Michigan Economy, Tax Revenues Projected To Grow Modestly

LANSING (AP) – Continued economic growth will ease the ability of Gov. Rick Snyder and lawmakers to enact a new state spending plan.

The administration and legislative experts agreed Thursday that tax revenues in Michigan’s two biggest accounts will grow by about 2.8 percent this fiscal year and 2.5 percent the next budget year. That is about $144 million more combined than projected at the last revenue-estimating meeting eight months ago.

The figures are being welcomed as positive news. But officials also are cautioning that job gains — which have occurred for seven straight years — will slow and there is uncertainty over what policy changes could be coming under President-elect Donald Trump.

The consensus figures will be used by Snyder to propose his next budget in February.

© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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