Economy expected to get better this year

Published: May. 11, 2020 at 5:54 PM EDT
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As bad as Michigan's economy is right now, one of the nation's top bankers thinks things in our state will start improving later on this year.

The head of the Federal Reserve Bank of Chicago briefed Mid-Michigan business leaders Monday, May 11.

He expects a slow economic recovery starting in July.

The CEO of the Lansing Regional Chamber of Commerce said there are some good signs.

"There's unknowns. Certainly, without question, there are unknowns with that but again with close to $3 billion worth of development projects underway in our region and seeing construction come back online last week, I think is the first step toward that. I think manufacturing is the second and then what and how do we bring the rest of the economy back on," said Tim Daman, Lansing Regional Chamber of Commerce.

We will find out just how bad of shape Michigan's budget is in when the state revenue-estimating conference is held Friday. A University of Michigan economist predicts the state will be $2.6 billion in the hole for the budget-year ending in September.

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