A new report from Oakland University’s Jonathan Silberman shows that real median household income for both Southeastern Michigan and the nation remains substantially below the levels of 2008, when the Great Recession started.
“Even though the recession ended in June 2009, and the economic recovery is in its fifth year, household income has not recovered,” said Dr. Silberman, professor of economics.
Furthermore, the data show that real median household income in Southeast Michigan was above the U.S. at the start of the recession and experienced a more rapid decline than the nation. Though the region’s economic struggles have been comparatively more intense, Dr. Silberman also reports that recent trends indicate a more positive outlook for Southeast Michigan.
“The last two years are positive for income growth for Southeastern Michigan,” said Dr. Silberman. “The local region has experienced substantially more rapid growth than the nation and other regions in the Midwest.”
Read the original report.
Learn about Oakland University’s School of Business Administration at oakland.edu/business.