FOR IMMEDIATE RELEASE:
May 18, 2022
Contact: Press@michigan.gov
Governor Whitmer on Michigan’s Growing Economy, Low Unemployment
4.3% unemployment rate lowest since March 2020 and marks ten months of decreasing unemployment
LANSING, Mich. — Governor Gretchen Whitmer issued the following statement after the release of the latest economic numbers showing Michigan’s unemployment rate dropped again in April for the tenth month straight to a low of 4.3%.
“Thanks to our hardworking people and small businesses, our economy is growing and unemployment is at 4.3%, a pandemic-low. That’s something to celebrate. In the weeks ahead, I look forward to working across the aisle to enact a fourth balanced, bipartisan budget that invests in the kitchen-table issues that matter most to families, communities, and small businesses so we can continue growing our economy.
“Working families across Michigan should not have to worry about earning enough to pay the bills, afford medication, or put food on the table. That’s why I am focused on lowering costs and putting more money in people’s pockets.
“Tough times don’t last, but tough people do. I have no doubt that our hardworking people, innovative small businesses, and resilient communities will continue moving Michigan forward. Let’s all stay focused on lowering costs, growing our economy, and working together to get things done.”
Economy
According to Bloomberg, Michigan experienced its best economic recovery in history over the last two years. Michigan is #1 nationwide based on equally-weighted measures of employment, personal income, home prices, and stock market performance of publicly-traded companies. The state is also in the midst of a manufacturing boom, having added 21,600 auto jobs and counting since Governor Whitmer took office and many other high-skill, in-demand jobs in fields ranging from semiconductor chips to software to agriculture. Michigan is a standout for investors with bonds returning better rates than ever.
Cutting Taxes, Lowering Costs
In December, Governor Whitmer signed a bipartisan tax cut for small businesses, allowing small businesses owners to exempt more of their personal property. In her 2022 State of the State Address, Governor Whitmer proposed tax cuts for seniors and working families. She proposed a roll back of the retirement tax which would put an average of $1,000 back in the pockets of half a million seniors who worked hard and played by the rules. She also proposed tripling the Michigan Earned Income Tax Credit, which would deliver a combined $3,000 tax refund in the pockets of 730,000 working families. In addition, Governor Whitmer signed bipartisan legislation repealing the tampon tax. These tax cuts will put thousands of dollars back in the pockets of over 1.2 million households across Michigan, ensuring they are not as heavily impacted by price increases.
To save drivers money at the pump, Governor Whitmer called for a pause on the sales tax on fuel. A short-term pause is a fiscally-responsible action we can take that will provide drivers relief at the pump right now – not next year – while also protecting funding for road repairs and saving tens of thousands of good-paying construction jobs.
Economic Development
In December, Governor Whitmer signed bipartisan legislation empowering Michigan’s economic development with a fund to give the Michigan Economic Development Corporation, or MEDC, a new set of powerful tools to land some of the huge projects in their pipeline that would lead to billions in investment and tens of thousands of jobs. The legislation led to GM’s announcement of a $7 billion investment in Michigan building electric vehicles and batteries. It also set up a fund for small business relief, building on work the state has done since March 2020 to set up 23 economic relief programs and deliver over $240 million to small businesses in all 83 Michigan counties. In the same package of bills, the Governor also set up a grant program for small businesses left out of other pandemic aid.
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Governor Whitmer on Growing Economy and Low Unemployment - Michigan (.gov)
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