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FHA Loans in Michigan

About This State and its People, Places, and Industries

Michigan is a U.S. state located in the Great Lakes Region of the United States of America. The name Michigan is a French adaptation of the Ojibwe word mishigama, meaning "large water" or "large lake".

Michigan is the eighth most populous state in the United States. It has the longest freshwater shoreline of any political subdivision in the world, being bounded by four of the five Great Lakes, plus Lake Saint Clair. In 2005, Michigan ranked third among US states for the number of registered recreational boats, behind California and Florida. Michigan has 64,980 inland lakes and ponds. A person in the state is never more than six miles (10 km) from a natural water source or more than 87.2 miles (140.3 km) from a Great Lakes shoreline. It is the largest state by total area east of the Mississippi River.

Michigan is the only state to consist entirely of two peninsulas. The Lower Peninsula, to which the name Michigan was originally applied, is often dubbed "the mitten" by residents, owing to its shape. When asked where in Michigan one comes from, a resident of the Lower Peninsula may often point to the corresponding part of his or her hand. The Upper Peninsula (often referred to as "The U.P.") is separated from the Lower Peninsula by the Straits of Mackinac, a five-mile (8 km)-wide channel that joins Lake Huron to Lake Michigan. The Upper Peninsula is economically important for tourism and natural resources.

As of July 1, 2008, Michigan had an estimated population of 10,003,422, an increase of 64,930, or 0.7%, since the year 2000. As of 2000, the state had the eighth-largest population in the Union.

The center of population of Michigan is located in Shiawassee County, in the southeastern corner of the civil township of Bennington, which is located directly north of the village of Morrice.

As of 2005-2007 three-year estimates, the state had a foreign-born population of 610,173, or 6% of the total population. In recent years, the foreign-born population in the state has grown. Michigan has the largest Dutch, Finnish, and Macedonian populations in the United States.

As of the 2006-2008 American Community Survey, the racial composition was as follows:

• White: 79.6% (Non-Hispanic Whites: 77.5%)
• Black or African American: 14.0%
• American Indian: 0.5%
• Asian: 2.3%
• Pacific Islander: <0.1%
• Some other race: 1.6%
• Multiracial: 2.0%
• Hispanic or Latino (of any race): 4.0%

The five largest reported ancestries in Michigan are German (22.4%), African American (14.0%), Irish (12.0%), English (10.6%), and Polish (9.1%).

The large majority of Michigan's population is Caucasian. Americans of European descent live throughout Michigan and most of Metro Detroit. Large European American groups include those of German, Irish, French, and British ancestry. People of Scandinavian descent, especially those of Finnish ancestry, have a notable presence in the Upper Peninsula. Western Michigan is known for the Dutch heritage of many residents (the highest concentration of any state), especially in metropolitan Grand Rapids. Metro Detroit also has residents of Polish and Irish descent.
Dearborn has become the center of a sizeable Arab community, including many Lebanese who immigrated for jobs in the auto industry in the 1920s. About 300,000 people trace their roots to the Middle East which includes. African Americans, who came to Detroit and other northern cities in the Great Migration of the early 20th century, form a majority of the population of the city of Detroit and of other industrial cities, including Flint and Benton Harbor.
The Bureau of Economic Analysis estimated Michigan's 2004 gross state product at $372 B. Per capita personal income in 2003 was $31,178 and ranked twentieth in the nation. In May 2010, the state's seasonally adjusted unemployment rate was 13.6%, with an actual rate of 12.8% for the month, during a U.S. recession. Some of the major industries/products/services include automobiles, cereal products, pizza, information technology, aerospace, military equipment, copper, iron, and furniture. Michigan is the third leading grower of Christmas trees with 60,520 acres (245 km2) of land dedicated to Christmas tree farming.[45][46] The beverage Vernors was invented in Michigan in 1866, sharing the title of oldest soft drink with Hires Root Beer. Faygo was founded in Detroit on November 4, 1907. Two of the top four pizza chains were founded in Michigan and are headquartered there: Domino's Pizza by Tom Monaghan and Little Caesars Pizza by Mike Ilitch.

Michigan has experienced economic difficulties brought on by volatile stock market disruptions following the September 11, 2001 attacks. This caused a pension and benefit fund crisis for many American companies, including General Motors, Ford, and Chrysler. Since the early 2000s recession and the September 11, 2001 attacks, GM, Ford, and Chrysler have struggled to overcome the benefit funds crisis which followed an ensuing volatile stock market which had caused a severe underfunding condition in the respective U.S. pension and benefit funds (OPEB). Although manufacturing in the state grew 6.6% from 2001 to 2006, the high speculative price of oil became a factor for the U.S. auto industry during the economic crisis of 2008 impacting industry revenues.

During this economic crisis, President George W. Bush extended loans from the Troubled Assets Relief Program (TARP) funds in order to help the GM and Chrysler bridge the recession. In January 2009, President Barack Obama formed an automotive task force in order to help the industry recover and achieve renewed prosperity for the region. With retiree health care costs a significant issue, General Motors, Ford, and Chrysler reached agreements with the United Auto Workers Union to transfer the liabilities for their respective health care and benefit funds to a 501(c)(9) Voluntary Employee Beneficiary Association (VEBA). In spite of these efforts, the severity of the recession required Detroit's automakers to take additional steps to restructure, including idling many plants. With the U.S. Treasury extending the necessary debtor in possession financing, Chrysler and GM filled separate 'pre-packaged' Chapter 11 restructurings in May and June 2009 respectively.

Michigan ranks fourth nationally in high tech employment with 568,000 high tech workers, which includes 70,000 in the automotive industry. Michigan typically ranks third or fourth in overall Research & development (R&D) expenditures in the United States. Its research and development, which includes automotive, comprises a higher percentage of the state's overall gross domestic product than for any other U.S. state. The state is an important source of engineering job opportunities. The domestic auto industry accounts directly and indirectly for one of every ten jobs in the U.S.
Michigan ranked second nationally in new corporate facilities and expansions in 2004. From 1997 to 2004, Michigan was listed as the only state to top the 10,000 mark for the number of major new developments; however, the effects of the late 2000s recession have slowed the state's economy. In 2008, Michigan ranked third in a survey among the states for luring new business which measured capital investment and new job creation per one million population. In August 2009, Michigan and Detroit's auto industry received $1.36 B in grants from the U.S. Department of Energy for the manufacture of electric vehicle technologies which is expected to generate 6,800 immediate jobs and employ 40,000 in the state by 2020. From 2007 to 2009, Michigan ranked 3rd in the U.S. for new corporate facilities and expansions.

As leading research institutions, the University of Michigan, University, and Wayne State University are important partners in the state's economy and the state's University Research Corridor. Michigan's public university's attract more than $1.5 B in research and development grants each year. The National Superconducting Cyclotron Laboratory is located at Michigan State University. Michigan's workforce is well-educated and highly skilled, making it attractive to companies. It has the third highest number of engineering graduates nationally.

Detroit Metropolitan Airport is one of the nation's most recently expanded and modernized airports with six major runways, and large aircraft maintenance facilities capable of servicing and repairing a Boeing 747. Michigan's schools and colleges rank among the nation's best. The state has maintained its early commitment to public education. The state's infrastructure gives it a competitive edge; Michigan has 38 deep water ports. In 2007, Bank of America announced that it would commit $25 billion to community development in Michigan following its acquisition of LaSalle Bank in Troy.

Michigan's major-league sports teams include: Detroit Tigers baseball team, Detroit Lions football team, Detroit Red Wings ice hockey team, Detroit Pistons men's basketball team, and Grand Rapids Rampage Arena Football League team.

The Pistons played at Detroit's Cobo Arena until 1978 and at the Pontiac Silverdome until 1988 when they moved into the Palace of Auburn Hills. The Detroit Lions played at Tiger Stadium in Detroit until 1974, then moved to the Pontiac Silverdome where they played for 27 years between 1975-2002 before moving to Ford Field in 2002.The Detroit Tigers Played at Tiger Stadium (Detroit) (formerly known as Navin Field and Briggs Stadium) It hosted the Detroit Tigers Major League Baseball team from 1912 to 1999,In 2000 they moved to Comerica Park. The Red Wings played at Olympia Stadium before moving to Joe Louis Arena in 1979. The Rampage play at the Van Andel Arena in the heart of downtown Grand Rapids' entertainment district.

Ten-time Grand Slam champion Serena Williams was born in Saginaw. Professional hockey got its start in Houghton, when the Portage Lakers were formed.

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FHA Loans in Michigan

About This State and its People, Places, and Industries

Choose Your City >>>

Recent blog posts

Sometimes

FHA Loan Limits

FHA Loan Calculator

Newsletter library

Newsletter Nº3

Newsletter Nº2

Newsletter Nº1