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Michigan's economy jumps to 10-year high

 

Here's some great news for Michigan's economy that shows that we are, indeed, the comeback state. Michigan's economy has reached a 10-year high according to Comerica Bank's Michigan Economic Activity Index.

Michigan Economic Activity Index

The Michigan economy pushed further ahead in June," said Robert Dye, the bank's chief economist, in a news release. "Housing markets statewide are improving as sales and prices increase. New home construction remains low, but is expected to increase to meet pent-up demand," he said. The report is the latest in positive news about Michigan's economy. In July, the The Detroit News reported that Michigan is leading the country in economic growth, with positive numbers driven by existing home sales and retail sales – both of which are stronger here than elsewhere in the country.

Home sales are up 10 percent through June in the Great Lakes State compared with the nation's 5 percent growth rate, according to the National Association of Realtors. And the state's retail sales surged in April and May, while the national figure fell 0.2 percent.

The ongoing recovery of Detroit's three automakers has paved the way for the uptick, with a resurgence in jobs and profitability…

The new confidence can be seen in the upswing in home sales in the four-county Metro Detroit region. Sales increased 5.1 percent through the first half of the year and have risen 11 of the past 12 months, according to Realcomp II Ltd., a Farmington Hills multiple listing service. Home prices in the Detroit area jumped for 10 straight months through April, according to Standard & Poor's Case-Shiller index.

Governor Rick Snyder says that though Michigan still has some challenges, it's well on its way to making a comeback. "There are a lot of great stories of success in Michigan, and each of them has the same theme: Michigan is open for business, and together we're reinventing our state with relentless positive action."



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