Economic Outlook for Michigan the Lansing East Lansing and Detroit Metropolitan Areas for 2015
DOWNLOADJune 30, 2015 - Steven R. Miller
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The Bureau of Labor Statistics (BLS) reported better than expected jobs gains in May, following robust first quarter gains. Since the January economic forecasts, this has led us to bump employment projections to 4,255,000 in 2015; projecting a year‐over‐year increase of 76,280 jobs over 2014. The BLS employment estimates for the first quarter showed surprisingly robust growth in goods production employment driven by strong gains in the transportation equipment manufacturing sectors. This could be a sign of good things to come, but we remain cautious for the rest of the year. Construction employment also experienced a sharp increase in the first quarter, as construction expenditures recover from prior years’ glut. All of this employment growth is going to lead to lower Michigan unemployment, where the annual average rate of unemployment is expected to be 5.2% for 2015.
Stronger than expected employment gains are setting the stage for increases in personal incomes through 2015. If the current trends continue, Michigan personal incomes should see a 5.3% boost come year end. With a stable population this will provide Michigan per‐capita personal incomes a boost by 5.2%.
