Last week, the University of Michigan’s Institute for Research on Labor, Employment, and the Economy released a regional employment study that showed an impressive growth plan for the area. The study covered Genesee, Lapeer, Livingston, Macomb, Oakland, St. Clair, and Shiawassee counties.
- Job growth is accompanied by slowly declining unemployment and relatively tame price inflation. The unemployment rate in the region, which has improved each year since 2009, will continue to drop from last year’s 9.4 percent clip to 9.1 percent this year, 8.3 percent next year and 7.3 percent in 2015. Inflation will hover around 2 percent or less throughout the forecast horizon.
- By 2012, Livingston had recovered all of the jobs it lost during the recession, and Lapeer is expected to do so by early 2015.
- The most rapidly growing counties on a percentage basis during the recovery period are Lapeer and Livingston, which is expected to add at least 1,500 new jobs each year through 2015.
Find the full press release at this link.