Michigan Economy

Economists at the University of Michigan forecast Michigan’s economy is strong enough to manage a mild recession on the horizon.

One of the biggest news stories of 2022 was inflation. And if you’ve been listening to this station over the past year, you likely heard a lot of stories about rising food prices, how they’ve risen 11% over the past year. But what hasn’t been discussed is the cost of food waste during this period of inflation

A projected billion-dollar development project in the UP got approval for financial incentives from the state Tuesday. So did an electric vehicle battery parts operation, water infrastructure, and a multi-use industrial site.

The state appeals court will decide whether the Michigan Legislature exceeded its powers when it made sweeping changes to a pair of petition initiatives.

Governor Gretchen Whitmer is on a two-day business jaunt to Washington DC, where she has meetings set up with Biden administration officials and members of Michigan’s congressional delegation. A priority in sit-downs with Commerce Secretary Gina Raimondo and other Biden administration officials will be winning more federal support for manufacturing semiconductors. The chips are critical to the auto industry and defense contractors.

A report released today offers mixed news about the state of the economy heading into the new year. The report says employment in the state will probably remain steady through the middle of next year before the jobless rate ticks upward.

West Michigan’s economic outlook turned to “flat” in the September Institute for Supply Management Survey. The chances for a recession are also increasing, but to what degree?

Newly passed legislation requires car companies to source a major portion of key components and assemble electric batteries in the U.S. or a country with a free trade agreement within a few years.

Home foreclosure filings across the nation this year have been, and continue to be, well ahead of last year. But in July, nationally foreclosure statistics dropped four percent from the previous month. And foreclosure completions declined by five percent from June to July.

Michigan is surpassing revenue predictions by around 6.8-billion dollars for the current and next couple fiscal years. That’s the conclusion of the Consensus Revenue Estimating Conference on Friday, May 20.