Here’s news you can use in a constantly changing business environment, including $452 million invested in Michigan for high-impact projects and jobs, a shift in the number of job openings, the 2024 outlook for salary increases and more.

1. Michigan economic wins — The Michigan Strategic Fund approved several major projects totaling $452 million that will bring in high-impact projects and jobs, as well as invest in housing across the state.
2. A shift in job openings — A new report from the U.S. Labor Department shows that in June 2023 there were 6 jobs for every worker compared to 1.9 earlier this year, marking the lowest number of job openings in the last two years.

3. The outlook for salaries — According to Payscale, salary increases are predicted to be 3.8% in 2024, higher than the 3% that’s been standard for decades.

4. Alarming attrition in some fields — Burnout is plaguing nearly every industry but workers in the financial, insurance, telecommunications and construction sectors are particularly suffering from work strain.
5. Do you know about this powerful focus tool? A Harvard neuroscientist says your favorite tunes can help boost productivity.

Thank you to our Friday Five sources: Michigan Economic Development Corporation, Corp!, HR Executive, Employee Benefit News and Inc.

Do you have business banking questions? Contact our knowledgeable commercial loan officers online or call 800-991-2221. We’re also available to help in person at your local Consumers office.

*All loans subject to approval. Rates, terms, and conditions are subject to change and may vary based on credit worthiness, qualifications, and collateral conditions.

Federally insured by NCUA