Economic Outlook for next 18 months for Detroit

Taken from Crains article:
October 15, 2010 12:41 PM
Survey: Michigan execs think economic improvement may be 18 months out
By Amy Lane
| | | | | |

A third-quarter survey by statewide CEO group Business Leaders for Michigan finds continuing pessimism over Michigan's economic recovery in the near future.

Results from the quarterly survey of 75 top executives show that 90 percent believe Michigan's economy will be the same or deteriorate over the next six months, up from 82 percent who held that view in the second quarter and 75 percent in the first quarter.

Looking out over the next 18 months, 49 percent think there will be improvement in Michigan's economy, compared with 41 percent in the group's second-quarter survey.

As for the U.S. economy over the next six months, executives are less optimistic about recovery than they were in the second quarter. But they are slightly more favorable, compared with the second-quarter survey, about U.S. prospects 18 months from now.

The CEOs also predict hiring will improve modestly over the next six months.

In a news release, Doug Rothwell, the group's president and CEO, said that the survey gives policymakers insight "into what Michigan's economy will look like in the months ahead, and it's basically more of the same.

"True national economic recovery is still at least 12 to 18 months down the road, and Michigan will lag that recovery."