Fiscal Year 2012 - 2013 RECREATIONAL AND - State of Michigan - michigan-2025

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Fiscal Year (FY). A 12-month accounting period that may not coincide with the calendar year. For the State of Michigan, the fiscal year begins October 1 and ends September 30.
We estimate that Michigans personal income per capita increased by 4.4 percent, or $2,700, last year, bringing it to $63,500. As broad economic momentum nears cruising speed, growth of Mich- igan personal income per capita averages 3.6 percent per year between 202526, even with the average pace from 201019.
In the fiscal year of 2024, Michigans state debt stood at about 43.84 billion U.S. dollars.
Michigan personal income slowed from 5.4% growth in 2023 to an estimated 4.9% in 2024. Payroll employment growth increased 1.8% in 2023 but rose an estimated 0.8% in 2024, which helped increase the unemployment rate from 3.9% in 2023 to an estimated 4.2% in 2024.
The Michigan outlook projects a slightly weaker employment picture than the national economy with softer employment growth and unemployment peaking at 4.9% in CY 2025 before dropping to 4.7% in CYs 2026 and 2027. Despite the recent deceleration, the Michigan economy is forecast to maintain moderate growth.
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Since I took office, we have passed six balanced, bipartisan budgets; paid down $22.2 billion in debt; upgraded the states credit rating; and built up a record balance in our school and state rainy day funds of $2.7 billion.
The General Government budget, including Revenue Sharing and Labor and Economic Opportunity (DLEO), represents 8% of the $58.5 billion state budget (adjusted gross) for FY 2019-20.

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