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Regional Business

AAA: Downward Trend Continue for Michigan Gas Prices

Michigan Business Network
July 5, 2022 7:00 AM

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.

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Michigan Business Beat | Tom Stewart - Conquer Accelerator Gearing up for next Grand Rapids Cohort

Michigan Business Beat
July 4, 2022 6:00 PM

Conquer Accelerator currently conducting Seventh East Lansing Cohort

Jeffrey Mosher welcomes back Tom Stewart, Conquer Accelerator Program Director with Spartan Innovations, of East Lansing, but also serving Grand Rapids.  

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PNC Senior Economist Kurt Rankin: ISM Purchasing Managers' Index Retreats

Michigan Business Network
July 4, 2022 1:00 PM

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
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Business Leaders for Michigan Statement on FY23 Budget Priorities

Michigan Business Network
July 4, 2022 11:00 AM

FY23 Budget Statement from Jeff Donofrio, president and CEO 

“We applaud the Legislature and Governor for reaching a bipartisan budget agreement that will help Michigan win jobs and new businesses, attract talent, support our students and teachers and provide opportunities for more widely shared prosperity across our state. We are pleased to see a number of public education and talent investments that Business Leaders for Michigan prioritized in our ‘Compete to Win’ plan incorporated in the agreement, including:

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PNC Senior Economist Abbey Omodunbi: Construction Spending Falls Slightly in May;

Michigan Business Network
July 1, 2022 5:00 PM

 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.
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Michigan Business Beat | Tom Stewart - Conquer Accelerator Gearing up for next Grand Rapids Cohort

Michigan Business Beat
July 1, 2022 4:00 PM

Conquer Accelerator currently conducting Seventh East Lansing Cohort

Jeffrey Mosher welcomes back Tom Stewart, Conquer Accelerator Program Director with Spartan Innovations, of East Lansing, but also serving Grand Rapids.  

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State Land Bank | New Residential, Multi-family Property Available for Development

Michigan Business Network
July 1, 2022 3:00 PM

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. 

“The State Land Bank Authority has a unique opportunity to spark significant economic growth by redeveloping land to productive use,” said Emily Doerr, Executive Director of the SLBA. “We’re excited to promote, revitalize and transform this property and all other parcels in our inventory into future assets for the community and for our state as a whole.”

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PNC Chief Economist Gus Faucher: High Inflation in May

Michigan Business Network
July 1, 2022 1:00 PM

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.
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MEDC | Michigan Business Report - Early July 2022

Michigan Business Network
July 1, 2022 9:00 AM

Michigan Exporters Wanted for Central America Trade Mission

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.

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Peters & Portman Introduce Bipartisan Bill to Help Protect Americans

Michigan Business Network
July 1, 2022 8:00 AM

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.

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