Lansing economist Patrick Anderson and one of his consultants, Scott Watkins, have a new book that benchmarks the economies of all 50 states. Among the data of interest to Michigan readers:
1. In recent years, there’s been a tax shift in Michigan, resulting in a smaller portion of government spending paid for with corporate income taxes and a larger portion of government spending covered by property taxes. In 2001-02, property taxes accounted for 32 percent and corporate income taxes accounted for 6.7 percent of $30.7 billion in total state and local tax revenue. By 2003-04, Property taxes accounted for 35.8 percent and corporate income taxes accounted for 5.5 percent of $33.5 billion in total state and local tax revenue.
2. Michigan’s total state and local taxes per capita came to $3,313 in 2004, ranking Michigan 24th in 2003-04.
3. Per capita income in Michigan rose only 10.8 percent from 2000-05, placing the Great Lakes State 49th. Top states, such as South Dakota, New Mexico, Montana, and Wyoming, all experienced personal income growth of more than 25 percent in that period. But Michigan wasn’t far behind some so-called boom states, including Washington (10.9 percent), Georgia (11.4 percent) and even California (13.6 percent).
4. Michigan is expected to gain about 900,000 new residents by 2025, a growth rate much slower than much of the country. If projections hold true, Michigan will drop from 10th from 8th in the list of most populous states, falling behind North Carolina and Georgia.
5. Some 64.2 percent of Michigan voters participated in the 2004 presidential election, good for 11th highest participation nationwide. That’s 10 percentage points behind leader Minnesota, where three out of four registered voters went to the polls in 2004.
If those comparisons make you curious, you can pick up a copy of “The State Economic Handbook 2008″ on Amazon.com for $69.95.
