Business Watch

Michigan is likely to see higher costs of borrowing and an unemployment rate that climbs close to 5 percent, based on the change made Wednesday to cool inflation.

Several reforms were proposed Tuesday following findings that the Abbott factory in Sturgis had poor sanitary conditions and the FDA was slow to react to a company whistleblower complaint, contributing to a baby formula shortage this spring.

The retail giant is trimming its footprint across the country after a pandemic building boom overshot today’s market. Other companies, including FedEx, are also scaling back amid a drop in the global volume of shipments.

A tentative union agreement reached Wednesday night will keep the U.S. freight rail system running past the early Friday strike deadline. A strike would have been ‘a big deal’ to the state manufacturers and growers.

A shutdown would leave few alternatives for companies that rely on rail to move autos, produce, chemicals and other products in and out of the state.

Michigan’s second-largest city is beating both state and national averages on office vacancy, leaving business leaders optimistic that Grand Rapids can dodge much of the upheaval from pandemic-related market changes.

The days of record-setting prices and steep competition for houses changed this summer, with more price reductions and fewer home showings.  ‘It’s still a seller’s market,’ one broker said, but it’s unclear how long that will last.

The funding, approved this week, will cover just a portion of what’s needed to make the properties build ready. But it better prepares the state to compete for large-scale development deals that employ thousands.