State reports 19,500 jobs saved or created by federal stimulus
LANSING, MI – The state is reporting that since February about 20,000 jobs have been created or retained as a result of federal stimulus money.
The numbers come from a quarterly report the state files with the federal government. Michigan has received nearly $3.7 billion under the Recovery Act.
Leslie Fritz is with the state agency overseeing the stimulus money. She says Michigan's experience is similar to what has happened in other states.
"The goal was to help get states' economies to the other side of the recession, where the state's economy itself could take over and make sure that funding was adequate," she says.
The state has spent about $620 million of the stimulus dollars so far - that averages $31,000 for every job created or retained. That leaves about $3 billion unspent. But Fritz says the vast majority of what's left will be eaten up in the coming year by budget deficits.