1 www.michiganfuture.org. Our goal A high prosperity Michigan 2.

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Presentation transcript:

1

Our goal A high prosperity Michigan 2

What state do we want to emulate? StatePer capita income (10) U rate (11)% under 150% poverty level (10) Education attainment (10) Oklahoma$35, %28.3 %22.9 % Minnesota$42, %19.5 %31.8 % Michigan$34, %26.3 %25.2 % U.S.$39, %25.0 %28.1 % 3

10 Most Prosperous States 4 Connecticut Massachusetts New Jersey Maryland New York Wyoming Virginia Alaska New Hampshire North Dakota

Top 10 states in private income 5 Personal Income Non-Nat. Res. Private earn Share of personal income Bachelor’s degree or better Massachusetts$51,304$34, %39.00% Connecticut$54,239$33, %35.50% New York$48,596$31, %32.60% New Jersey$51,139$29, %35.40% Minnesota$42,798$26, %31.80% New Hampshire$43,698$26, %32.80% Illinois$42,040$26, %30.70% Delaware$40,097$25, %27.80% Colorado$42,295$25, %36.40% California$42,514$24, %30.10% United States$39,937$23, %28.10%

Traits of prosperous states High proportion of wages from knowledge industries High proportion of college grads Big metro with higher per cap income than state Largest city in that metro has high proportion of college grads 6

What is the knowledge economy? 7

Michigan’s income rank aligned with our college attainment rank 8

10 Most Prosperous Regions San Jose/San Fran. NY/Newark Washington/Balt. Boston/Worchester Hartford 9 Seattle Philadelphia Denver/Boulder Minneapolis San Diego

Larger metros smarter 10

Larger metros richer 11

Metro Detroit vs. Metro Minneapolis Rank among 54 metros 1 million population or more CityPer cap income Education attainment Share of wages from knowledge industry Minneapolis9710 Detroit383534

Metro Grand Rapids vs. Metro Minneapolis Rank among 54 metros 1 million population or more CityPer cap income Education attainment Share of wages from knowledge industry Minneapolis9710 Grand Rapids524853

High education industries growing in U.S. 14 Employment change $46,749 $34,732 $62,052

High education industries doing best in Michigan 15 Employment change $44,439 $36,115 $55,840

Our conclusion: 16 The places with the greatest concentration of talent win!

“In the 20th century, the most valuable assets to job creators were financial and material capital. In a changing global economy, that is no longer the case. Today, talent has surpassed other resources as the driver of economic growth.” - Governor Rick Snyder 17

Big Trends in Jobs Higher skills Left brain to right brain Ladder climbing to rock climbing 18

For more information about Michigan Future, our reports or what the media is saying, please visit our Web site at: 19