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Report: State's economy to improve rapidly

A recent report from the University of Michigan indicated the state's economy to rebound quickly this year.

ANN ARBOR, Mich — Experts expect Michigan to rebound quickly this year.

According to a report by The University of Michigan falling COVID-19 cases, hospitalizations, and deaths -- plus the vaccine -- all point to a rapid economic rebound in 2021. 

The report also credits the COVID-19 relief aid -- which is expected to drive economic recovery in the state. 

►See the seminar slides here

Back in January, Gov. Gretchen Whitmer announced a recovery plan to help grown the state's economy and end the pandemic. The plan focused on vaccine distribution, economic recovery, and schools. 

RELATED: Whitmer announces Michigan COVID recovery plan

As part of the governor’s MI COVID Recovery Plan, the governor’s plan provides $225 million for three new programs from the MEDC that helped restaurants, small businesses with less than nine employees, and the high-tech startups.

Her plan also called for the extension of unemployment benefits from 20 to 26 weeks, as well as reallocating federal funding to help Michiganders who struggled to pay rent and utilities due to the pandemic remain in their homes

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