A new U.S. Census Bureau report says Michigan’s already dire economic plight got worse as the nationwide recession kicked in.
Figures released Monday show Michigan was one of five states where median household incomes fell between 2007 and 2008.
Michigan’s median income dropped from $49,807 to $48,591 during that period, good for a national ranking of 31st among all states.
The report also says the value of Michigan’s median owner-occupied home dropped $7,700 between 2007 and 2008.
University of Michigan researcher Don Grimes says many economists predict the recession will bottom out within the next year. But he says it will take considerably longer for things to turn around in Michigan because of its reliance on the ailing auto industry.