According to a Federal Reserve Bank of Chicago report 2012 was the year when the auto production in Michigan reached its highest level since 2007.
Last year auto production in Michigan increased 3.5% to 2.26 million vehicles, with 1.12 million units more than in 2009, when production fell to the lowest level seen in decades (1.14 million). Auto sales were up 13% to 14.5 million units compared with 2011 and 40% above 2009 (10.4 million units). According to the report Michigan’s total economic output is expected to increase 0.8% to $340 billion for 2012, 9% less compared with the 2006 level.
Although housing prices have seen a slight rebound, the average housing price in Detroit is still down 24% compared with the 2000 level and almost 50% less compared with the 2006 level. In Michigan average housing price has dropped 25% since 2006, with 967 housing starts in November, up 41% from 2011. Just to make a comparison, in 2005 Michigan started 4,560 homes a month.
“Michigan’s housing market is showing some minor improvement, which may be an indication that the housing sector is on the mend,” said Federal Reserve Bank of Chicago economist Paul Traub.
by Ana Cezara Savin
) - Saturday, January 12th, 2013 - filed under News
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