Traverse City Record-Eagle

Business

May 16, 2013

State economy still on upswing

LANSING (AP) — Economists say Michigan’s economy is turning around for the fourth straight year in part because the housing sector is on the mend.

University of Michigan experts told state lawmakers Wednesday that employment grew significantly faster in the past two years than previously estimated.

Michigan’s unemployment rate dropped 1.3 percentage points in 2012 and is expected to continue gradually declining.

The downside is the state’s jobless rate is high, above where it was before the national downturn in the economy in 2008.

A six-year recovery through 2015 will only replenish four of nine Michigan jobs lost between 2000 and 2010. Legislators are meeting to get an update on the economy and to receive an estimate of how much more revenue Michigan is taking in before they approve the next state budget.

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