Michigan economy, tax revenues projected to stay stable
LANSING, Mich. (AP) — Michigan’s economy will keep growing but at a slower rate, resulting in stable tax revenue growth at a time new Gov. Gretchen Whitmer begins working to put her imprint on state spending.
That is among the takeaways from Friday’s semiannual meeting where the state treasurer and legislative fiscal experts agreed to consensus economic and tax projections. The Democratic governor will use the numbers when drafting her first budget proposal, due to the Republican-led Legislature in March.
Economists gave a largely positive update to state officials but also warned of risks. U.S. auto sales are expected to dip, impacting a state that is bracing for job cuts at General Motors. Economists said Michigan’s strong labor market should help some workers who lose their jobs find work more quickly.