as Rising Mortgage Rates Weigh on Housing Activity
- Sales of existing homes fell 2.4% to 5.61 million annualized units in April from the prior month, the lowest level since June 2020.
- The inventory of unsold existing homes in April improved slightly to 1.03 million from 950,000 in March.
- Sales of existing homes were down on a year-over-year basis in each of the four major U.S. regions.
- Affordability will erode further as mortgage rates rise, resulting in slower housing activity through 2020
$10,000 goal to win matching grant through MEDC’s Public Spaces Community Places initiative
WASHINGTON D.C. —U.S. Debbie Stabenow (MI) and Gary Peters (MI) announced Friday that the Department of Transportation (DOT) will be awarding $5,591,256 in funding to update safety equipment, repair runways, and invest in other improvements at airports across the Upper Peninsula. These funds are from the Federal Aviation Administration (FAA) grant program.
In 2022, Gov. Whitmer is making the largest investment in state roads and bridges in Michigan’s history
LANSING, Mich. – Friday, Governor Gretchen Whitmer celebrated the reopening of the East Washington Street bridge in Jackson to traffic, the third bridge repaired under the Rebuilding MI Bridges program in partnership with the Michigan Department of Transportation.
as Automakers Boost Output
- Industrial production increased 1.1% in April, the fourth straight increase. Output was up in manufacturing, mining, and utilities.
- There was a second straight big increase in auto output as the automakers gradually resolve their supply chain problems.
- Goods inflation will slow through the rest of 2022.
Michigan had fastest small business job growth in 23 years, added 170,000 jobs in first three quarters
LANSING, Mich. - Monday, Governor Gretchen Whitmer highlighted new data showing Michigan’s economic jumpstart continues as small businesses in the state are experiencing tremendous growth and expansion. In the first three quarters of 2021 alone, small businesses with fewer than 50 employees created almost 170,000 jobs, the fastest start to small business job growth in 23 years, according to the Michigan Bureau of Labor Market Information.
Big Upward Revision to March
- Retail sales increased 0.9% in April, with a big upward revision to sales in March.
- Sales growth was strong across segments, although gasoline sales fell due to lower prices.
- Although consumers are concerned about inflation, they continue to spend and sales growth should remain solid throughout 2022.
- Consumer spending growth will shift to services from goods.
Governor Whitmer Signs Bills Supporting People with Disabilities, Increasing Government Transparency
LANSING, Mich. – Today, Governor Gretchen Whitmer signed House Bill 4256, Senate Bill 258 and Senate Bill 259 into law. House Bill 4256 allows training of service animals in real-world settings, which will benefit people with disabilities who rely on service animals.
Lansing, MI – The Capital Region Community Foundation has announced it has reached its fundraising goal of $2.2 million for the first universally-accessible playground in the region, designed to promote inclusivity and the health and well-being of children of all abilities. Officially named Play Michigan!, this extraordinary playground-park on the downtown Lansing riverfront will be a destination for families throughout our region and beyond.
In Partnership With
