Report: Michigan Recovering At 2nd Fastest Pace
LANSING (WWJ) - A new reports says Michigan's economy is recovering from the recession at the second fastest pace in the country.
The Bloomberg Economic Evaluation of States index tracks growth by evaluating six factors and weighing them equally.
Governor Rick Snyder commented on the report in a press conference on Wednesday.
"The statistics are based on tax collections, personal income, unemployment, home prices, mortgage foreclosures, stock performance of public companies, a wide array of things," Snyder said. "So, I think that it's a very broad-based index that does give an indication over overall health."
"I think it's a very positive thing to say that Michigan was near the bottom and we're going in a very positive direction," he said.
According to the index, the Motor City was topped only by North Dakota, where an oil boom is raising incomes and boosting government coffers at the nation's quickest rate. California, Massachusetts and Illinois round out the top five.
Meantime the Michigan Economic Development Corporation President says the high recession-recovery ranking will allow the state to be more aggressive in pursuing business growth opportunities.
