The insurance industry is giving the state of Michigan a much-needed economic boost, a new study suggests.
The study, conducted by the Anderson Economic Group and commissioned by the Michigan Chamber of Commerce and other groups representing the insurance industry, discovered that the insurance industry accounts for $37.1 billion in spending each year in the state. The total includes jobs, earnings, direct and indirect output.
In addition, the study found that the insurance industry has created 114,000 jobs in Michigan, encompassing a wide range of skills.
“One of the issues becoming very significant to the industry is the development of a talent pipeline to provide candidates for new insurance jobs,” said Lt. Gov. Brian Calley.
Michigan’s insurance industry pays over $500 million in state and local taxes.
Anderson Economic Group author Alex Rosaen, who prepared the report, noted that the “[insurance] industry’s economic footprint is Michigan is significant and important.”