Supply chain issues, labor shortages and inflation impacting Michigan’s economy

(photo by Michel Percha)

Although Michigan business leaders have a positive view of the state’s economic future, they are concerned about a number of issues currently facing the state and the country.

Michigan Chamber of Commerce President and CEO James Holcomb, speaking to the Saginaw County Chamber of Commerce on Thursday, March 3, said the state faces three main issues: chain problems, labor shortages and inflation.

As Russia continues its invasion of Ukraine, supply chains are becoming increasingly chaotic. Already a problem due to the coronavirus pandemic, the war has compounded problems with rising oil prices, shipping, material shortages, and more. Holcomb says many Michigan businesses are feeling the pinch.

“It’s about being able to get the information you need for your products and services, so supply chains impact over 55% of chamber members, who told us they were experiencing a negative impact.”

Holcomb says inflation is the top concern for members, costing American families, on average, $385 more per month.

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

“We don’t need to cancel people, we need to converse more. We need people to talk, debate, and have a real discussion about what’s good for their community, what’s good for their business, what’s good for their family, and what’s good for Michigan. And I think the only way to determine where we have agreements and consensus is to have those difficult conversations.