Michigan State Profile

Michigan prepares to issue additional business tax credits, resuming its incentives program for economic development projects; unemployment is among highest in US; state receives $38 million from Department of Labor to retrain workforce.

• State job growth fell 8.2% in August 2009 from a year ago; national job growth fell 4.4%.
• State unemployment averaged 15.2% in August 2009; the national average was 9.7%
• Personal income fell 3.6% to $339 billion in Q2 2009 from a year ago.
• Tax revenue fell 7.0% in Q2 2009 from the previous year.
• Exports fell 44.5% to $21.3 billion in the first seven months of 2009 from a year ago.
• Venture capital investment in MI fell 65% to $25.8 million in Q2 2009 from a year ago.