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The 40th annual Economic Outlook luncheon held Thursday told a two-fold story about Oakland County.
The report from the University of Michigan economists revealed Oakland County, like the rest of the state, is not immune from the challenges facing the country.
And the headwinds created by the evolving federal policy on tariffs is of particular concern for Michigan and Oakland County because of the importance of the local automotive and manufacturing sectors.
But what we have done is face these uncertain times with innovation and investment. That’s what we’re about – coming up with ways to deliver excellent service to our residents and give them and our businesses the tools they need to succeed.
The report acknowledges that Oakland County’s fundamentals are strong and our path during tumultuous times will lead to economic strength. We have a well-educated workforce, which is only getting stronger thanks to initiatives like our Oakland80 program. Within three years, this program has helped boost the number of residents with a college degree or certified training from 61 percent to nearly 70 percent today.
That level of skilled workers translates into higher-than-average wage gains in the county. The projected real wage growth over the next two years in Oakland County is $77,300, $8,000 higher than the statewide average.
And our fiscal policy, which includes a three-year rolling balanced budget, an AAA bond rating and high levels of reserves, continues to help us weather the economic bumps in the road we might encounter.
This observation from the economists is especially revealing: “We remain cautiously optimistic, but the road to full recovery will likely feature some twists. In the long run, however, Oakland’s strong fundamentals should win out over these short-term challenges, allowing it to remain one of the most prosperous local economies in the country.”
Yes, we, along with the rest of the state, have challenges on the horizon. The implications of the state and federal policies impact all of our decisions and allow us to be creative with our strategies.
We can invest in our businesses and residents and collaborate with partners to provide the tools for success. And we can ensure that our economic growth is accessible to all residents and businesses and sustainable in the long run. We are confident that our core strategies will address these short-term challenges.
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