Even The Michigan Economy is Coming Back
DALLAS/November 9, 2010 – "Comerica Bank’s Michigan Economic Activity Index rose two points in September to a level of 89, the highest Index reading since June 2008. September’s reading is up 14 points from the year-ago level, and up 18 points, or 25 percent, from the Index cyclical low (see chart). September marks the seventh month of consecutive double digit year-on-year increases in the Index. Year-to-date the Index has averaged 11 points, or 15 percent, above the Index average for all of 2009."“Over the three months through September, our Index showed a renewed uptrend after having stalled from February through June,” said Dana Johnson, Chief Economist at Comerica Bank. “My sense is that Michigan’s economy was re-accelerating along with the national economy as the summer drew to a close. Looking ahead, the Michigan economy should continue to make modest gains over the last quarter of 2010, against a background of sluggish but sustained national growth.”
MP: In another sign that the Michigan economy is slowly coming back, average statewide home prices increased in September by 6.9% compared to last year, and year-to-date home prices through September have increased by 9.3% compared to 2009.