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The economic recession unquestionably brought significant woes to the state of Michigan. Known for its high unemployment rate and struggling auto industry, Michigan regularly made headlines for its grim outlook. However, since 2008, Michigan has worked to significantly rebuild its economy, lower the unemployment rate, and create and staff new and existing industries.
In fact, Michigan's recovery has been so successful, The Pew Research Center in a recent report said Michigan “may be the biggest success story” in the nation in terms of post-recession economic recovery. According to the report, Michigan has added nearly half a million jobs since its lowest point in 2010, placing it fifth in overall employment growth in the nation.
Michigan’s economy is beginning to appear more diversified than its pre-recession years. As the auto industry makes a fair return, many manufacturing, sales, and marketing roles have been added to the state’s economy to leverage the growth.
MI Fast Facts
- The unemployment rate is down to 5.1% as of December 2015.
- It is ranked number 5 in the United States as far as job growth.
- It has seen a 10.6% increase in jobs between 2009 and 2015
- It has seen an increase of over 441,000 non-farm jobs in the last six years.
- Chemical products and textile products are in the top two growing industries.
- Almost 65% of individuals over 15 hold employment
- In 2014, Michigan saw the highest household income since the recession: $49,847
- Auto and auto-part manufacturing jobs have increased by 67 percent
- Since early 2013, $2.4 billion have been invested in Detroit alone.
Source: U.S. Census, MLive
View Michigan Infographic
So, what do these trends mean for the Michigan moving forward?
Increasing education in Michigan might result in an even better economy, according to The Detroit News, as educated workers are typically seen as more valuable workers to employers.
“That work force, in turns, attracts companies eager to pay good wages to access the local talent pool.” – Brian J. O’Connor, Finance expert, The Detroit News
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