March 04, 2022
Click on Detroit
Ken Haddad
Feb. 26, 2022
The state of Michigan is leading the way in economic growth in the U.S. — according to data compiled by Bloomberg.
Bloomberg published data last week showing that Michigan’s economy has improved “the most in its history” since the pandemic started in 2020.
Among 37 states with a population greater than 2 million, Michigan is No. 1 based on equally weighted measures of employment, personal income, home prices, mortgage delinquency, state tax revenue and the stock market performance of its publicly-traded companies, according to data compiled by Bloomberg.
Bloomberg says Michigan, since Gov. Gretchen Whitmer took over, has become a standout for investors.
In the market for local government debt, the state’s AA-rated bonds returned 5.6% (income plus appreciation) since April 2020, outperforming neighboring Wisconsin (4.3%), Indiana (4.7%) and Ohio (4.7%) as well as the entire municipal market (5.3%), according to data compiled by Bloomberg. Bonds issued by the Michigan Strategic Fund returned 15% while those of the Detroit Downtown Development project gained 14%, according to data compiled by Bloomberg.
Data showed that non-farm payrolls since April 2020 surged 25%, almost double the 14.3% U.S. average and leading every state in the nation. Michigan unemployment is 5.6%, down from a pandemic high of 23.6%.
The increase in tax receipts was the best in the U.S., driven by home values, mortgage health, personal income and the publicly-traded equity of state-based firms, which appreciated more than the U.S. average.
