WATCH: Bloomberg Highlights Gov. Gretchen Whitmer for Leading Michigan’s Historic Economic Recovery
Bloomberg: Gov. Whitmer “Can Take Credit for the Rebound”
Yesterday, former Bloomberg Editor-in-Chief Matthew Winkler published an opinion column praising Gov. Gretchen Whitmer for leading Michigan to “an economy that improved the most in its history since the pandemic began two years ago.”
“Michigan under Whitmer has become a standout for investors,” wrote Winkler, citing the state’s high bond ratings, Michigan companies dominating their sectors, and job creation. “‘The woman from Michigan’ can take credit for the rebound.”
The column also detailed how under Gov. Whitmer, Michigan’s economy continues to outperform the U.S. economy, noting: “Non-farm payrolls since April 2020 surged 25%, almost double the 14.3% U.S. average and leading every state in the nation.”
This comes just weeks after Governor Whitmer landed the largest investment in General Motors history, which will create 4,000 new jobs.
Read key excerpts from the column below:
“That woman from Michigan” is the T-shirt worn by the 49th governor of the 10th-largest U.S. state after President Donald Trump berated her for ordering some indoor business services closed in 2020. Michiganders were among the most afflicted by Covid-19 as the coronavirus put more people out of work since the Great Depression.
Whitmer today presides over an economy that improved the most in its history since the pandemic began two years ago. The Wolverine State’s second woman governor (Jennifer Granholm served from 2003 to 2011) outperformed the U.S. when Trump was in the White House and continues to do so 15 months after voters rejected his bid for a second term. Trump promised during his 2016 campaign to rebuild Michigan manufacturing, which deteriorated during his presidency and underscores his failure to win the state again in his re-election bid.
Michigan, whose 10,077,331 population is 2% greater than 9,883,640 in the 2010 census, was perennially near the bottom of the U.S. during the past two decades. Whitmer’s first year in the governor’s mansion marked the beginning of the biggest manufacturing boom since the recovery from the 2008 recession. Non-farm payrolls since April 2020 surged 25%, almost double the 14.3% U.S. average and leading every state in the nation. Michigan unemployment is 5.6%, down from a pandemic high of 23.6%.
The increase in tax receipts for the same period also was best in the U.S. as home values, mortgage health, personal income and publicly-traded equity of Michigan-based firms appreciated more than the U.S. average, according to data compiled by Bloomberg.
Michigan under Whitmer has become a standout for investors. In the market for local government debt, the state’s AA-rated bonds returned 5.6% (income plus appreciation) since April 2020, outperforming neighboring Wisconsin (4.3%), Indiana (4.7%) and Ohio (4.7%) as well as the entire municipal market (5.3%), according to data compiled by Bloomberg. Bonds issued by the Michigan Strategic Fund returned 15% while those of the Detroit Downtown Development project gained 14%, according to data compiled by Bloomberg.
In the stock market, seven of the 10 largest companies in Michigan by market value are among the top 10 global leaders in their industries. Detroit-based General Motors Co. and Dearborn-based Ford Motor Co. are No. 6 and No. 7 among the world’s largest vehicle makers. Midland-based Dow Inc. is the eighth-largest chemical products maker. Rocket Companies Inc., based in Detroit, is No. 2 in financial services.
Corporate Michigan under Whitmer marked an important milestone when Kalamazoo-based Stryker Corp., the world’s third-largest medical devices maker (in an industry Whitmer considers a 21st century leader), became the state’s biggest company by market capitalization, overtaking Dow, GM and Ford. Stryker, which added employees at an average annual rate of 10% during the past five years, will see a 7% increase in revenue next year, above the estimated 5.4% average of its peers, and can turn $100 of sales into $63 of profit, compared with $57 for its competitors. Stryker also is creating more jobs — employment increased 7.5% last year, topping the industry average of 5.8% — according to data compiled by Bloomberg.
During the eight years between the Great Recession and the end of 2016, Michigan’s manufacturing gross domestic product led the U.S. with 73% growth when the national average was 21%, according to data compiled by Bloomberg. Michigan manufacturing went into a tailspin after Trump was inaugurated, declining 4% over his term as No. 6 from the bottom among the 50 states.
“The woman from Michigan”’ can take credit for the rebound.