Out of 50 states, 37 states have a population of 2 million or more. Of these 37 states, Michigan is leading in economic growth within the United States. This growth is being measured through 5 equally weighted measures: employment, personal income, home prices, mortgage delinquency, state tax revenue, and the stock market performance of the state's publicly traded companies. This outstanding growth, the most in the state's history, has all occurred since the start of the pandemic in 2020. Non-farm payrolls have increased a shocking 25%, just shy of double the United States average; this leads the nation in wage growth. Another astounding factor is the unemployment rate dropping to just 5.6 from the pandemic high of 23.6%. The government had some of the best returns on bonds; they beat all neighboring states as well as the entire municipal market. While this growth will likely not last forever, for now, Michigan is on the rise.
It is great to see Michigan's economy doing so well. Hopefully they can maintain and control the growth that they are experiencing. Historically, Michigan once thrived as one of the largest producing state of American manufacturing. I wonder where they are finding their success, I assume it has shifted to the service industry.
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