Photo courtesy of Sharon McCutcheon
September 12, 2019: Sam Knef, 3 WWMT West Michigan
Some national data suggests Michigan might be recovering faster than most states from the COVID-19 pandemic’s economic downturn.
A business index created by Moody’s Analytics and CNN Business showed how close each state’s economy was to its pre-pandemic level.
Michigan ranked 10th on the Back-to-Normal Index as of Saturday, Sept. 12, 2020.
The economy in Michigan was operating at 86% of where it was in early March, according to the numbers, compared to 80% back to normal for the U.S. as a whole.
The index takes a variety of factors into account, like jobs, real estate, investments and leisure.
Nine percent of Michigan’s labor force had ongoing unemployment claims, which was around the middle of the pack among states. Michigan had a 4% decrease in hours worked at small businesses compared to pre-pandemic.
Selling homes was harder during the pandemic, according to the data. Michigan had 5% fewer homes listed the week of Sept. 12 compared to the same week in 2019, which put the state in good standing compared to other states.
Michigan had 35% fewer restaurant reservations in September than in March, but that was a better rate than all except five states. New York, for example, had 75% fewer reservations.
Michigan had 25% less hotel occupancy during the week of Aug. 19, 2020, compared to the same week in 2019. This percentage change was about the average among states.
Experts said the success of Michigan’s main industries like manufacturing and development, the prospect of extra stimulus funds, and the election would play a big part in how the state’s economy held up moving forward.