As we start 2025, Michigan’s economy is kind of like a rollercoaster…except instead of thrilling loops and high-speed turns, it’s more like a slow-moving carousel that occasionally breaks down. There are some bright spots, but there are more than a few warning signs that might make you clutch your wallet a little tighter. Let’s check out some of the biggest economic trends shaping the Great Lakes State this year!
Here are Five Fast Facts on 2025 economic trends for Michigan:
- 💤 Job Snoozing - There have been a lot of new jobs promised in recent years, but apparently we hit the snooze button on that. Job growth lately has been about as exciting as watching paint dry. The state has been stuck at 4.5 million jobs since last April. Just five more minutes, please…
- 🤔 Population Schizophrenia - More people moved into Michigan in 2024…but more people also left Michigan in 2024. The end result is the state’s population increasing slightly, but it’s not enough to get us where we want (and need) to be. Maybe they finally got tired of dodging potholes.
- 🙈 Selective Vision - Michigan’s economy grew by 2.2% in 2024, which sounds pretty good…until you see that the national average was 2.7%. Um, yay?
- 💸 Light Wallets - The median household income in Michigan is $69,183. That’s only 37th in the nation. With a poverty rate of 13.5%, that means a lot of Michiganders are struggling to make ends meet. There’s just not enough spare change in the couch cushions to make up for that!
- 😢 Oh, What To Do? - Michigan lawmakers can take actions that will improve life for all of us. Making energy more reliable and affordable through less regulation, giving parents more control over their kids’ education – we spend 25% more now than a decade ago, for worse results – through competition, and cutting down on wasteful spending are a good start! We only suggest those things because they’ve been proven to work before. Just sayin’.
🔥Bottom line: If all else fails, maybe we could make snow removal a year-round tourist attraction, or turn pothole-dodging into an extreme sport and charge admission. The point remains: what we’ve been doing isn’t good enough, and Michiganders deserve better!
What do you think should be done?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
BTW, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
