the last half of 2019, growth in wages and investments improved while sales growth, profit growth and hiring decreased from the previous six-month period.
According to the survey results, acquiring talent and health insurance costs dominate the list of top challenges for businesses. New trade policies and tariffs are creating a considerable drag on growth, while recent federal tax cuts have made a marginal positive impact.
“Clearly, Michigan business owners remain concerned about attracting top talent, healthcare costs and trade,” said Al Gileczek, president of Accident Fund Insurance Company of America and CompWest Insurance. “But they also remain optimistic in the overall economy and we share that optimism.”
“Business in general seems to be enthused about the next six months, and though they had slight downturns in profit they’re looking to rebound nicely and further invest in their employees,” said Chris Holman, CEO of the Michigan Business Network. “A small surprise was healthcare costs slipping into second place behind talent acquisition on the list of greatest challenges to business.”
Review a detailed summary of the year-end 2019 Michigan Future Business Index at http://www.michiganbusinessnetwork.com/michigan-future-business-index-1
About the Survey
The semi-annual Michigan Future Business Index has been commissioned by Accident Fund Insurance Company of America and the Michigan Business Network since 2006 and is conducted by the Michigan-based market research firm, ROI Insight. A total of 480 Michigan business executives from companies with 500 or fewer employees were interviewed from November 1 through December 3, 2019 via phone and web for the year-end 2019 survey.
About Accident Fund Insurance Company of America
Accident Fund Insurance Company of America is a member of AF Group. Insurance policies may be issued by any of the following companies within the AF Group: Accident Fund Insurance Company of America, Accident Fund National Insurance Company, Accident Fund General Insurance Company, United Wisconsin Insurance Company, Third Coast Insurance Company or CompWest Insurance Company.
MFBI Drawing Winners
Treetops Resort Package Winner:
The Youth Center Of White Cloud Inc. - White Cloud, MI.
Capital Region International Airport Package Winner:
Quality Care Rehab & Autism Center - Shelby Charter Twp, MI.