After an economic slump in January 2022, Michigan retail sales have risen in February with more growth expected this coming spring.
According to the US Census Bureau’s Advance Monthly Sales report released in March, US retail and food services sales receipts were estimated at “$658.1 billion, an increase of 0.3 percent (±0.5 percent) from the previous month, and 17.6 percent (±0.9 percent) above February 2021.”
For the December 2021 through February 2022 period, total sales were “up 16.0 percent (±0.7 percent) from the same period a year ago.”
While gasoline station sales were up 36.4 percent (±1.8 percent) from February 2021, food services and drinking places were up 33.0 percent (±4.6 percent) from last year. Retail trade sales were virtually unchanged (±0.4 percent) from January 2022, but up 15.9 percent (±0.7 percent) above last year.
The national growth in retail sales is reflected in Michigan as well.
In March 2022, The Michigan Retail Association (MRA) reported that their Retail Index survey increased from 58.4 in January to 74.1 in February. The Index is a 100-point scale measuring the retail industry across the state, and values above 50 usually illustrate positive economic activity.
The February Retail Index, according to the MRA, is “strong indication for high sales activity in the next three months.”
The MRA reports “seventy-seven percent (77%) of retailers predict their sales will continue to rise through May, but 10% said they expect their sales to decline.” Thirteen percent (13%) expect no change.
“With a slower start to 2022 than preferred, it’s nice to see this rebound take place before spring,” noted William J. Hallan, President and CEO of the Michigan Retailers Association. “With the upcoming warmth and seasonal change, we hope to see Michigan shoppers come out of hibernation and visit local retailers.This early bounce-back could be an indication for a strong spring season in whole.”