Supply Chain Issues, Labor Shortage and Inflation Impacting Michigan Economy
(photo by Michael Percha)

While business leaders in Michigan have a positive outlook for the state’s economic future, they do worry about a number of issues facing the state and the country right now.

Michigan Chamber of Commerce president and CEO James Holcomb, speaking to the Saginaw County Chamber of Commerce on Thursday, March 3, says there are three main problems facing the state: supply chain issues, the labor shortage and inflation.

As Russia continues it’s invasion of the Ukraine, supply chains are becoming increasingly chaotic. Already a problem due to the coronavirus pandemic, the war has added to problems with increasing oil prices, ocean shipping, material shortages and more. Holcomb says many Michigan businesses are feeling the effects.

“It’s about being able to get the input you need for your product and services, so supply chains are impacting over 55% of chamber members, who’ve told us they’re being negatively impacted.”

Holcomb says inflation is the number one concern he says from members, costing American families, on average, $385 more a month.

Holcomb says if people are able to sit down with each other and have open, hones discussions, even when they disagree, a lot more work could be done to resolve some the issues facing the state.

“We don’t need to cancel people, we need to converse more. We need people talking, and debating, and having a real discussion about what’s good for their community, what’s good for their business, what’s good for their families and what’s good for Michigan. And I think the only way to figure out where we have agreements and consensus is to have those tough conversations.”