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Economic Development

PNC Chief Economist Gus Faucher: Modest Growth in Personal Income and Consumer Spending in June,

Michigan Business Network
July 26, 2024 5:00 PM

As Inflation Continues to Ease

  • Nominal personal income rose 0.2% in June, with after-tax income also up 0.2%. 
  • Nominal consumer spending rose 0.3% over the month. 
  • The PCE price index rose 0.1%, with core PCE inflation at 0.2%. Inflation is easing in mid-2024.
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MEDC | MSF Approves Dow Project to Modernize Manufacturing and R&D Operations, Reinforcing Michigan As its Home for Decades to Come

Michigan Business Network
July 26, 2024 4:00 PM

Dow investment to support at least 5,000 jobs in the Great Lakes Bay region, solidifying its presence in the state

LANSING, Mich. – Governor Gretchen Whitmer joined the Michigan Economic Development Corporation today in announcing Michigan Strategic Fund (MSF) approval of a project that will support Dow’s ongoing manufacturing and R&D operations in the state.

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PNC Chief Economist Gus Faucher: Durable Goods Orders Fell Sharply in June,

Michigan Business Network
July 26, 2024 1:00 PM

Pulled Lower by Transportation

  • New orders for durable fell almost 7% in June, the biggest one-month drop since the pandemic.
  • A cancellation in aircraft orders was behind the drop, and there was a 1% increase in core capital goods orders.
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Gov. Whitmer Signs Bills to Keep Communities Safe, Protect Michigan Families and Neighborhoods

Michigan Business Network
July 26, 2024 10:00 AM

Commonsense legislation bolsters public safety, ensures Michiganders are better protected from car theft, discriminatory acts of violence, and fire-related risks   

LANSING, Mich. – Governor Whitmer signed four bills this week to protect drivers from automobile theft, close loopholes that led to violence against LGBTQ+ Michiganders, and update standards for smoke alarms, making Michigan communities safer, stronger, and more inclusive places to live and work. 

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ICYMI: Cinnaire Joins Michigan Business Network to Present Results for Q2 2024 Michigan Future Business Index Survey

Michigan Business Network
July 26, 2024 7:00 AM

In a recent statewide survey of 691 small to medium size businesses, respondents to the latest Michigan Future Business Index (MFBI) survey indicated that while inflation is the biggest challenge for small businesses, finding customers and acquiring talent are close behind. While reports of increased profits and new hires over the past six months have ticked up slightly since Q4 2023, reports of sales and wage increases are unchanged since then.

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PNC Chief Economist Gus Faucher: Strong Real GDP Growth of 2.8% in Second Quarter

Michigan Business Network
July 25, 2024 1:00 PM

Even as Inflation Slows

  • Real GDP increased 2.8% in the second quarter, better than in the first quarter and a solid number. 
  • Inflation slowed in the second quarter, although it remains above the Federal Reserve’s 2% target. The FOMC is set to cut the fed funds rate in September.
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Sault Tribe Chairman Austin Lowes Praises $1.25M State Budget Allocation to Address Homelessness

Michigan Business Network
July 25, 2024 10:15 AM

Funding will help “Bgwasendam Gamigong,” or Lodge of Hope homeless shelter, expand services to the community

Sault Ste. Marie, Mich. – Michigan legislature included and Gov. Whitmer has now signed a total appropriation of $1.25 million in next year’s state budget that will support the Bgwasendam Gamigong, or Lodge of Hope shelter. The funding includes $500,000 from the Department of Health and Human Services and $750,000 from the Department of Labor and Economic Opportunity. The Sault Tribe-operated facility opened in August 2023 with 21 rooms and is only the second homeless shelter in the Upper Peninsula.

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ICYMI: OFME | Michigan Mobility and Electrification Report Late July 2024

Michigan Business Network
July 25, 2024 7:45 AM

From the Desk of Michigan Chief Mobility Officer Justine Johnson

Hello  -

This week the Community Economic Development Association of Michigan (CEDAM) closed applications for the inaugural cohort of its Michigan Mobility Fellows Program, a highly selective 15-month fellowship that attracts talent from all over the country to gain real-world experience in transportation planning and mobility innovation.

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MEDC | Crowdfunding Campaign Launched for NE GR Public Art

Michigan Business Network
July 25, 2024 7:00 AM

$50,000 goal to win matching grant through MEDC’s Public Spaces Community Places initiative

LANSING, Mich.  The Neighbors of Belknap Lookout and Lions & Rabbits Center for the Arts are collaborating on a series of new public art initiatives on Grand Rapids' North side through the anticipated success of a crowdfunding campaign.

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OFME | Michigan Mobility and Electrification Report Late July 2024

Michigan Business Network
July 24, 2024 4:00 PM

From the Desk of Michigan Chief Mobility Officer Justine Johnson

Hello  -

This week the Community Economic Development Association of Michigan (CEDAM) closed applications for the inaugural cohort of its Michigan Mobility Fellows Program, a highly selective 15-month fellowship that attracts talent from all over the country to gain real-world experience in transportation planning and mobility innovation.

Read More

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