Michigan owners of small and midsize businesses are optimistic about what the next few months hold, according to the annual fall survey conducted by the Pittsburgh-based PNC Financial Services Group Inc.
Eighty-eight percent say they are optimistic about their company’s prospects, up a tick from 87 percent in the spring.
Other positive results:
- Thirty-three percent expect to increase employees’ pay, up from 26 percent in the spring.
- There is a sense that there is a decline in pricing pressure, with 31 percent planning to charge higher prices, compared to 36 percent last fall; last fall, 89 percent expected consumer prices to rise, slipping to 77 percent this fall.
- Fifty-nine percent expect a continued rebound in the local housing market, up from 55 percent in the spring and 53 percent last fall.
There were also mixed results in the survey.
When asked about the outlook for sales, 46 percent said they expected an increase, 39 percent expected no change, and 13 percent expected a decrease; in the spring, those numbers were 53, 43 and 4 percent, respectively.
While more business owners are very optimistic about the local economy, 23 percent now compared to 14 percent in the spring, more are also pessimistic, 19 percent now versus 13.
The survey was conducted of 152 business owners in the state between July 21 and Aug. 20.
