Business owners surveyed by PNC Bank remain optimistic about the local and national economies, despite worries about tariffs and pricing pressures and outlooks for slower growth ahead.
Optimism about the economy remained high going into the third quarter among Michigan businesses surveyed by PNC Bank.
Rising interest rates won’t lead to change in how banks underwrite credit, although business borrowers need to monitor their effects if they opt for a variable-rate commercial loan.
Comerica Inc. Chief Economist Robert Dye sees Michigan’s economy performing in the second half of 2018 much as it has in the first half, with continued growth but at a decidedly slower rate than in past years.
The local and national retail industry faces many headwinds, but reports of its death have been greatly exaggerated.
Michigan’s economy should remain in good shape for the foreseeable future, according to results of a semi-annual survey PNC Bank conducts with small and medium-sized business owners.
Among the commercial and industrial borrowers at Lake Michigan Credit Union, about one-third are expanding or buying new equipment that’s needed to grow their businesses.
Over the past decade, many small business owners put off expansions or capital equipment purchases for as long as they could.