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STATE of MICHIGAN DEPARTMENT of ENERGY, LABOR & ECONOMIC GROWTH Michigan Form
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People also ask
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Is Detroit doing well economically?
Economic conditions in metro Detroit are strong — with wage growth currently outstripping inflation, unemployment remaining low and new business applications holding near a record statewide, ing to Detroit Regional Chamber's annual State of the Region report.
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How is Michigan doing economically?
Michigan ranks 14th in economy size among states and Washington, DC. In the 3rd quarter of 2023, Michigan accounted for 2.4% of the US economy.
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What is Michigan's most important economic goal?
Our Goal: A high prosperity Michigan. A place with a per capita income consistently above the national average in both expansions and contractions.
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What is the future of the Michigan economy?
Michigan personal income is expected to increase by 4.7% in CY 2023, 3.6% in CY 2024 and continue to grow at rates of 4.3% in CY 2025 and 3.7% in CY 2026. Michigan wage and salary income is expected to increase 6.2% in CY 2023; it is forecast to increase 4.3% in CY 2024, 3.8% in CY 2025, and 3.3% in CY 2026.
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What is one economic problem facing the state of Michigan?
One of the biggest challenges the state is working to turn around is its declining population. "Between the years 2000 and 2020, the average growth in the United States was 18%. Michigan managed over that same period of time, a whopping 1%," Baruah said.
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What are the economic resources of Michigan?
Our land resources are also impressive, with fertile soils for agriculture, expansive forest and timberlands, large reserves of oil and gas, and many economically important mineral deposits.
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What is Leo in Michigan?
Michigan Department of Labor and Economic Opportunity (LEO) provides the connections, expertise and innovative solutions to drive continued business growth, build vibrant communities, create affordable housing, generate tourism and attract and retain key talent to fill Michigan's vast pipeline of opportunities.
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How good is Michigan's economy?
Overview of the Michigan Economy Michigan's gross state product (GSP) in 2023 signNowed $493.2b, with growth of 21.7k% over the 5 years to 2023. Businesses in Michigan employed a total of 4,810,749 people in 2023, with average annual employment growth over the past five years of 2033.7%.
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