Economic Development

• Inflation will temporarily accelerate over the next few months, then recede.There was a huge 10% increase in personal income in January as the government distributed stimulus payments to households.

• Consumer spending rose a big 2.4% over the month.

• The PCE price index rose 0.3% in January, as did the core index.

• Stimulus is supporting an economic recovery in the U.S.  With Congress set to pass a $1.9 trillion stimulus package, the outlook is for very strong growth this year.

LANSING, Mich.— The Michigan Unemployment Insurance Agency (UIA) announced that eligible Michiganders can apply for the new Mixed Earners Unemployment Compensation (MEUC) program.

LANSING, Mich. (Feb. 25, 2020) — With approval from the Michigan Strategic Fund (MSF) Board Tuesday, Feb. 23, 2021, the Lansing Economic Area Partnership (LEAP) will receive $100,000 in Gateway Representative support from the Michigan Economic Development Corporation (MEDC) for the seventh consecutive year. This high-tech startup program has been vital in strengthening LEAP's and the region’s capacity to help lead and evolve the regional entrepreneurial ecosystem into a top 25 startup community.

The U.S. Department of Treasury’s Community Development Financial Institutions (CDFI) Fund has awarded Cinnaire $4.8 million in Capital Magnet Fund grants. The competitive grants are awarded to CDFIs and nonprofit housing organizations to develop and rehabilitate affordable housing for low-, very-low and extremely low-income families. Cinnaire was one of 48 organizations nationwide to receive a Capital Magnet Fund award from among the 137 applicants.

Governor’s $25M funding proposal for Mobility Futures Initiative supports a new statewide collaboration advancing Michigan’s position in the rapidly evolving mobility industry.

LANSING, Mich. –  The Council on Future Mobility and Electrification (CFME) released its first annual report analyzing the economic opportunity created by new mobility technologies and the challenges Michigan must address for the state to remain a global leader in the mobility and electrification revolution.

• Initial claims for unemployment insurance in the week ending February 2020 fell to their lowest level since late November. Bad weather likely was behind the big drop in claims, however.
• The total number of people receiving some form of unemployment insurance rose in the week ending February 6. Unemployment remains a serious problem for the U.S. economy.
• Job growth should pick up over 2021 as the economy recovers from the pandemic.

The Lansing Regional Chamber of Commerce (LRCC) urges Governor Gretchen Whitmer and state lawmakers to authorize a full reopening of event and meeting venues in Michigan. In letters to the Governor and State Senator Curtis Hertel, who chairs the Capitol Caucus, LRCC says the industry needs “immediate action to survive.”  Currently, meeting/event venues are limited to a 10-person threshold, while other industries are allowed safe gatherings of 100-guests at a time.