Updates About Economy

Governor Gretchen Whitmer recently delivered her latest “Road Ahead” address in Flint, where she outlined a bold plan to position Michigan as a national leader in semiconductor manufacturing. With the critical role that chips play in everything from smartphones to national defense systems, this industry offers a long-term source of stability for Michigan’s economy.

Components of her plan include securing a semiconductor fabrication facility, commonly referred to as a “fab,” by the end of her term, and investing in skilled, lucrative jobs for Michiganders. Through these efforts, she hopes to attract other large manufacturing projects and eventually establish a complete semiconductor manufacturing ecosystem within the state. With existing investments from companies like SK Siltron and Hemlock Semiconductor already contributing to the state’s chip supply chain, the Governor sees a unique opportunity for Michigan to become a central hub in this high-tech sector.

The state’s next Consensus Revenue Estimating Conference (CREC) will take place on Friday, May 16, 2025, at 9 a.m. in the Capitol Building’s House Appropriations Committee Room.

At the conference, state fiscal agents and economists will present updated forecasts for the federal and Michigan economies, along with revised revenue projections for the remainder of Fiscal Year 2025 and the upcoming ’26 and ’27 fiscal years. The official revenue estimates, which guide the state’s budget process, will be agreed upon by the State Treasurer or State Budget Director, the Director of the Senate Fiscal Agency, and the Director of the House Fiscal Agency.

The CREC will be available to watch live here on the day of the event.

Michigan’s seasonally adjusted unemployment rate inched up to 5.4% this February, a 0.1 percentage point increase from January, according to the Department of Technology, Management, and Budget (DTMB). While total employment grew by 2,000 jobs, the number of unemployed individuals rose by 6,000, contributing to the uptick. The state’s labor force and payroll jobs have expanded in early 2025, with manufacturing adding 7,000 jobs after months of decline. However, private education, health services, and leisure and hospitality sectors each saw job losses of around 3,000. Michigan’s unemployment rate remains above the national average of 4.1%.