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MI BUDGET & ECONOMIC NEWS

Download Governor Granholm's 2010 State of the State Address
We have the full text available here >>

Michigan House Fiscal Agency Report
The nonpartisan House Fiscal Agency (HFA) has just released its annual economic projections for 2010 and 2011. The HFA is an agency that is part of the House that provides assistance and counsel on legislative fiscal matters. Click here for a copy of their latest report that projects continuing economic problems for our state in 2010. Reading this report will help you to better understand the tough decisions that will face state policymakers this year.

RSQE Forecast for 2010-2011
Each January, Michigan executive and legislative economic forecasters hold what is called the Consensus Revenue Estimating Conference.  This conference, which includes presentations from the highly esteemed University of Michigan’s Research Seminar in Quantitative Economics (RSQE), is intended to bring state executive and legislative branches into agreement as to what revenue the state will have to work with for the coming fiscal year before the budget process begins.  Unlike the federal budget process and those utilized by other states, where revenue estimates are made up as the budget is enacted, this approach ensures that all parties are aware and agree to revenue figures.

With Michigan’s current ongoing economic problems, these forecasts do not present a pretty picture.   RSQE estimates that the per capita wage and personal income growth ranking for Michigan has declined from 20th to 37th in 2008 and that by 2011 Michigan will further drop to 40th or 41st in the rankings.  They also forecast the state unemployment rate will remain above 14 percent through 2010 and 2011 while shedding more than 85,000 more jobs during that same time frame.  MOA extends thanks and appreciation to RSQE for allowing us to share their U.S. and Michigan-specific outlook presentations provided in the links below.

State of Michigan Outlook >>
US Outlook >>