Citing increasing plans to return to in-person work across the state, Michigan’s business leaders are forecasting robust growth over the next 6 to 12-months in the latest survey from the state’s business roundtable, Business Leaders for Michigan.
The top executives at Michigan’s largest business enterprises report seeing “robust growth ahead” in the state’s economy during the next six to 12 months and plan a return to in-person office work in the 3rd and 4th quarters of this year. That data is derived from a new quarterly economic survey completed by Business Leaders for Michigan and released today.
Approximately 92-percent of survey respondents say the state’s economy will likely remain strong and growing during the next six to 12 months.
Jeff Donofrio, President and CEO of Business Leaders for Michigan, says, “With our progress on vaccination and the influx of federal stimulus dollars into Michigan, the state’s largest employers are predicting a strong period of economic growth,” and adds, “Whether that growth will be sustained depends on if our state’s policymakers invest federal stimulus funding strategically to make Michigan more competitive in the future.”
Under the Governor’s “MI Vacc to Normal” plan, remote work will no longer be required starting May 24th.
Donofrio notes, “Even with the removal of restrictions on in-person office work, most businesses – nearly 80-percent – are planning for a gradual return,” and suggests, “Employers continue to be focused on making sure workplaces are safe and that employees have more flexibility in how and where they work, even after in-person office work returns. They also know that expanded childcare options and in-person instruction at K-12 schools is necessary for many employees to return to the physical workspace.”
While surveyed executives said they believe the vast majority of Michigan workers will be coming back to the office post-COVID, 93-percent of employers plan to offer hybrid work models to some staff, and almost a third of employers say 50-percent or more of employees will work in hybrid mode.
When it comes to real estate, 70-percent of businesses expect their real estate footprint to remain the same or increase, with 27-percent planning to decrease their physical space in the coming year.
Other significant survey findings include:
- More than 90-percent of the state’s business leaders expect to maintain or grow employment and capital investment during the next 6–12 months.
- More than 94-percent of business leaders anticipate the U.S. economy to remain strong and growing during the next year.
- Currently, 67-percent of executives surveyed say more than half of their employees are still working remotely.
Business Leaders for Michigan conducted the internal member survey in late April and early May of 2021.
