Lou2011 dw

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www.michiganfuture.org

Our goal
A high prosperity Michigan
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What state do we want to emulate?
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10 Most Prosperous States
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Connecticut
New Jersey
Massachusetts
Wyoming
Maryland
New York
Virginia
Alaska
Washington
New Hampshire

Looking at “income” more closely
Components of Per Capita Income
Private Earnings
Government Earnings
Dividends, Interest, Rent
Transfer Payments
Social Insurance Taxes & Resident Adjustments
Goal is to be high in Private Earnings
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Breaking down income
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Key numbers in our analysis

Best states in private income
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Worst states in private income
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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
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What is the knowledge economy?
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Michigan’s income rank aligned with our college attainment rank
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10 Most Prosperous Regions
San Jose/San Fran.
Washington/Balt.
NY/Newark
Hartford
Boston/Worchester
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Seattle
Houston
San Diego
Denver/Boulder
Philadelphia

Major metros smarter
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Major metros richer
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Big metros winners in private earnings
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Resources are flowing from largest metros
to smaller communities

Metro Detroit vs. Metro Minneapolis
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2009 Rank among 55 metros 1 million population or more

Metro Grand Rapids vs. Metro Minneapolis
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2009 Rank among 55 metros 1 million population or more

Metro Lansing vs. Metro Madison
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2009 data

High education industries growing in U.S.
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$45,558
$59,926
Employment change 2001-09
$33,383

High education industries doing best in Michigan
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$54,964
$43,645
Employment change 2001-09
$34,646

Recession accelerates trends
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Date

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

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

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
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Bottom line
We must get younger
and better educated
or
we will get poorer
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For more information about Michigan Future, our reports or what the media is saying, please visit our Web site at:
www.MichiganFuture.org
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Lou2011 dw

by naomiaburton on Oct 14, 2011

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http://www.michiganfuture.org	37
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