October 10, 2022
Rising Health Insurance Costs and Talent Acquisition Are Top Concerns of Business Owners According to Latest Michigan Future Business Index
The latest Michigan Future Business Index (MFBI) data show the rising cost of health insurance and acquiring talent are the top concerns for Michigan’s small- to mid-sized business leaders.
Overall, business owners showed slower sales and profit results over the past six months, while wages and capital investment strengthened.
More than eight-in-ten (81 percent) of respondents remain satisfied with the overall economy and 77 percent believe Michigan is a good or excellent market for their business. Expectations for sales and profit growth is highest in the retail and insurance/finance categories.
Regarding the future, the survey points to less optimism for continued increases in sales and profits, as well as continued concern for talent acquisition, wage increases, health care cost increases and government tariffs. Businesses would like more help from state government by simplifying tax codes and regulations, improving roads and finding talent.
“Clearly, small business owners are concerned about the future,” said Al Gileczek, president of Accident Fund Insurance Company of America and CompWest Insurance. “Business is still growing, albeit at a slower pace, and jobs remain plentiful. We are cautiously optimistic going forward.”
“We are beginning to witness the increasing concerns of business owners in Michigan,” said Chris Holman, CEO of the Michigan Business Network. “But, the economy is still growing and there is every reason to believe that we can continue to move this economy in a positive direction. The MFBI helps us amplify the voice of small business in Michigan and provide data to guide decisions of business advocacy organizations and policymakers, setting an agenda to help Michigan business prosper.”
Review a detailed summary of the Summer 2019 Michigan Future Business Index at MichiganBusinessNetwork.com.
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