economy | Michigan Radio

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      WUOMFM

      economy

      michigan quarter in a pile of change
      calvste / Adobe Stock

      A respected University of Michigan economic report says Michigan’s post-COVID-19 recovery is already underway and will likely continue.

      But it also says a full recovery may take a while.

      Gabriel Ehrlich leads the U of M Research Seminar in Quantitative Economics. State government relies heavily on it in its decisions.

      Unsplash

      Today on Stateside, businesses across Michigan have succumbed to the pressures of the COVID-19 crisis, with devastating consequences for workers and our economy. A business owner and a behavioral scientist weigh in on why those who were sidelined still need help — and how the pandemic is shaping the state’s business ecosystem in the long term. Also, we meet a biologist whose team is collaborating with a colleague across 143 years.

      Unsplash

      For Michiganders who transitioned to working from home during the COVID-19 pandemic, the prospect of returning to in-person work is… complicated. Working from home does involve a lot of new distractions, from kids, to pets, to the lawnmower next door. But it can also allow for greater flexibility, new kinds of family and friend time, and a stronger sense of autonomy on the job.

      money
      user penywise / morgueFile

      It’s a big week for many Americans. While we may not be able to go out in search of a pot of gold for St. Patrick’s Day, many adults will receive a nice $1,400 stimulus check.

      It’s part of the recently passed $1.9 trillion COVID-19 relief bill, the third of its kind since the pandemic began just over a year ago. A hefty sum, more than $10 billion, is coming Michigan’s way. Here’s a bit of how it breaks down, according to Detroit News reporter Melissa Nann Burke:

      Sheila Steele / Creative Commons

      Economists predict Michigan’s economic news should improve rapidly the rest of the year. (See report here.)

      The University of Michigan’s Research Seminar in Quantitative Economics (RSQE) says the falling number of cases, hospitalizations, and deaths due to COVID-19 plus the vaccinations are good signs.

      closed sign on a storefront door
      Katie Raymond / Michigan Radio

      More than 34,000 small businesses are waiting to see if they’ll get a share of $55 million in state grants.

      The Michigan Small Business Survival Grant program is meant to aid businesses impacted by restrictions on gatherings and indoor businesses for the sake of public health during the pandemic. A business could get a maximum grant of $15,000 if it has been partially closed or $20,000 if it is fully closed in accordance with state coronavirus restrictions.

      Tracy and Matt Godbold, co-owners of The Rusty Nail in Carson City in mid-Michigan's Montcalm county. The Godbold's moved to Michigan from Arizona to take ownership of the restaurant in 2019.
      Courtesy of Matt Godbold / Courtesy of Matt Godbold

      It’s been a long, hard pandemic for restaurants.?Michigan has banned indoor dining at restaurants twice to try and slow the spread of coronavirus -- once at the beginning of the pandemic and again in November. The second ban is still in effect through at least January 15.

      With public health restrictions limiting their business for much of the past year, restaurants have struggled to stay open for business. A December study from Top Data and Zenreach indicates spending at restaurants at the end of 2020 declined 11% from January of last year.?

      closed sign in shop window
      Katie Raymond / Michigan Radio

      Today on Stateside, we take a look back at this year in business. For those invested in the stock market, it’s been the best of times. For those waiting in food lines, it’s been the worst. We’ll talk with some experts about what’s been going on with the economy and looking ahead to a new year.

      courtesy of The Right Place, Inc.

      West Michigan economic development officials say they helped recruit or retain 953 jobs to the region in 2020. That’s even as the area lost about 40,000 jobs overall.

      The Right Place, Inc. presented its annual update and forecast on Thursday. The economic development group says it secured $105.6 million in new capital investment for the region this year. It highlighted a decision by Perrigo to locate its new North American headquarters in downtown Grand Rapids, a move that's expected to bring 170 jobs downtown.

      money
      Steve Carmody / Michigan Radio

      President Donald Trump’s signing of the PPP Flexibility Act on Friday doesn’t immediately answer all the questions about loan forgiveness small business owners and their advocates have been asking for weeks. ?

      The further we get into growing season, the more complex life becomes for Michigan's farmers and farmworkers. They're trying to plant and harvest at a time when the world is moving in slow-motion, if at all.?

      Artem Beliaikin / Unsplash

      Today on Stateside, what will the impending re-opening of Michigan’s economy mean for public health. Plus, how the pandemic could allow districts to reshape learning in the fall.

      Mike Petrucci / Unsplash

      Today on Stateside, how one Detroit emergency room physician is searching for answers and solutions to handling the coronavirus pandemic. Plus, what would it mean to safely reopen the state.

      Downtown Ann Arbor
      Katie Raymond / Michigan Radio

      Some politicians and businesses are pressuring Governor Gretchen Whitmer to reopen the economy. Republican legislative leaders have a plan to phase in business operations.? It’s very difficult to make an informed decision about opening the economy because no one has enough data to know exactly how risky it could be.

      Lester Graham / Michigan Radio

      The unemployment rate is rising because people are losing their jobs due to the COVID-19 pandemic. But, there are new jobs opening up.

      Retailers Wal-Mart and Amazon are looking for temporary workers. Fast food delivery services are hiring. Some pharmacies and medical supply companies need workers. Big chain supermarkets need people to keep the shelves stocked. In some cases small businesses are hiring too.

      Ford Motor Co. sign
      Mike Mozart / Flickr http://bit.ly/1xMszCg

      Today on?Stateside, the Big Three auto companies are rolling back operations in light of the COVID-19 pandemic. What does that mean for the state's economy? Plus, we talk to faith leaders about how they are guiding their congregants during the uncertainty of the COVID-19 outbreak.

      michigan quarter in a pile of change
      calvste / Adobe Stock

      The Michigan economy will continue to grow – but at a modest pace that won’t match the national economy’s growth rate. That determination comes from economists and state budget officials.

      They met Friday at the state Capitol. Their job is to agree on revenue numbers that Governor Gretchen Whitmer and state lawmakers will use to put together the next state budget.

      Ford Rouge Factory Tour in Dearborn
      Nicole Yeary / Flickr - http://j.mp/1SPGCl0

      One index of the Midwest economy is showing its lowest reading in a decade.

      The Midwest Economy Index tracks 129 indicators in five states: Michigan, Indiana, Illinois, Iowa and Wisconsin. It’s released by the Chicago office of the Federal Reserve each month.

      The reading for November was at -0.48, the lowest it’s been since 2009.

      GM towers
      Elishia Jayye / Unsplash

      There won’t be a national recession in the next couple of years, and Michigan should see some moderate job growth, continued low unemployment, and even a rise in local incomes. At least, that’s what economists from the University of Michigan are predicting in their big 2020 forecast, which they presented to Lansing in November.

      time sheet on desk
      designer491 / Adobe Stock

      Governor Gretchen Whitmer says Michigan will change its labor rules to ensure almost 200,000 salaried workers become eligible for overtime pay. Her plan would make Michigan’s overtime rule more generous than the federal standard.

      Two auto workers on an assembly line
      AUTOMOTIVEAUTO.INFO

      A recession may be on the way in the U.S. - and it may already have arrived in Michigan.

      Charles Ballard is an economist at Michigan State University.

      He says there has been essentially no job growth in Michigan in the first half of 2019.

      Dollar General parking lot
      Wikimedia Commons / http://bit.ly/1xMszCg

      ?

      In 2010, there were 247 Dollar General stores in Michigan. Now there are more than 500.?

      ?

      And many of the new stores are located in rural areas and small towns in Northern Michigan.?

      Kaye LaFond / Michigan Radio

      About 7,000 Michigan workers went through a layoff in 2018, according to data from the state. That number was about the same as in 2017.

      The list doesn’t include everyone who lost a job for the year. And, overall, the state gained more jobs than it lost in 2018.

      Steve Carmody / Michigan Radio

      Economists are predicting Michigan’s economy will slow down in 2019.

      Charles Ballard is an economist at Michigan State University. He says there are growing signs that the U.S. economy could be headed toward a recession.

      “I’m not painting a picture that this is going to be 2009 all over again,” says Ballard. “But I do think caution would be warranted when we look forward to 2019.”

      Ballard is concerned auto sales have plateaued. He does expect continued growth in Michigan’s health care and tourism industries.

      hurricane michael satellite image
      NOAA

      This week, Stateside has been bringing you a series of conversations about the recent National Climate Assessment, a report compiled by 13 federal agencies that breaks down how climate change is projected to impact different regions of the United States.

      Andrew Hoffman is a the Holcim Professor of Sustainable Enterprise at the University of Michigan’s Ross School of Business. He joined Stateside to talk about the risk climate change poses to the economy, and how that risk might help convince people skeptical about climate change to change their mind.?

      Daniel Howes / Detroit News

      Judging by conventional wisdom and all-knowing polls, President Donald Trump and his Republicans face a historic wipeout in the coming mid-term elections.

      But if you accept the Clintonian notion that “it’s the economy, stupid” such thinking may be just a bit too conventional.

      Haleem "Stringz" Rasul dances with Zimbabwe dancer Francis "Franco Slomo" Dhaka during a trip to Zimbabwe
      Zimbabwe Cultural Centre of Detroit

      On today’s Stateside, we answer your questions about what happens if Michigan voters legalize recreational marijuana. And, the story of broadcast executive and former Detroit Tigers owner John Fetzer’s exploration of new-age spiritual movements.

      Jason Henry / The California Sunday Magazine

      Some start-up tech companies are skipping the cutthroat atmosphere of Silicon Valley and instead opting for the Midwest.

      Matthew Shaer wrote an article about that trend for The California Sunday Magazine. He joined Stateside to discuss what attracts tech companies to the Midwest, what differentiates Midwestern tech culture from that of Silicon Valley, and how the tech boom is reshaping the Midwestern economy.

      Job application and pen
      flazingo.com / http://j.mp/1SPGCl0

      When it comes to unemployment insurance, Michigan is the worst state in the Midwest for unemployed workers. A recent report from the Michigan League for Public Policy says the maximum benefits paid to the state's unemployed workers are the lowest in the region.

      This Week in Review, Weekend Edition host Rebecca Kruth and senior news analyst Jack Lessenberry talk about what Michigan needs to do to clean up its act.


      Courtesy of Tim Mroz

      The Next Idea

      West Michigan is one of the most economically healthy regions in our state. It’s been cited as the fifth fastest-growing city in the country.

      By digging into what’s made West Michigan such a good place for businesses to take root and grow, other communities might find something to learn.

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