October 10, 2022
Satisfaction with Economy Hits All-Time High Among Small Business Owners According to Michigan Future Business Index
The latest Michigan Future Business Index (MFBI) data show that more than eight-in-ten small to mid-sized business owners in the state are satisfied with the economy. Satisfaction is strongest in Lansing (86 percent) and Saginaw/Bay City/Flint (85 percent).
Nearly 43 percent of all respondents said wages have increased over the past six months, a seven-point rise over the December 2017 survey. Additionally, 38 percent showed a growth in profits, up from 32 percent last December. Hiring remained flat, as did sales growth.
While worker demand remains strong, finding qualified workers remains the top challenge for small business leaders surveyed, with 23 percent of respondents citing this as their greatest challenge. Retraining employees, networking, hiring temporary workers and taking on bigger workloads are short-term fixes employed by many businesses.
“At Accident Fund, we have witnessed a very positive business climate in Michigan over the past several months,” said Al Gileczek, president of Accident Fund Insurance Company of America. “As the survey shows, businesses have responded in a positive way – raising wages as profits continue to rise.”
“The results of our latest edition of the Michigan Future Business Index affirmed what I have experienced first-hand – business is incredibly strong throughout the entire state,” said Chris Holman, founder of the Michigan Business Network. “The MFBI has helped us provide consistent, measurable data to guide decisions of business advocacy organizations and policymakers, setting an agenda to help Michigan business prosper.”
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 406 Michigan business executives from companies with 500 or fewer employees were interviewed from May 1 to June 4 via phone and web for the 2018 June survey.
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