Report: Michigan economy growing, but issues ahead
A top economist says Michigan’s economy is at its strongest point in seven years, but he expects growth to begin flattening out.
Robert Dye is the chief economist with Comerica Bank. His mid-year Michigan Economic Activity Index looks at home prices, payrolls, exports and a variety of other economic factors.
Dye says strong auto sales have powered Michigan’s economy since the Great Recession. But he believes auto production has plateaued.
“More of the growth is going to come from the services side of the economy, from real estate markets as prices continue to firm and that sort of thing….and a little bit less push from the manufacturing sector,” says Dye.
Dye does not expect Michigan’s economy will contract, but he does expect its economic growth rate will slow in the second half of the year.