Regional Business

The Michigan state average is down 11 cents compared to last week

DEARBORN, Mich., (July 5, 2022) – For a third consecutive week after record prices at the pump,  Gas prices in Michigan continue to move downward, this time down 11 cents from a week ago. Michigan drivers are now paying an average of $4.94 per gallon for regular unleaded. This price is 8 cents more than this time last month and $1.74 more than this time last year.

on Signs of "Demand Destruction"

• Topline ISM Manufacturing Report index fell sharply in June 2022, down 3.1 index points to 53.0
• The New Orders component index fell into contractionary territory (<50) for the first time since the pandemic’s early months
• Supplier Deliveries also saw a significant decline in June 2022, falling to 57.3 – a level not seen since mid-2020
• The Backlog of Orders component index eased in June 2022, providing further indication that “Demand Destruction” could be taking hold

 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. 

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.

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.