This week, the Detroit Regional Chamber’s Tax Policy Committee received an exclusive briefing from State Treasurer Rachael Eubanks on Michigan’s economic and fiscal outlook.
Treasurer Eubanks shared that Michigan’s economy is experiencing a strong recovery, with employment now above pre-pandemic levels and a robust labor force participation rate. The state’s vital automotive sector continues to see strong production and profits.
However, the Treasurer also outlined potential headwinds, including evolving federal tariff policies that could lead to a 1.8% decline in domestic vehicle production and an estimated 13,000 job losses in Michigan. The briefing also covered the state’s budget, noting that recent tax policy changes are projected to reduce revenues by over $1.4 billion in Fiscal Year 2025.
These direct conversations with state leaders provide Chamber members with critical intelligence to navigate the economic landscape. The Chamber will continue to leverage these opportunities to advocate for policies that enhance Michigan’s competitiveness. To get engaged with the Chamber’s policy committees, contact your engagement manager.