DETROIT –– Just a few years ago, Doug Rothwell could look at various bits of Michigan’s economic data and see few paths that led to the state becoming a “Top 10” state.
Economic outlooks project modest growth in the U.S. for the rest of this year and through 2018, along with further increases in interest rates.
Higher interest rates during 2017 haven’t acted as a damper on commercial lending in West Michigan, although some lenders are seeing borrowers moving to fixed-rate business loans.
Economists expect Michigan to maintain economic growth in the coming year, albeit at a slower pace that will further tighten labor markets.
A handful of economic outlooks and surveys signal that Michigan’s economy should continue on an upward trajectory for the second half of this year and into 2017.