As of November 2024, Michigan experienced a 20.4% increase in prices of goods and services since January 2021, compared to the nationwide trend of a 20.6% increase.
The second quarter of 2024 brought in $3.1 billion in individual income tax revenue for Michigan, a 97.6% increase from the first quarter, according to the U.S. Census Bureau's Quarterly Summary of State and Local Taxes.