Michigan's economy is growing and will add jobs next year, according to the latest analysis from Comerica Bank's chief economist.
Dana Johnson cautions, however, that the state's growth is only in the 1% to 2% range and is being driven by the recovery in manufacturing, including auto production.
"There has been a partial recovery in Michigan," Johnson told some of the bank's customers during a luncheon at the Livonia Marriott on Thursday. "It's not a brilliant outlook, but it's certainly a lot better than what we have been seeing."
He said the growth will continue as long as the national economy expands. However, the rate of growth for Michigan will be about 1% slower than the rest of the country because many residents are leaving to find jobs in other states, Johnson added.
The jobless rate in Michigan has fallen but is still in the double-digits, inching down to 13% in September. But Johnson forecasted that the state's unemployment rate will come down sharply next year. Johnson also had a positive outlook for the national economy, predicting growth of 3% next year.
Dana Johnson cautions, however, that the state's growth is only in the 1% to 2% range and is being driven by the recovery in manufacturing, including auto production.
"There has been a partial recovery in Michigan," Johnson told some of the bank's customers during a luncheon at the Livonia Marriott on Thursday. "It's not a brilliant outlook, but it's certainly a lot better than what we have been seeing."
He said the growth will continue as long as the national economy expands. However, the rate of growth for Michigan will be about 1% slower than the rest of the country because many residents are leaving to find jobs in other states, Johnson added.
The jobless rate in Michigan has fallen but is still in the double-digits, inching down to 13% in September. But Johnson forecasted that the state's unemployment rate will come down sharply next year. Johnson also had a positive outlook for the national economy, predicting growth of 3% next year.
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