The state of Michigan is leading the way in economic growth in the U.S. -- according to data compiled by Bloomberg.
Bloomberg published data last week showing that Michigan’s economy has improved “the most in its history” since the pandemic started in 2020.
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Among 37 states with a population greater than 2 million, Michigan is No. 1 based on equally weighted measures of employment, personal income, home prices, mortgage delinquency, state tax revenue and the stock market performance of its publicly-traded companies, according to data compiled by Bloomberg.
Bloomberg says Michigan, since Gov. Gretchen Whitmer took over, has become a standout for investors.
In the market for local government debt, the state’s AA-rated bonds returned 5.6% (income plus appreciation) since April 2020, outperforming neighboring Wisconsin (4.3%), Indiana (4.7%) and Ohio (4.7%) as well as the entire municipal market (5.3%), according to data compiled by Bloomberg. Bonds issued by the Michigan Strategic Fund returned 15% while those of the Detroit Downtown Development project gained 14%, according to data compiled by Bloomberg.
Data showed that non-farm payrolls since April 2020 surged 25%, almost double the 14.3% U.S. average and leading every state in the nation. Michigan unemployment is 5.6%, down from a pandemic high of 23.6%.
The increase in tax receipts was the best in the U.S., driven by home values, mortgage health, personal income and the publicly-traded equity of state-based firms, which appreciated more than the U.S. average.