Many Michigan employers expect their employees to be able to return to work in person during the third quarter of this year, according to an updated and expanded survey conducted in January by business leaders based in Lansing, Michigan.
The internal member survey captures the thoughts of Michigan business leaders on the state’s economy over the next six to twelve months. About 84% of those polled expect the state’s economy to stay the same or improve during this period, a six point increase from the last survey in Q3 2020.
Almost 55% of executives surveyed say at least half of their staff still work remotely, and 84% expect employees to return to work in person by the third quarter.
Remote working, however, is expected to continue to be a part of business, with more than half of employers expecting more than 10% of their workforce to work remotely in the future.
âAs vaccine distribution increases and economic confidence continues to grow, there is reason to be optimistic about the future,â said Jeff Donofrio, president and CEO of Business Leaders for Michigan. “Yet even with robust growth and continued federal stimulus funding, it could still take years for employment to return to pre-pandemic levels.”
The top three factors influencing Michigan’s future economic growth are the speed and acceptance of vaccinations, the availability of federal stimulus dollars, and future investments and jobs expected by employers.
Executives surveyed say they anticipate growth in both areas of business investment, with 88% expecting stable or expanding employment and 91% expecting stable or increasing capital investment.
âDespite this confidence, there is still uncertainty about how quickly we can achieve collective immunity, the impact of new COVID variants on the economy, and the government’s ability to support economic recovery,â said Donofrio.
About 48% of business leaders expect the U.S. economy to improve in the coming year, and 35% believe it will stay roughly the same.
Business Leaders for Michigan, the state’s business roundtable, is dedicated to making Michigan one of the top 10 states for jobs, personal income, and a healthy economy. The organization is made up of the leaders of Michigan’s largest companies and universities. Member businesses generate more than $ 1,000 billion in annual revenue and represent nearly 40% of the state’s economy.