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.
6 Comments:
Not impressed, even if it returns to 2005 levels it's still a ugly situation, we're just back to "gonna be blow away"
-Ron
@ Ronald, we should be disappointed too much as you can see it is getting much better day by day now.
Magento Themes
Returning to "dismal" is little to crow about. I should know -- I live in New York where we're grateful when the economy stagnates.
I'm hopeful the bottom is past, but brutal realities still await. Michigan has a massive state budget deficit to cope with, and battalions of unemployed who's prospects haven't really improved at all. Michigan educates more college graduates than it can employ and, worst of all, only seems to keep an ever growing anchor class of takers and leeches...
And most people don't even realize the massive challenges that await.
And now Michigan Football is mired in the culture of mediocrity that the state is muddled in...
Come on Dr. Perry, maybe you need to come back for a visit to see with your own eyes. Is Flint coming back? How about Pontiac or Saginaw? And everybody knows about Detroit.
Unemployment is still in the double digits, housing prices are still falling, and the tax burden if anything is only getting worse.
If Michigan is coming back, then it's the most pathetic recovery in history.
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.
Reality check: we are still talking about $100K for the average house when interest rates are near all time lows. Sorry but Detroit is still as hopeless as ever.
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