As inflation starts to moderate, used car prices are falling faster than most consumer prices. Yet high interest rates, still-limited supply and other factors mean they’re unlikely to be considered ‘low’ again for many years.
Business Watch
Covering the intersection of business and policy, and informing Michigan employers and workers on the long road back from coronavirus. Our Michigan Economic Dashboard shows key metrics that show how the state is performing.
Posted inBusiness Watch
Audit: Michigan unemployment agency still struggles with COVID-era claims
The latest review of the state’s dysfunctional unemployment office found that problems with oversight and fraud investigation persist. The agency’s director accused the auditor of rehashing old issues and not giving the agency enough credit for reforms.
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Value of Michigan’s largest public companies dropped by over $120B in 2022
The decline among the state’s largest publicly traded companies is steeper than leading market indexes, with some companies — including General Motors and Ford Motor Co. — losing nearly half of their stock value.
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Grand Rapids tech firm is paying more to compete for software developers
As the country competes for software developers, West Michigan is pushing even harder. Jeff Williams of Atomic Object offers insight into how the work, recruitment and competition are changing as Michigan communities vie to become tech hubs.
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Census: Michigan’s population falls a hair in 2022
Michigan’s population declined by a few thousand, but experts say it should begin to grow again in a few years.
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Michigan braces for recession: What to watch, from inflation to home prices
This month’s data on inflation, interest rates and real estate all show how Michigan’s economy may be changing in 2023 as the state adapts to the national trends. Auto sales, though, could soften the blow.
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3M to stop making PFAS ‘forever chemical.’ Michigan asks what took so long?
The chemicals have been used in hundreds of household products for decades, even as more studies became public showing their danger to human health and ubiquitous presence in water. Michigan has hundreds of identified sites of PFAS contamination.
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New program gives SE Michigan an edge in hot industrial real estate market
A new tool to boost competitiveness for industrial land is under way in southeast Michigan. Communities can get property “verified” for marketing to site selectors, who are rushing to add space to support the EV industry.
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Upper Peninsula paper mill may see $1 billion manufacturing investment
The state approved a 15-year tax break on Tuesday for the mill in Escanaba. The Swedish company that owns the facility is considering the site as a ‘cornerstone’ of its U.S. expansion into more lucrative packaging products.
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Biz group: Michigan’s ranking falls to 31st in business competitiveness
The state is now in the bottom 40 percent when ranked on factors that feed competitiveness and prosperity, according to Business Leaders for Michigan. The state’s lagging workforce is likely to get worse in the years ahead.