Strategies for accelerating the state’s economictransformation took center stage in East Lansing today, as nearly 500 businessand policy executives came together to discuss ways to build a New Michiganeconomy.
Hosted by Business Leaders for Michigan (BLM), the secondannual leadership summit offered a forum for participants to hear about thestate’s recent progress in six areas identified in BLM’s New Michigan strategyas having the greatest potential to grow good jobs quickly and a sustainableeconomy.
â€œWe are seeing excellent progress in these New Michiganopportunity areas; in fact, they are growing jobs at twice the rate of thestate as a whole,â€ said Doug Rothwell, BLM President and CEO. â€œWhile we areseeing positive gains, it’s crucial to put an even greater focus on theseareas. Properly leveraging our strongest assets will accelerate growth in ourstate, grow jobs and earnings and create an economy that is less susceptible toeconomic downturns.â€
Rothwell said that in 2012, more than forty percent ofall the jobs created in Michigan were created in New Michigan opportunityareas: â€œWe know where we are strong, and where we have a competitive advantage.This year’s report shows continuing progress in all six opportunity areas, withparticular advancement in our engineering, mobility, higher education, andlogistics/supply chain sectors.â€
BLM highlighted the following key New Michigan outcomestoday:
â€¢ New Michigan opportunities grew at twice the averagejob growth rate.
â€¢ Employment as a percent of the workforce was steady orup in all six areas. In fact, more than 40 percent of all jobs created in 2012were from New Michigan opportunities.
â€¢ At $65,356 in average earnings, the six opportunitiesare almost 40 percent higher than industry overall.
â€¢ GDP for the six opportunities represents 17 percent ofall industry GDP in the state and increased at two and a half times the rate ofthe economy overall.
â€œBy competing as a Top Ten state in each of these areasthrough 2022â€”which we believe our strong base of entrepreneurism, innovation,and manufacturing will allow us to doâ€”we have the potential to increaseMichigan’s total economic output by $31 billion per year and add up to 220,000 jobs,â€ said Rothwell.
Highlights of BLM’s New Michigan Report include:
â€¢ Global Engineering Village: Michigan continues to rankin the top U.S. states for engineering graduates, patents awarded, and numberof engineers per capita. Implementing the solid talent development and brandingstrategies developed in 2013 will position the state for significant futuregrowth.
â€¢ Gateway to the Midwest: Michigan continues to rank wellabove average in this opportunity area. Recent developments include theestablishment of a new Logistics and Supply Chain Commission and strategy, andstrengthening VantagePort (formerly Detroit Region Aerotropolis).
â€¢ Higher Education Marketplace: Our state is ranked amongthe nation’s Top Ten for total degrees awarded, total enrollment, and STEMdegrees awarded. If state-level appropriations can increase, along without-of-state enrollment, Michigan can further capitalize on this strongeconomic driver.
â€¢ Natural Resources Economy: The Great Lakes State iswell positioned to supply commodities, green energy sources, and other naturalresources to global markets, particularly with the New International TradeCrossing in place. Coupled with a strong tourism sector, the state has stronggeographic assets to leverage.
â€¢ Global Center of Mobility: The state’s automotivehistory offers a strong base for developing next-generation vehicles andmulti-modal sustainable transportation. During 2013, the state developed newgovernment structures and plans for supporting its mobility sector, makingfuture growth even more likely.
â€¢ Life Sciences Hub: Michigan’s strong bio-sciencessector can help meet increasing global demand for quality of life solutions.During 2013, the state attracted more than $70 million in venture capitalinvestment to support new life sciences technologies, and ranked in the Top Tenfor the number of clinical biopharmaceutical trials.
For a full copy of BLM’s report Growing a New Michigan:The 2014 Report on Michigan’s Progress in Six Opportunities, visit: http://www.businessleadersformichigan.com/research-and-reports/growing-a-new-michigan-the-2014-report-on-michigans-progress.html
About Business Leaders forMichigan:
Business Leaders for Michigan, the state’s businessroundtable, is dedicated to making Michigan a “Top Ten” state forjobs, personal income and a healthy economy. The organization is composedexclusively of the chairpersons, chief executive officers, or most seniorexecutives of Michigan’s largest companies and universities. Our membersdrive over 25% of the state’s economy, provide over 325,000 direct and 820,000indirect jobs in Michigan, generate over $1 Trillion in annual revenue andserve nearly one half of all Michigan public university students. Find out moreat: www.businessleadersformichigan.com.