New stats out show Michigan headed in right direction
We are pleased to echo recent remarks from Gov. Gretchen Whitmer that while much work remains to be done, economic projections for the state show significant positive growth.
The U.S. Bureau of Economic Analysis released state-by-state first quarter 2021 GDP numbers showing Michigan at 7.6% growth.
That got people buzzing pretty much everywhere, including the state’s top executive.
“Michigan is poised for an economic jumpstart as we emerge from the pandemic together and put Michiganders back to work,” Whitmer said in a press release. “The latest GDP numbers show that while we still have work to do, our laser-focus on building back better is working. Michigan’s economy grew 7.6% in the first quarter of 2021, the best in the Midwest, higher than the national average, and among the top 10 states nationwide.”
It gets better.
In addition to the GDP numbers from the BEA, the financial ratings agency Fitch Ratings recently improved Michigan’s general obligation bonds AA credit rating from a “stable outlook” to a “positive outlook.”
Additionally, the state of Michigan announced new revenue projections taking the state from a nearly $3 billion deficit to a $3.5 billion surplus.
We believe that all of the above are affirmations that Michigan is headed in the right direction.