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PNC Spring Economic Outlook Survey of Small Business Owners - Michigan

Michigan Business Network
March 8, 2023 1:00 PM

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PNC just released the results of its Spring Economic Outlook Survey of small business owners in Michigan.  This is the first Michigan survey in several years.  Here are some of the key findings:


  • A majority (51%) of Michigan business leaders feel highly optimistic about the prospects for their own company in the next six months, despite remaining cautious about the national economy (23% highly optimistic vs. 26% nationwide) and their local economy (27% highly optimistic vs. 30% nationwide).
  • The gap between Michigan business leaders’ optimism for their company versus the broader U.S. economy is 28 percentage points, indicating a strong divide between the prospects for their own business and expectations for the broader economy.
  • The survey also revealed that Michigan business leaders are expecting a better business environment with nearly two-thirds (63%) expressing the belief that business conditions in the U.S. will improve in the next six months, matching the portion nationwide.
  • A majority of Michigan business leaders (55% vs. 58% nationwide) expect to see sales increases in the next six months. Amid these positive expectations, seven in 10 (69%) are very confident about the future success of their business.
  • Among Michigan businesses actively hiring employees, four in 10 (39%) say it’s become harder to hire qualified candidates over the past six months, compared with 36% of businesses nationwide.

The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.

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Michigan Business Network is an online broadcasting company that provides knowledge, news, and insights into Michigan’s businesses, industries, and economy.