There’s some good news in a new ranking from CNN Money that says Michigan’s economy is one of the worst in the nation.
Four other states – Nevada, Florida, Arizona and Connecticut – are worse off, with economies far below what they were before 2007.
Michigan’s economy is still running 3 percent short of what it was in 2007, but that compares with Nevada, down 10 percent; Florida, down 7 percent; Connecticut, down 5 percent; and Arizona, down 4 percent.
Holding Michigan’s economy back from a full recovery are the collapse of the auto industry, the housing bubble burst, and crushing debt that sent Detroit into a historic bankruptcy and saddled many other local governments.
“The struggles of Michigan’s auto industry are no secret, and the sector continues to hold the state’s recovery back,” CNN Money said. “Its peaks are still behind it, with parts topping out in 2000 and vehicle manufacturing reach its height 24 years ago”
Vehicle manufacturing is still 28 percent lower than it was in 2007, but the larger car parts business shed only 7 percent of its labor force.
There are some other bright spots, marked by gains in the health-care sector, where jobs are up 6 percent, with 560,000 employed in the field.
The winners in the report?
- North Dakota, up 71 percent
- Oregon, up 22 percent
- Texas, up 19 percent
- South Dakota, up 18 percent
- Nebraska, up 15 percent