Michigan Incomes Surged in 1994 Revised Figures Rank Michigan 4th Nationally in Income Growth Revised figures for 1994 released today by the United States Commerce Department Bureau of Economic Analysis show that personal income in Michigan grew by 7.6 percent -- nearly twice the national average.
Nationally, Michigan ranked 4th behind Iowa, South Dakota and North Dakota. "Our economic strategy of cutting taxes to create jobs is paying off," said Governor Engler. "More high-paying jobs mean better incomes, stronger families and a healthier Michigan." In 1994, per capita personal income in the United States grew by 4.3 percent. In the Great Lakes states, the increase was 5.8 percent. With the substantial increase in 1994, personal income in Michigan surpassed the national average for the first time in a decade. The revised figures put Michigan 2 percent above the national average. The personal income statistics follow a number of other positive economic developments:
Money Magazine ranked Michigan number one in the nation in economic health. In addition, because of tax cuts, all nine Michigan cities moved up substantially on the magazine's list of the nation's best places to live. For example, Lansing moved up from 282 to 96 and Ann Arbor moved up from 180 to 33.
In July, Michigan's unemployment rate dropped to 5.1 percent from 6.2 percent in June -- the lowest unemployment level recorded for July in 30 years. During the month, the number of Michigan men and women without jobs fell by 55,000.
With the 5.1 percent rate, Michigan tied Illinois for 3rd best
among the nation's 11 largest industrial states. Only North Carolina
and Ohio had lower rates -- 4.0 percent and 4.9 percent respectively.
And over the past year (June '94 - June '95), Michigan companies
have created 18,000 manufacturing jobs one out of every seven
manufacturing jobs created nationwide. These high-paying jobs
are being created in Michigan at a rate more than two and one-half
times the national average.
Unemployment Rate Plunges to 5.1% Lowest July Unemployment Rate on Record The United States Bureau of Labor Statistics announced today that Michigan's unemployment rate dropped to 5.1 percent in July -- the lowest July rate on record. The next best rate was 5.6 percent in July 1973. In June, the rate was 6.2 percent. The U.S. average climbed from 5.6 percent in June to 5.7 percent in July. "Michigan's economic fundamentals continue to look good," said Governor Engler. "Our budget is balanced, taxes are down and employers are creating jobs and building new factories." With the 5.1 percent rate, Michigan tied Illinois for 3rd best among the nation's 11 largest industrial states. Only North Carolina and Ohio had lower rates -- 4.0 percent and 4.9 percent respectively. The good job news adds to a number of other recent positive economic developments in Michigan, including:
Governor Engler Praises Sister-State Relationship Between Michigan and Japan's Shiga Prefecture Highlights Many Cultural and Economic Links in a Global Economy Governor John Engler today in Otsu City, Japan, praised the thriving sister-state relationship between the State of Michigan and Shiga Prefecture.
The Governor made his remarks as part of a five-day trip to Japan, during which he is visiting Shiga Prefecture and Tokyo to discuss trade relations and other issues of importance to American and Japanese citizens. "On this historic date -- a date of the utmost significance to both our nations -- it is worthwhile to reflect upon how, over the past fifty years, our two governments have drawn closer together, our two economies have become interdependent, and our two peoples have forged strong bonds of friendship," Governor Engler said to Shiga's Governor Inaba and others gathered at a reception. The Governor predicted that the relationship between the United States and Japan will deepen in the coming years. "Our economies are interconnected, and both our peoples want to reach out to one another in a spirit of cooperation and friendship."
In the 27 years since the late Governor George Romney and Shiga's late Governor Kinichiro Nozaki signed an agreement making Michigan and Shiga sister states, numerous exchanges and goodwill missions have forged strong bonds of friendship. "Thus far," Governor Engler said, "a total of 1,584 citizens have gone to Michigan, and 644 Michigan citizens have come over to Shiga. Such goodwill missions are critically important in our global economy. They build cultural bridges whose value cannot be captured in terms of GNP or trade statistics." On November 14, 1968, the late Michigan Governor George Romney and Shiga's late Governor Kinichiro Nozaki signed an agreement making the State of Michigan and Shiga Prefecture sister states. In a joint statement issued on that date, they expressed the hope that "the two states would deepen their mutual understanding despite the vast land and sea between them." "I do not think that either Governor Romney or Governor Nozaki would have been disappointed by the progress we've made these past 27 years," Engler said. "Michigan and Shiga are learning much of value from one another, and that is critically important in our interconnected global economy."