Trends in the Michigan Economy: Presentation to the Michigan Climate Action Committee Steven R. Miller October 30, 2009.

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Presentation transcript:

Trends in the Michigan Economy: Presentation to the Michigan Climate Action Committee Steven R. Miller October 30, 2009

Michigan Employment Growth by Industry March 2008 to March 2009 Source: BLS, CES

Michigan Employment is Deepening in Rural Counties

Michigan’s Employment Distribution Hardly Resembles the Nation Source: BEA: REIS

Percent of Total Employment Engaged in Manufacturing, 2008 Percent of Employment in Manufacturing State: 12 Source: BEA, REIS

We are Not Likely to See Michigan’s Employment Reach the 5 Million Mark in the Foreseeable Future Source: BLS, Unemployment Statistics

Michigan’s Never Experienced a Recovery from the 2001 Recession

Unemployment Rates Vary Across Counties Legend 2008 Average Unemployment Rate Source: BLS, Local Area Unemployment Statistics

Michigan’s Relative Income to the U.S. Declines by 0.3% per Year Source: BEA, Annual Personal Income

Michigan is Relatively Manufacturing Intensive

Michigan’s Manufacturing Employment Moves in Lockstep With Motor Vehicle Manufacturing Employment Source: BEA, REIS

Despite Shedding 250 Thousand Manufacturing Jobs, Michigan is Relatively Dependent on Manufacturing Source: BEA, REIS

In Rural Counties, Michigan’s Manufacturing Employment Resembles the U.S.

Manufacturing Employment is Shifting to Rural Counties

Michigan Electricity Prices are Consistent with U.S. Prices Source: U.S. Department of Energy, EIA

Michigan Industrial Use Reflects Accelerated Declines in MFG Activity Relative to the Nation Source: U.S. Department of Energy, EIA

Michigan is Missing Population Growth in Key Age Groups Source: Census

Not All Counties Are Experiencing Population Declines Legend Percent Change, Source: Census

Percent Change, Legend Not All Counties Are Experiencing Population Declines Source: Census

Michigan’s Educational Attainment Lags the Nation Source: Census

What Does this Mean for the Michigan Economy? Michigan will not likely share in the same recovery of the nation. Michigan’s population education attainment hinders progress in the Global Economy. The continued decline in the dollar may temporarily prop Michigan’s manufacturing sector, but the long-term U.S. and Michigan trend is away from manufacturing. The auto sector is likely to experience further declines or anemic growth in the foreseeable future.

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