LANSING― Michigan’s economic health ranked second-best in a national evaluation of states released today by Bloomberg, said Sen. Darwin Booher.
“This is outstanding news for all Michigan job providers and families. Most importantly, it is another illustration that the tough reforms we made earlier this year are working to recover a challenged state economy,” said Booher, R-Evart. “Today’s announcement follows an upgrade in our state’s bond rating outlook this summer. Both these highly respected business and economic experts agree that Michigan is on the road to recovery, and both send a positive message to prospective new job providers that Michigan is an excellent place to come and thrive.”
The Bloomberg Economic Evaluation of States considered indicators such as personal income, tax revenue, employment and housing prices in its analysis, placing Michigan second only to North Dakota, a state in the midst of an oil boom.
“Small businesses account for more than 70 percent of new jobs in Michigan, and it was recently reported that Michigan was first in the nation in small business loans,” Booher said. “Loans to small companies were up 47 percent from last fiscal year. This means job providers are accessing capital to expand and grow – which is tremendous news for our economy.”
According to the U.S. Small Business Administration, Michigan’s banks and credit unions led the country in providing government-backed small business loans from Oct. 2010 through Sept. 2011. During that time $689 million in small business loans went to businesses in a variety of industries in Michigan, compared to 1,406 loans worth $386 million in the previous year.
“Turning around our state’s economy from last to second-best is the result of tough reforms and a dedication to sound budget and economic principles. I am proud of the innovative and long-overdue changes we made to transform how our state government operates,” Booher said. “We passed a gimmick-free budget that gives us long-term stability, and made key reforms to create a business climate that encourages job creation. We said no to the status quo that failed us for a decade, and today’s news shows our blueprint for change is building a recovery.”