Month: August 2020

Michigan’s economy is stronger than expected during a pandemic. Thank the stimulus.

Michigan economy / By

In total, these payments were equivalent to about 8.5% of the state’s annual personal income, or about $ 4,350 per person. Economists estimate that residents spent up to 75 percent of that money, rather than saving it. Michigan consumer spending is now above january levels and above the national average, in large part due to …

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Report: Michigan Economy Suffers More Than Most States

Michigan economy / By

COVID-19 pandemic and resulting economic contraction is affecting Michigan more than many other states, says new investigation by Comerica Inc. Regional economists at the Dallas-based bank report that Michigan’s GDP fell at an annualized rate of 41% in the second quarter. During the same period, U.S. GDP declined at an annualized rate of 32.9%, while …

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Restrictive immigration policy hurts Michigan economy

Michigan economy / By

The spring and summer of 2020 saw a dramatic acceleration in the Trump administration’s measures to restrict the entry of immigrants to the United States. Following the onset of the coronavirus pandemic, the White House issued a series of proclamations that effectively restricted entry to the United States from many countries, including Brazil, Iran, and …

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West Michigan Community Bank opens new branch

Michigan community / By

A Hudsonville-based bank is opening its seventh branch this month. Hudsonville-based West Michigan Community Bank announced it will hold a groundbreaking ceremony on August 20 with representatives from the Grand Rapids Chamber of Commerce for its new retail and commercial lending center located at 4797 Cascade Road SE, in the Cascade region of the Township …

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West Michigan Community Bank Continues Expansion of Grand Rapids Area

Michigan community / By

West Michigan Community Bank has expanded its footprint in the Grand Rapids area with a new office in the Township of Grand Rapids. The new location on Cascade Road is home to the company’s newest retail banking office in Hudsonville, as well as business lending and wealth management staff. The office that opened this week …

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