Gov. Whitmer's Statement on Michigan's Positive Economic Growth
LANSING, Mich. -- Governor Gretchen Whitmer issued the following statement after the U.S. Bureau of Economic Analysis (BEA) released state-by-state Q1 2021 GDP numbers showing Michigan at 7.6% growth.
"Michigan is poised for an economic jumpstart as we emerge from the pandemic together and put Michiganders back to work," said Governor Gretchen Whitmer. "The latest GDP numbers show that while we still have work to do, our laser-focus on building back better is working. Michigan's economy grew 7.6% in the first quarter of 2021, the best in the Midwest, higher than the national average, and among the top 10 states nationwide. Because of the decisive actions we took early on to combat COVID led by science and data, we saved lives and helped our economy recover more quickly. Our focus now is continuing Michigan's economic jumpstart by taking advantage of the unprecedented opportunity we have thanks to the billions in federal aid we have received under the American Rescue Plan and our $3.5 billion budget surplus. Together, we can put more people back to work, ensure small businesses thrive, and make lasting, transformative investments in our people."
In addition to the GDP numbers from the BEA, the financial ratings agency Fitch Ratings recently improved Michigan's general obligation bonds AA credit rating from a "stable outlook" to a "positive outlook." Additionally, as mentioned, the State of Michigan announced new revenue projections taking the state from a nearly $3 billion deficit to a $3.5 billion surplus. Both are affirmations that Michigan is headed in the right direction, saving taxpayers money by lower borrowing costs for upcoming bond issues.