Mar. 31, 2013 - BLOOMFIELD HILLS, Mich. – The Business Improvement Team (http://www.bizimpteam.com/) (BIT) in partnership with Corp! magazine (http://www.corpmagazine.com/) and Business Research Group (http://www.businessresearchgroup.net/), conducted the exclusive Corp! Business Trends Survey (http://www.corpmagazine.com/features/cover-stories/itemid…), a longitudinal survey that tracks the opinions of business owners and company executives on the economy. This is the third annual survey in a series that has been conducted.
A panel of Michigan entrepreneurs, business leaders, academics and industry carefully selected experts provided a semiannual prediction on the economic environment that they experience around them and their outlook for the future.
The expectations for the state’s economy had the biggest changes year over year and can be seen in those who either believe the economic outlook will increase sharply (11 percent compared with just 4 percent a year ago) or experience a moderate decrease (12 percent expect that this year compared with 4 percent a year ago).
Expectations for job creation from medium to large companies also slipped from a year ago when 55 percent of respondents said they expected job creation to either increase sharply (3 percent) or moderately (52 percent). While those expecting sharp growth was up (9 percent), only 41 percent expect moderate growth, resulting in an overall growth expectation in the medium or large sized group that slipped 5 percent year over year. For an economy that continues to “tread water,” a lack of confidence among those expected to break through to a more robust economy may be troublesome. The results provide industry facts, trends and figures to help business executives plan.
Only 29 percent of respondents expect to see a sharp or moderate increase in agriculture, forestry and commercial fishing compared with the 20 percent a year ago. However, 24 percent of respondents believe things will get worse (16 saying moderately, 8 percent sharply) which is more than the 19 percent expressing pessimism in those sectors a year ago.
A year ago, 3 percent of respondents said they expected a sharp increase in activity and 56 percent believed there would be a moderate increase in the sector. This year, those figures were 8 percent and 41 percent respectively, possibly a result of relatively strong performance that some see as not quite a trend.
Curt Petterson, President of Absolute Engineering & Consulting, LLC said, “Growth may come but at levels less than hoped for a year ago and not fast enough to generate a great deal of spending by small and midsize businesses. I keep hearing about companies needing workers that aren’t available”
The survey results are available on the Business Improvement Team’s web site (http://bizimpteam.com), where is a link to Corp!’s full article on the survey.
The Business Improvement Team (www.BizImpTeam.com) (Absolute Engineering & Consulting, LLC, Clear Vision Strategy, LLC, Expense Reduction Analysts, Franklin CIO Services, LLC , Glass Retirement Strategies, Hennessey Capital, Taligence, Inc, Tobias, Vandeputte & Skulsky CPA’s, PC, Virtual Interactive Agency (VIA)) is an interdisciplinary network of trusted firms of high quality consulting providing services to all types of organizations. By collaborating, with clients they rapidly realize desired results by leveraging collective energy, knowledge, skills and shared values allows for BIT members toexpand expertise and critical mass to provide for specialization, enhanced client services and a larger offering of capabilities.
The Business Research Group (BRG), since its inception in 1986, has provided consultation and research services for many of America’s largest corporations and organizations, encompassing both quantitative and qualitative methodologies.
The mission of Corp! magazine, founded in 1998, is to inform, intrigue and entertain business owners and top level executives by providing business features, news and profiles with a Michigan emphasis. Visit www.corpmagazine.com to learn more.
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