Saturday, March 3, 2012

Washtenaw County: Economic Outlook

Recently Plante Moran CRESA and the Michigan Economic Development Corporation predicted a positive economic future for Michigan and the Ann Arbor area in an article published by AnnArbor.com.

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The report indicates that for various reasons the outlook is good for Washtenaw county. Those reasons include dropping unemployment rates, auto sales that are recovering after the bailout and entrepreneurship that is ready to expand.

Plante Moran said that these positive changes have come after the real estate bubble burst in 2008.

“We’re getting new equity, the economy is improving and we are going to see some rent appreciation, and banks are starting to get back to lending at some historic levels,” said Bill Lichwalla of Plante Moran.

Cam McCausland, also of Plante Moran, added that, “The market size dictates recovery. There has always been relatively slow growth [in Ann Arbor]…at least we didn’t have a huge amount of inventory to deal with”.

Big problems facing the state will be the retention of young people as workers and tax payers in the state. Michael Finney of the Michigan Economic Development Corporation said, “We need to create vibrant, urban environments where young people want to live".

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