The first half of 2008 has brought little change for Michigan’s economy. In the midst of these difficult financial times, businesses and residents have been adapting to the circumstances in order to secure a future for themselves, which, in turn, will improve the future of the state.
Taking advantage of the decreased cost of real estate, many companies and residents have opted to purchase property instead of leasing. General Motors Corporation not only celebrated its centennial this year, but made the move to purchase the Renaissance Center in Detroit, which has been its headquarters since 1996.
Attempting to boost the state’s long-term economy, Michigan’s government has offered tax incentives for film companies and has developed a strategy to establish an alternative energy business base in the state.
Employment Update
With the unemployment rate rising to 8.5% in May, Governor Granholm took steps to sign an emergency unemployment compensation agreement. Under this agreement, workers who exhaust their regular state unemployment insurance benefits would receive up to 13 weeks of federally-funded benefits.
In keeping with the “No Worker Left Behind” program started last year, $384,000 was recently allocated to assist dislocated workers in Macomb and St. Clair counties. Additionally, the State of Michigan’s website now has a “Save Money” site dedicated to providing access to all of the money-saving resources the state offers.
