Get the Sparrow Advantage
517 Magazine Presents: The 26th Annual Greater Lansing Entrepreneurial Awards

Two-Track Recovery Anticipated for Michigan Economy

Economists say Michigan’s economy is expected to gradually strengthen, with some industries recovering much faster than others.

Economists say Michigan’s economy is expected to gradually strengthen, with some industries recovering much faster than others.

In the early months of the pandemic, more than 1 million jobs were gutted from the state’s payrolls, according to Bruce Weaver, economic manager at the Michigan Department of Technology Management and Budget.

As of July, Michigan was still down 520,000 jobs compared to pre-pandemic levels.

“That’s a drop (in jobs) of about 11.7% from February to July, but it also means that the state has recovered about half the jobs that we lost in March and April,” said Weaver.

COVID-19 walloped the leisure and hospitality industry especially hard. It has recovered about 35% of its lost jobs, whereas other sectors — including construction, manufacturing and trade, transportation, and utilities — have recovered more than 60% of the slashed positions, said Weaver.

To that end, economists anticipate a two-track economic recovery.

“Certain sectors are going to be able to recover faster than others,” said Michael McWilliams, the Michigan forecasting specialist at the University of Michigan.

Industries on the fast track include durable goods, manufacturing and construction. Leisure, hospitality and retail trade sectors are included in the slower track, said McWilliams.

By the end of 2022, slow recovery industries are expected to come up short by more than 100,000 jobs while those on the fast track are forecasted to be 8,000 jobs above their pre-pandemic levels, with some industries rebounding even faster,” said McWilliams.

“We’ve had a really, really solid recovery until now,” he said.

Related

Someone clicking the TV remote with a TV in the backgrounSomeone clicking the TV remote with a TV in the backgroun

Greater Lansing Entrepreneurial Awards to be Televised

The much-anticipated Greater Lansing Entrepreneurial Awards are returning this year in a new format.

Be Our Guest: Local Hotels Aid in Helping Distracted Workers

Hotels across the region are renting space for office workers to work away from work and home in a COVID-safe space.
Block 600 BuildingBlock 600 Building

BLOCK600 Comes to Life

Gillespie Group’s newest development, BLOCK600, officially opened its doors Oct. 8
Blue ServersBlue Servers

Grant Program to Expand Internet Access in Michigan

A new program announced by Gov. Gretchen Whitmer on Oct. 8 is aimed at expanding broadband infrastructure across the …
internalizing 2020 headerinternalizing 2020 header

Internalizing 2020: Mental well-being can be hindered during a crisis

Workplaces can be a hub for stressors, but also opportunities to alleviate that stress.

Connect

517 Facebook
517 Instagram
517 Linkedin

Contact

517.203.3333

221 W. Saginaw St.
Lansing MI, 48933

All Rights Reserved 517 Business and Lifestyle Magazine. Website designed and developed by M3 Group

Copy link
Powered by Social Snap