Anchored primarily by growth in manufacturing and services, Michigan continues to outpace other nearby Great Lakes states.
That’s according to the findings of the most recent Midwest Economic Index (MEI), released on Tuesday by the Federal Reserve Bank of Chicago, highlighting the month of December.
The weighted index of 129 state and regional indicators showed Michigan’s broad economic performance in the areas of manufacturing, construction, services and consumer spending increasing to +0.19, far outpacing Indiana’s climb to +0.04 and beating out Illinois, Iowa and Wisconsin, which all decreased.
Manufacturing and services accounted for the majority of Michigan’s economic activity while construction increased slightly and consumer spending was flat.
All told, the MEI increased +0.06 in December 2016, up from -0.02 in November. Meanwhile, the relative MEI — which aims to provide a picture of the Midwest’s economic health compared to the rest of the nation — decreased to +0.12, down from +0.19 the previous month.
“December’s value for the relative MEI indicates that Midwest economic growth was slightly higher than what would typically be suggested by the growth rate of the national economy,” the Fed report stated.