It isn't good and many more jobs are leaving - my guess is all the announcements haven't been made as to what's shutting down, and yes many are automotive related.
try this link:
Michigan Economy at a Glance
In the survey of data found here:
America's Top States for Business 2007- CNBC.com
Michigan was rated 41st
and from the Detroit News in June 2008:
Wednesday, June 13, 2007
Worst yet to come for Michigan economy
'A lot needs to go right for the state economy to bottom out,' Comerica's chief economist says.
Louis Aguilar / The Detroit News
Michigan is quickly becoming a "relatively poor state" that is likely to get poorer unless the auto industry rebounds to pull the economy out of its "one-state recession," according to Comerica Bank's chief economist.
The analysis released Tuesday by economist Dana Johnson echoes recent gloomy assessments from other experts and is sapping hope that Michigan will halt its long slide.
Johnson backed away from predictions he made last year that the state's job losses, distressed real estate market and declining population might begin to trend upward this year.
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"A lot needs to go right for the state economy to bottom out," Johnson wrote. "Michigan's one-state recession is now three years old and counting."
Last year, Michigan was the only state with a shrinking gross domestic product, or GDP, Johnson noted. GDP is the value of all goods and services produced in the state, and in 2006 it fell 0.5 percent, while the national GDP grew 3.4 percent. In 2003, Michigan's GDP ranked 23rd in the United States. Last year it fell to 35th.
Johnson's new report doesn't predict when the state may catch up with the rest of the nation. Not only would the U.S. economy -- beset by high gas prices, slowing growth and a deflating real estate bubble -- need to get stronger, but Detroit automakers would need to halt their market share slide and return to profitability.
"Even if all that occurs, the recovery in the near term will be gradual," Johnson said in his quarterly Michigan Brief.
The report is the latest to find Michigan's economy in the grips of profound structural change, and to declare that how or when it will end is unclear. The state's economy is almost 700 percent more concentrated in the auto industry than the national economy. While the U.S. economy has been creating jobs for the past three years, Michigan has seen tens of thousands of jobs vanish.
"The Michigan economy remains stuck in a crater formed by the impact of the domestic auto industry," said the most recent University of Michigan economic outlook released in May.
A March Southeast Michigan Council of Governments report predicts losses in the auto industry will keep Metro Detroit mired in an economic funk.
If the forecasts are correct, the changes herald profound implications for health care, housing, education and government throughout the region and state.
The pain stems mainly from three industries: manufacturing, construction and government. They accounted for more than 80 percent of the state's GDP declines from 2003 to 2006, Johnson wrote.
The auto industry accounts for 6 percent of Michigan's GDP, yet its influence is devastating -- the loss of one auto job affects three others, Johnson noted.
The state lost 20,000 auto jobs from April 2006 to April 2007, the latest data available. Michigan also lost 26,600 nonauto jobs during the same period.
In the 1950s and '60s, Michigan was among the most prosperous states. Workers flocked here in hopes of getting good-paying factory jobs. In the mid-1960s, Michigan accounted for 4.5 percent of the country's overall population and had the ninth-highest U.S. per-capita income.
Today, Michigan makes up about 3.5 percent of the nation's population, and its $33,000 per-capita income in 2005 ranked 22nd among states, Johnson said.
But Detroit automakers are showing some signs of life. In May, buoyed by a surge in demand for cars, crossovers and fuel-sipping hybrids, U.S. auto sales jumped 5 percent.
General Motors Corp. sales rose 9.6 percent over last May, giving the automaker 23.7 percent of the domestic market. The Chrysler Group reported a 4.3 percent gain in May, for a 12.7 percent market share. Only Ford Motor Co. slipped, with sales falling 6.9 percent in May, giving it 16.5 percent of the market.
"It seems General Motors has leveled off. Ford and Chrysler are not losing dramatic market share," said Kim Hill, an economist with the Center for Automotive Research in Ann Arbor. "Most people like to say Michigan needs to diversify its economy. But the truth is Michigan really needs to diversify its auto base."