Michigan has good jobs to offer and they are growing in six areas, particularly in engineering, mobility, higher education, and logistics/supply chain sectors. In fact, if Michigan can compete as a Top 10 state through 2022 Michigan’s total economic output could be increased by $31 billion per year and add up to 220,000 jobs.
- Global Engineering Village: Michigan continues to rank in the top U.S. states for engineering graduates, patents awarded and number of engineers per capita. Implementing the solid talent development and branding strategies developed in 2013 will position the state for significant future growth.
- Gateway to the Midwest: Michigan continues to rank well above average in this opportunity area. Recent developments include the establishment of a new Logistics and Supply Chain Commission and strengthening VantagePort (formerly Detroit Region Aerotropolis).
- Higher Education Marketplace: Michigan is ranked among the nation’s Top Ten for total degrees awarded, total enrollment and STEM degrees awarded. If state-level appropriations can increase, along with out-of-state enrollment, Michigan can further capitalize on this strong economic driver.
- Natural Resources Economy: Michigan is well-positioned to supply commodities, green energy sources and other natural resources to global markets, particularly with the New International Trade Crossing in place. Coupled with a strong tourism sector, the state has strong geographic assets to leverage.
- Global Center of Mobility: The state’s automotive history offers a strong base for developing next-generation vehicles and multi-modal sustainable transportation. During 2013, the state developed new government structures and plans for supporting its mobility sector, making future growth even more likely.
- Life Sciences Hub: Michigan’s strong bio-sciences sector can help meet increasing global demand for quality of life solutions. During 2013, the state attracted more than $70 million in venture capital investment to support new life sciences technologies, and ranked in the Top Ten for the number of clinical biopharmaceutical trials.
These New Michigan jobs accounted for more than 40% of jobs created in Michigan in 2012.
“We are seeing excellent progress in these New Michigan opportunity areas. In fact, they are growing jobs at twice the rate of the state as a whole,” said Doug Rothwell, BLM President and CEO. “While we are seeing positive gains, it’s crucial to put an even greater focus on these areas. Properly leveraging our strongest assets will accelerate growth in our state, grow jobs and earnings and create an economy that is less susceptible to economic downturns.”
With average earnings of $65,356 the six areas had almost 40% higher earnings that industry overall. GDP for the six opportunities represents 17 percent of all industry GDP in Michigan and increased at two and a half times the rate of the economy overall.
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