1. Michigan’s transition to a knowledge-based economy Second Annual Progress report 2.

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Presentation transcript:

1

Michigan’s transition to a knowledge-based economy Second Annual Progress report 2

Our goal A high prosperity Michigan 3

What state do we want to emulate? StatePer capita income (07) Unemployment (1/09) Poverty rate (07) Education attainment (07) Alabama$32, Minnesota$40, Michigan$34, U.S.$38, % 13.0 % % 4

Most prosperous states ConnecticutMaryland New JerseyCalifornia MassachusettsVirginia WyomingNew Hampshire New YorkWashington 5

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

Most prosperous regions San Jose/San Fran. NY/Newark Washington/Baltimore Boston/Worchester/ Manchester (NH) Seattle Hartford Houston Denver/Boulder New Orleans Minneapolis/St. Paul 9

Major metros smarter 10

Major metros richer 11

Metro Detroit vs. Metro Minneapolis 12 CityPer cap income education attainment Share of wages from knowledge industry Minneapolis 107 Detroit Rank among 54 metros 1 million population or more

Metro Grand Rapids vs. Metro Minneapolis 13 CityPer cap income Education attainment Share of wages from knowledge industry Minneapolis 107 Grand Rapids Rank among 54 metros 1 million population or more

Metro Lansing vs. Metro Madison 14 CityPer cap income % bachelors degree or more Share of wages from knowledge industries Madison $ 40, % 60.8 % Lansing 32,

High education industries growing most in U.S. Employment change $44,457 $33,173 $58,915 15

High education industries doing best in Michigan Employment change $43,357 $36,159 $53,377 16

High education industries doing best in Metro Detroit Employment change $48,299 $39,773 $58,704 17

High education industries growing in Metro Grand Rapids Employment change $38,191 $33,716 $46,212 18

High education industries growing in Metro Lansing Employment change $40,006 $31,823 $48,210 19

Recession accelerates trends 20

Our conclusion: The places with the greatest concentration of talent win! 21

Younger college grads Blue = With children Red = Without children Young talent is aggregating in urban regions

Our recommendations Align Michigan culture with the flat world realities Create places where talent wants to live Ensure success of vibrant higher ed system Reinvent K-12 education to align with new realities Develop new public and – more importantly – private sector leaders 29

Bottom line We must get younger and better educated or we will get poorer 30

For more information about Michigan Future, our reports or what the media is saying, please visit our Web site at: 31