Senate Fiscal Agency economic forecast shows signs of improvement
LANSING, MI –
Economic forecasters at the state Capitol are preparing for a revenue estimating conference later this month. As Michigan Public Radio's Laura Weber reports, a legislative economist says things could be looking up just a little for Michigan this year.
The Michigan Senate Fiscal Agency predicts economic growth could pick up in 2014, but progress will be a bit sluggish until then. David Zin is an economist with the agency.
"You're going to have a pretty slow-growing economy for the next couple of years," he says. "So there will be growth, but it will be slow."
Zin says much of how the economy does over the next couple years depends on consumer spending. He says last year the state sales taxes grew faster than incomes.
He says that means people spent more even though their incomes remained flat or grew only slightly. Zin says that type of growth is not sustainable.