MIBA Newsletter, Looking Back at June 2022

This year is moving fast and so is the MIBA! It is our passion at the MIBA to demonstrate what Israeli innovation has to offer. After hosting two successful delegations to Israel focused on the Defense and Mobility sectors, we are now seeing outcomes created from many of the connections made on those delegations. When we partner with Michigan and Israeli organizations and watch them create a collaboration, we are rewarded by seeing our vision come to fruition!

 First Decline in Eight Months

• The value of construction put in place in the U.S. fell 0.1% in May from April.
• Total private construction spending in May was virtually unchanged from the revised April estimate.
• Public construction spending fell 0.8% in May from April.
• Rising interest rates, tangled supply chains, and labor shortages are all headwinds facing the construction sector.

State seeks developers with a vision to bring property to life  

SAGINAW, Mich.—The State Land Bank Authority (SLBA) is accepting applications from developers who have a vision for the property located on 1647 N 24th St, Saginaw in Buena Vista Township. 

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a Drag on Consumer Incomes and Spending

• The PCE price index rose 0.6% in May, with core prices up 0.3%. Both overall and core PCE inflation remained well above the Federal Reserve’s 2% objective on a year-over-year basis.
• Nominal after-tax income rose 0.5% in May, but after adjusting for inflation after-tax income was down 0.1%.
• Nominal consumer spending rose 0.2%, with real spending down 0.4%. High inflation is weighing on households.
• The outlook for consumer spending has turned less positive, but it should continue to increase through the rest of this year and in 2023. Growth will shift from goods to services.
• The baseline outlook is for continued economic growth, but recession risks are elevated.
• Inflation remains high, but has likely peaked.

Automotive supply chains have garnered a lot of attention of late. Beginning in early 2020, disruptions resulting from the global COVID-19 pandemic thrust them into the spotlight. More recently, they’ve drawn attention for the worldwide semiconductor shortage, first reported in late 2020 and again with ongoing COVID lockdowns in China. As a result, questions regarding supply chain interruptions have become commonplace at press conferences and investor events – and expected – for automakers and suppliers.

MICHauto Annual Briefing Advances Conversation About High-tech Talent in Michigan

On June 22, MICHauto hosted its Annual Briefing on the scenic 16^th floor of One Campus Martius where industry leaders convened to discuss the need for cross-sector collaboration among business, education, and government to grow Michigan’s high-tech talent base.​​​​​​

Join the Great Lakes St. Lawrence Governors and Premiers multi-sector trade mission to Costa Rica and the Dominican Republic. Attendees will benefit from customized B2B meetings to meet with prospective customers and business partners, which is critical to establishing business relationships in the region. Space is limited, apply today. Registration deadline is August 1.

from Weapons of Mass Destruction and Improve Health Security at DHS

WASHINGTON, DC – U.S. Senators Gary Peters (D-MI) and Rob Portman (R-OH), Chairman and Ranking Member of the Homeland Security and Governmental Affairs Committee, introduced bipartisan legislation to significantly enhance the federal government’s ability to detect, recognize, and evaluate threats from weapons of mass destruction, which include chemical, biological, radiological, and nuclear weapons.