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Despite the effects of the COVID-19 pandemic, Michigan’s economy isn’t in as bad as economists first thought.
During the state’s Consensus Revenue Estimating Conference, it was said that Michigan had a stronger than anticipated recovery.
Federal COVID-19 recovery aid, consumer spending, manufacturing and the auto industry have all helped Michigan’s economy.
This past May, at the state’s second revenue conference, the state was looking at a $6.3 Billion loss for fiscal years 2020 and 2021.
Now it looks as if the state might lose $3.4 Billion.
This gives Governor Whitmer room to negotiate with the legislature, as they prepare to hammer out next year’s budget.
The state’s annual budget is approximately $58 Billion a year.
