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Economy

Experts say COVID-19, supply chain problems and rising inflation seen as challenges for Michigan's economy in 2022

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steve carmody
/
Michigan Radio
Michigan auto assembly plant

Economists say Michigan’s economy faces several challenges in 2022.

Michigan State University economist Charles Ballard says COVID-19 is the biggest challenge.

“The course of the virus, especially the new omicron variant, that is one of the biggest determinants of whether we have a good year in 2022 or not,” said Ballard.

Other Experts point to rising inflation and supply chain problems as among the issues facing state businesses.

Zachary Cohle is an economist at Saginaw Valley State University. He says Michigan’s economy is ‘surprisingly strong.”

“Even if...the supply chain problems do persist, I don’t see that as a big stumbling block, especially for the auto industry which is so robust and strong currently,” says Cohle.

Rich Studley stepped down this month as the President/CEO of the Michigan Chamber of Commerce.

He says the last 18 months have been “very tough” on employees and employers across the state.

Studley says “sooner or later we’ll have to get COVID behind us and learn to live with it.”

He says Michigan’s foundations are strong and he’s optimistic about the state’s economy going into 2022.