Despite Significant Challenges & Economic Anxiety, Business Leaders and Americans Align Around New Strategies to Offset Risk According to New Milken Institute-Harris Poll
The Milken Institute-Harris Poll report highlights the challenges faced by U.S. business leaders and Americans amidst economic disruptions. Business leaders stress the need for bolstering U.S. competitiveness, while Americans call for optimism and unity. Despite business optimism, consumer sentiment lags behind. The report emphasizes the importance of resilience, place-based innovation, and cross-sector cooperation to navigate disruptions and build a more prosperous America.
Business leaders advocate for efforts to bolster U.S. competitiveness in the global market.
Americans show a consensus for optimism and unity, transcending political divides.
Business leaders exhibit confidence in the strength of the U.S. economy, their industries, and companies.
Americans express a desire for a more resilient America that can navigate and handle crises effectively.
There is a shared conviction for place-based innovation to restore trust and advance progress.
Business leaders and Americans agree on the importance of cross-sector cooperation to solve social challenges.
Consumer sentiment lags behind business optimism, with only 40% of Americans believing the economy is strong.
Most Americans do not feel the economic recovery at home despite economists suggesting improvements.
Challenges in navigating through economic instability, tech disruptions, and societal shifts are prevalent.
Findings provide insights to guide Milken Institute geo-economic programs to respond to the new era of economic disruption, from climate resilience to rebuilding supply chains.
Concurrently, the research indicates a consensus for optimism and collective effort that transcends political boundaries. It uncovers a widespread desire for optimism and unity across the
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The new report is part of The Milken Institute-Harris Poll Listening Project, now in its 5th year, which surveys socio-economic, institutional, and political barriers to evaluate key global and national challenges. This year’s research is focused on the
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Business Optimism vs. Consumer Caution: A Tale of Two Perspectives on the Economy
While business leaders show confidence in the future, consumer sentiment lags. Most business leaders believe theU.S. economy (81% ), their respective industries (81% ), and their own companies (81% ) are strong. In contrast, only (40% ) of Americans concur that the economy is strong. And (72% ) of Americans agree that “economists may say things are getting better, but we’re not feeling it where I live.”
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The Resilience Imperative: America's Unified Quest for Endurance
Cultivating resilience across society is seen as crucial for managing disruptions and shaping the future. An overwhelming (89% ) of business leaders concur that “it is important that America is able to create resilient policies and solutions to navigate disruptions.” Likewise, (86% ) of Americans say, “I want a more resilient America that leads the word in its capacity to navigate and handle crises.” Nearly 8 in 10 Americans believe securing America’s global leadership position in the next four years will tangibly improve their communities (79% ), their job security (78% ), their life overall (78% ), as well as theU.S. overall (78% ).
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Consensus for Place-Based Innovation to Restore Trust and Advance Progress
There's a shared conviction amongst business leaders that place-based innovation can rebuild institutional trust (91% ), create new manufacturing systems (90% ), and rebuild political trust (88% ). Americans echo this sentiment, agreeing that “business leaders should work more closely with government leaders to solve our social challenges” (76% ). And what’s interesting is perhaps this innovation is already happening, as (71% ) of Americans say, “innovation is bubbling up in local communities, but national media is missing this story.”
“These findings validate what we see as an emerging, consensus for solving our biggest challenges through cross-sectoral and bottom-up solutions,” said Dan Carol, who leads Milken Institute’s climate finance practice and geo-economics programs. “Working with business leaders, governments, and frontline community leaders in this way will help us bolster US competitiveness and local economic resilience.”
The Milken Institute has been at the forefront of advancing geo-economics research, programs, and innovation workstreams to help policy, business, and civic leaders navigate the rapidly evolving global economic landscape. The newly released poll and discussions at the conference will help guide the Institute’s future geo-economic priorities, with a focus on: (1) harnessing innovation and AI to usher in a new era of equitable human development and breakthroughs in tailored education, gov-tech, and civic engagement; (2) re-wiring supply chains to identify key chokepoints and near-shoring opportunities; and (3) bolstering climate resilience to help governments, communities and the private sector re-calibrate climate strategies. This includes its 10,000 Communities Initiative which is accelerating and advancing critical community infrastructure projects by maximizing innovation and integration across regions, sectors, and sources of capital investment.
“Today’s new normal is defined by multi-trillion-dollar global disruptions — from pandemics to geo-political shocks, to artificial intelligence — that are reshaping business models and investment strategies from top to bottom,” added Karen Kornbluh, senior advisor on geo-economics for the Milken Institute. “The next generation of solutions and opportunities will be anchored by locally-led innovation and new, outcomes-based, public-private partnerships.”
Full results of the Milken Institute-Harris Poll Listening Project poll will be discussed at the Milken Institute Global Conference in
About the Harris Poll
The Harris Poll is a global public opinion, analytics, and market research consultancy that strives to reveal society's authentic values to inspire leaders to create a better tomorrow. With a global research reach of more than ninety countries, Harris offers advisory services across sectors to world leaders, CEOs, and business decision-makers with state-of-the-art analytics, real-time software services, and practitioners in marketing, reputation, customer experience, trends, futures, and thought leadership/research-for-public release, The Harris Poll translates shifting social sentiment into a competitive marketplace advantage. One of the longest-running surveys in the
About the Milken Institute
The Milken Institute is a nonprofit, nonpartisan think tank focused on accelerating measurable progress on the path to a meaningful life. With a focus on financial, physical, mental, and environmental health, we bring together the best ideas and innovative resourcing to develop blueprints for tackling some of our most critical global issues through the lens of what’s pressing now and what’s coming next. For more information about the Milken Institute, visit https://milkeninstitute.org/ or follow us on Facebook, LinkedIn, Twitter, and Instagram.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240503306304/en/
Paul Guequierre
pguequierre@milkeninstitute.org
Jacklyn Cooney
jacklyn.cooney@harrispoll.com
Source: Milken Institute
FAQ
What is the focus of the Milken Institute-Harris Poll report?
The report highlights challenges faced by U.S. business leaders and Americans amidst economic disruptions.
How do business leaders feel about the strength of the U.S. economy?
Business leaders exhibit confidence in the strength of the U.S. economy, their industries, and companies.
What do Americans desire for America's future?
Americans express a desire for a more resilient America that can navigate and handle crises effectively.
What is the importance of place-based innovation according to the report?
There is a shared conviction for place-based innovation to restore trust and advance progress.
