First Annual Lansing Regional Economic and Fiscal Outlook Held at Michigan State University
The event, which was coordinated between the Department of Agricultural, Food, and Resource Economics (AFRE) and MSU Extension, featured experts who shared their data and knowledge on emerging trends in the economy.
While the federal reserve seems poised for a soft landing and both the U.S. and Michigan economies are cautiously optimistic on averting a major downturn in 2024, it is imperative to keep the eye on the ball. To help local businesses, government, and individuals increase their knowledge, the first annual Lansing Regional Economic and Fiscal Outlook was held on October 5, 2023, at the Henry Center for Executive Development at Michigan State University (MSU). The event, which was coordinated between the Department of Agricultural, Food, and Resource Economics (AFRE) and MSU Extension, featured experts who shared their data and knowledge on emerging trends in the economy.
The meeting provided nearly 100 attendees with insight into the economic outlook for the Lansing regional area and state of Michigan for the upcoming year. Each of the three featured speakers highlighted a specific area:
- Steve Miller, Assistant Professor in AFRE and MSU Extension for Economic Analysis, presented the economic outlook.
- Eric Scorsone, Associate Professor in AFRE and MSU Extension Center for Local Government Finance and Policy, highlighted the regional fiscal outlook.
- Samantha Le, Associate and Retail Advisor with Martin Commercial Properties, provided an update on the outlook for commercial real estate.
Speaking to the group on the economic outlook, Miller shared with attendees, “The economic recovery since 2020 has been largely driven by consumers. The stimulus paychecks have helped, but as that money leaves and spending slows, the question becomes will the consumers suffer from a ‘spending hangover’?”
Scorsone added, “[The Michigan economy] has been inundated with a lot of one-time purchases across the state that have created revenue levels that has never been seen before in the state of Michigan.”
Overall, Miller, Scorsone and Le shared a positive outlook with the attendees. Through their data, they alluded to a soft landing, steady growth in employment, commercial real estate, and state revenue sharing, as well as a cautious and optimistic warning to the Michigan economy having a good recovery.
Scorsone wrapped up the presentations by saying, “I think we are in a turbulent time. With student loan repayments starting back up, a looming government shutdown, and an upcoming election year, we will need to tighten budgets and may experience slower revenue growth along with a high degree of economic uncertainty.”
If you are interested in attending the Lansing Regional Economic and Fiscal Outlook next year, reach out to MSU Extension for further information.
This year’s event was sponsored by Dr. Mark Skidmore, Professor in AFRE and the Morris Chair of State and Local Public at MSU.