Michigan’s unemployment rate dropped to 8.5 percent in March – down from 8.8 percent in February — with total employment increasing by 21,000.
“The bold reforms made to Michigan’s business climate by Governor Snyder and the Legislature are working,” Michigan Economic Development Corp. President and CEO Michael A. Finney said. “We are reinventing our state in a way that works better for everyone and moving forward with a new economic certainty that is very attractive to investors and businesses making new location and investment decisions.”
The unemployment rate for March is the lowest since August 2008 and marks eight straight months of improvement.
Finney said that all that’s happened here of late is catching the nation’s attention. Michigan’s new, competitive business tax has propelled the state’s corporate tax ranking to seven from 49 in the nation and overall tax rank to 12 from 18.
Confidence that Michigan is on the right track helped to create 80,000 private-sector jobs in the state last year. Newsweek ranked the state No. 1 for job growth in August, Bloomberg ranked Michigan’s economic health second in the nation and CNN called Detroit the next Silicon Valley. In February, the Federal Reserve projected Michigan on track to lead all other states in job growth over the next six months.