Complete coverage of the Economic Forecast for Washtenaw County
Today's print and online editions of AnnArbor.com contain coverage of the annual "Economic Outlook Report for Washtenaw County."
It shows that Washtenaw County’s economic recovery is happening right now.
The county “hit bottom” in the fourth quarter of 2009 and the rebound - as measured by the number of jobs gained and lost - is occurring today, according to data generated for AnnArbor.com.
This economic forecast prepared for AnnArbor.com by University of Michigan economists George Fulton and Donald Grimes comes with the confidence of their successful track record of predicting annual job growth in Washtenaw County over 25 years.
The Outlook report says:
â€¢ Washtenaw County just stopped bleeding jobs for the first time in four years. â€¢ Job growth started in late 2009 and its momentum will gradually increase through 2011. â€¢ By 2012, job growth will total over 2,000 per year - the county’s average from 1990-2002.
“(It’s) good news,” Fulton said, “because we just finished four years of pretty substantial job loss.”
The gradual pace means that Washtenaw County will still have fewer jobs in 2012 than in 2008.
Yet the return to job growth means a return to economic stability for the county.
Melanie Maxwell | AnnArbor.com
“It will certainly benefit real estate, and everything else in the county, from retail and restaurants to car sales and entertainment spending. It will all benefit from job growth.”
While some industries will still suffer - and, as Fulton explains in our coverage, the unemployment rate will remain over 8 percent - the impact of the rebound will be felt across the region.
The report also provides statistical evidence to support hopes that Washtenaw County economy won’t get worse.
“I’m optimistic that (the report) is right: We’ve turned a corner, we’ve passed the bottom of the downturn and we’re starting to dig our way out,” said Lutton.