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Gov. Whitmer Statement on Michigan's Strong Economic Numbers, Low Unemployment


March 10, 2022



Gov. Whitmer Statement on Michigan's Strong Economic Numbers, Low Unemployment

Nine straight months of job growth, 4.9% unemployment with third-best decline of annual unemployment numbers nationwide


LANSING, Mich.-Governor Gretchen Whitmer issued the following statement after the release of Michigan's latest economic numbers showing that the state has added jobs for nine straight months and has a low unemployment rate of 4.9%, with the third-fastest decrease of any state. The unemployment rate for December 2021 was revised down as well, to 5.1% from 5.6%. Although there remains work to be done, Michigan's economic momentum is undeniable-the state added 217,000 jobs year over year with personal income and home values rising. 


"Michigan's economy is growing, and unemployment is decreasing faster than almost every other state. Job growth has continued steadily for nine months straight, and wages and home values are going up. This is something to celebrate.


"We know, however, that we can always do more to lower costs for families, especially in light of rising prices due to President Putin's horrific attacks on Ukraine. We are putting money in pockets with $400 auto insurance refund checks for every insured Michigan driver, calling on Congress to suspend the federal gas tax, and working to pass a budget that would repeal the retirement tax and triple a tax credit for 730,000 working families. Cutting taxes for seniors and working families will uplift over 1.2 million Michigan families in the long run, putting thousands back in their pockets so they are not as heavily impacted by price increases.


"We will also continue making investments in our economic development to attract more investment and good-paying jobs to Michigan, including the new jobs GM will create because of our bipartisan economic development efforts. 


"Together, we have taken bold steps to invest in small businesses and empower Michigan to compete for big manufacturing projects. We landed a $7 billion investment from GM-the biggest in their history-creating thousands of good-paying jobs, cut personal property taxes for small business owners, and set up a fund for small business relief. We will keep our foot on the gas and stay focused on growing our economy, creating good-paying jobs, and lowering costs for families."



The numbers are clear: Michigan's economy is on the rise. The state experienced its best economic recovery in history over the last two years. Michigan is #1 nationwide based on equally-weighted measures of employment, personal income, home prices, and stock market performance of publicly-traded companies. The state is also in the midst of a manufacturing boom, having added 20,000 auto jobs and counting since Governor Whitmer took office and many other high-skill, in-demand jobs in field ranging from semiconductor chips to software to agriculture. Michigan is a standout for investors with bonds returning better rates than ever, and the state went from a projected $3 billion deficit at the beginning of the pandemic to a $7 billion surplus today.


Cutting Taxes

In the governor's 2022 State of the State Address, Governor Whitmer proposed tax cuts for seniors and working families. She proposed a roll back of the retirement tax which would put an average of $1,000 back in the pockets of half a million seniors who worked hard and played by the rules. She also proposed tripling the Michigan Earned Income Tax Credit, which would deliver a combined $3,000 tax refund in the pockets of 730,000 working families. These tax cuts will put thousands of dollars back in the pockets of over 1.2 million households across Michigan, ensuring they are not as heavily impacted by price increases.


Recently, the governor signed a bipartisan tax cut for small businesses, allowing small businesses owners to exempt more of their personal property. 


Lowering the Cost of Prescription Drugs

In her 2022 State of the State address, Governor Whitmer spoke about Attorney General Dana Nessel's ongoing investigation into one of the three largest drug companies that manufactures nearly all the insulin in the United States. The Attorney General is seeking to use the Michigan Consumer Protection Act to investigate the role drug companies play in raising prices. Lowering the cost of insulin will save lives and help Michiganders pay the bills, put food on the table, or save for the future. Governor Whitmer will work with anyone to hold drug companies accountable, lower the cost of insulin, and save lives.  


The Governor also recently signed abipartisan bill requiring pharmacy benefit managers to file transparency reports, ensuring Michiganders have access to the information about the backend cost and profit of the medication they are being prescribed. It promotes oversight by requiring Pharmacy Benefit Managers to acquire a license from the State of Michigan.


Economic Development

Governor Whitmer signed bipartisan legislation empowering Michigan's economic development with a fund to give the Michigan Economic Development Corporation, or MEDC, a new set of powerful tools to land some of the huge projects in their pipeline that would lead to billions in investment and tens of thousands of jobs. The legislation led to GM's announcement of a $7 billion investment in Michigan building electric vehicles and batteries. It also set up a fund for small business relief, building on work the state has done since March 2020 to set up 23 economic relief programs and deliver over $240 million to small businesses in all 83 Michigan counties. 



Since Governor Whitmer took office, the State of Michigan has invested nearly $4.75 billion to repair, replace, or rehabilitate over 13,000 lane miles of road and over 900 bridges. The Governor's $3.5 billion Rebuilding Michigan bond plan is moving dirt to fix roads with the right mix and materials, supporting 45,000 jobs, and ensuring workers can get to work and parents can drop their kids off at school safely.



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