Regional Business

Led by Multi-Family Starts 

• Housing starts and permits for February came in much better than expected.
• A big jump in multi-family starts drove the increase in housing starts.
• The recent bank failures will cause the Fed to rethink its policy path when it meets next week.

Michigan’s Mobility Leadership Shines at SXSW

The Michigan Economic Development Corporation (MEDC) recently hosted Michigan Day at the Midwest House at SXSW to showcase some of the world's most innovative companies and demonstrate why start-ups are choosing Michigan as their home. Several Michigan leaders took the stage at the event, including the state’s Interim Chief Mobility Officer Kathryn Snorrason, who joined a panel highlighting the ways the industrial Midwest has become a surprising leader in green energy.

Check out the video below:

for the Third Straight Month

• Homebuilder confidence rose in March, but builders still view conditions as poor.
• Homebuilding conditions have been poor for eight straight months.
• PNC expects further slowing in the housing market this year, but the market should stabilize in 2024.

Fully Reversing the Prior Week's Rise

• Initial claims for unemployment insurance fell by 20,000 to 192,000 in the week ending March 11.
• The four-week moving average of initial claims was unchanged at 197,000.
• Continuing claims fell by 29,000 to 1,684,000 in the week ending March 4.
• Both initial and continuing claims remain low by historical standards, but face headwinds in maintaining that standing.

and Core Price Gains Moderated to 0.2%

Proposed strong standards for key PFAS chemicals will protect health and drinking water of communities nationwide

LANSING - The Great Lakes PFAS Action Network issued the following statement applauding today’s announcement by the Environmental Protection Agency (EPA) of proposed national drinking water standards (Maximum Contaminant Limits or “MCLs”) for six PFAS chemicals: PFOA,  PFOS, PFHxS, PFNA, PFBS, and  GenX.

Huge January Increase Revised Even Higher

• Retail sales were down 0.4% in February, but the details were better. Sales growth was mixed across segments.
• January’s big increase was revised higher, and retail sales are up from late 2022. The very strong labor market is the primary driver of rising retail sales.
• Consumer spending is set to fall later this year as the U.S. economy enters recession.