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Monday, 01 July 2013 07:11

Report: Majority of small business owners satisfied with Michigan economy

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Small and midsize business owners are more confident about Michigan's economy, according to a semi-annual survey by worker's compensation carrier The Accident Fund and the Michigan Business Network.

Satisfaction with Michigan's economy increased 13 percentage points to 54 percent since October 2012, according to survey results. That's the first time satisfaction with the direction of the economy reached a majority since the Michigan Future Business Index survey began in 2006.

One-quarter of respondents said they hired staff since October 2012, the highest rate since the survey started and an increase of four percentage points.

Forty-one percent of respondents reported higher sales in the previous six months, an increase of one percentage point from October.

Sixty-four percent said their outlook for business over the next six months is good, up from 52 percent in October, and 22 percent said their outlook is "very good." Half expect higher sales during the latter half of the year and 40 percent expect higher profits.

Thirty percent of respondents planned to hire more employees in the next six months, an increase of six percentage points from October 2012 and a 14-point increase since June 2011.

Read 3136 times Last modified on Friday, 19 July 2013 11:58

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