Michigan Economy At Highest Levels since 2002

Michigan’s economy is at all time high in ten years according to Comerica Bank’s Michigan Economic Activity Index. The June index jumped 2.0 points in June, spiking to a level of 105.9 – its highest level since 2002.
The Michigan Economic Activity Index consists of seven variables: nonfarm payrolls, exports, sales tax revenues, hotel occupancy rates, continuing claims for unemployment insurance, building permits, and motor vehicle production. All data are seasonally adjusted, as necessary, and indexed to a base year of 2004.
According to Robert Dye, Chief Economist at Comerica Bank. “The Michigan economy pushed further ahead in June, with our Michigan Economic Activity Index up strongly for the second month. The rate of job creation has slowed over the first two quarters of the year as U.S. auto sales have plateaued around a 14 million unit annual sales rate in 2012. 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.”
According to the Michigan Association of Realtors, the number of single family homes sold in Michigan rose 14 percent in July compared to one year earlier. The July 2012 average sales price was $116,116, a 6.55 percent increase over the 2011.
Right now, Michigan is leading the country in economic recovery, according to the Detroit News. The dropping unemployment rate, upswing in home sales and increase in consumer spending are all evidence of a positive outlook for our Great Lakes state.

The LDFA in Huron Township is ready for more business contact us at 734-753-4466 ext. 155– for available property. 

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