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WE'RE NUMBER ONE!!!! OH NO!

By
Real Estate Agent with LAR Notary and Closing Services

It has happened, Michigan has broken the tie and taken over the lead. We have now passed Rhode Island to be the state with the highest unemployment rate in the nation.

At 9.6% this is the highest it's been since 1992.

Our dependence on the auto industry has been a problem for many years now but nothing serious has been done to solve this problem. We are still not the business friendly state we need to be to attract business at a rate that will get us out of this.

Our state legislators are term limited which means that once they get the hang of it they are out and new rookies take their place. This seemed like a good idea at the time but I think we need to rethink this concept, or at least amend it to allow them a longer time in office than the two terms they now get.

Until Michigan is a more attractive destination for business we are going to have problems. The bailout of the auto companies is not going to help us. GM, Ford and Chrysler are going to be smaller companies with fewer employees in the future. We need to diversify our job base, and that means revamping the tax system here to attract new business.

Until then we are in for tough times.

Comments (7)

Goodbye Active Rain
Out of Real Estate

Terry,

For those who are unemployed now have endless opportunities for themselves.

Dec 27, 2008 09:18 AM
Tara Stone
eXp Realty - Alexandria Township, NJ
NJ Estates and Stables

looks like affordable housing will be the top sellers.  The market is down here, however homes under 300K are selling well.

Dec 27, 2008 09:31 AM
David M. Childress
Howard Hanna Real Estate Services - Akron, OH
I would love to be your RealtorĀ® in Akron Ohio!

Wow, did not know how high your unemployment was, I thought 6% was bad. Akron, Ohio was known as the rubber capital of the world over 30 years ago and then 35,000 jobs were lost out of a city of 210,000....ouch.....we reinvented ourselves and now we are polymer valley.....it will hurt though!

term limits suck!!!!

Dec 27, 2008 09:35 AM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Terry,

Not an easy fix...or a short term one either. With that kind of unemployment, the real estate market isn't going to be that vibrant.

Rich 

Dec 27, 2008 09:40 AM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

These tough times will surely inspire a new industry of some type to replace to slim, trim more efficient auto industry...what will it be?

Dec 27, 2008 10:18 AM
Lorrie Semler, REALTORĀ® in the Dallas area. Call/text 972-416-3417
HomeSmart Stars - Addison, TX
Real Service. Real Results. Real Estate

I can understand Michigan having high unemployment, but what's with Rhode Island?

Dec 27, 2008 10:27 AM
real estate real estate
Providence, RI

Terry, as you mentioned RI, I guess I have to say something. I think RI might be still No.1. Last time I heard, it is much more than 10%. It is just some people have totally given up the searching. That said, I feel sad for the car workers. I hope they can get help locating other jobs.

Dec 28, 2008 02:49 AM