The Detroit Regional Chamber on March 24 presented its eighth annual State of the Region report. The findings in this year’s report showcased Michigan’s economic resilience through the COVID-19 pandemic and explored the complex relationship between consumers’ negative economic perceptions and their behaviors.

It also focused on racial disparities still plaguing the region and the urgent necessity to eliminate them for a more inclusively prosperous future.

At this year’s event, Charles Evans, the president and chief executive officer of the Federal Reserve Bank of Chicago, addressed attendees, offering additional insight into the national economic recovery from COVID-19 and state of the Seventh Federal Reserve District with a special focus on Michigan. 

KEY TAKEAWAYS

Michigan’s economy has proven resilient through the pandemic. 

There is much work to be done to eliminate troubling racial disparities. 

Consumer sentiment contrasts consumer behavior. 

Labor participation continues to be a challenge.