Business Leaders for Michigan today released the 2012 Michigan Turnaround Plan (MTP) to make Michigan a Top Ten state for job, economic and personal income growth. The new version of the Plan reflects BLM's optimism for Michigan's future based on progress made during the past year that aligns with the original Plan's recommendations and the opportunities this progress provides for building a vibrant state.
The 2012 MTP, similar to the original that was issued in 2009, outlines the case for change, Michigan's competitive position, specific action items and the potential outcome of following the recommendations. It is organized into six steps:
- Step 1: Responsibly Manage Finances
- Step 2: Efficiently & Effectively Provide Public Services
- Step 3: Create a Competitive Business Climate
- Step 4: Strategically Invest for Future Growth
- Step 5: Accelerate the Economic Growth of Cities & Metros
- Step 6: Leverage Assets to Grow the New Michigan
Steps 1- 4 of the 2012 MTP continue to place a strong emphasis on improving the fiscal and business climate of Michigan by reiterating the need to implement unfinished work from the original Plan and outlining additional reforms. But the Plan also reflects BLM's view that the past year's accomplishments have set the stage for Michigan to "push the pace" of growth faster than was originally projected.
BLM originally forecast it would take five years to fully implement the Plan and ten years to achieve the economic benefits. But great strides have been made toward restoring our state. Much of original Plan has been fully or partially achieved and Michigan has begun to see evidence of economic turnaround with lower unemployment, higher economic growth and rising incomes.
In recognition of this progress, the 2012 MTP expands the Turnaround agenda by:
- Highlighting the importance of growing Michigan's cities and metro regions as they disproportionately contribute to the state's economy;
- Emphasizing the significance of investing in higher education and infrastructure to grow the economy; and
- Adding a 10+ year vision for Michigan that outlines six opportunities to dramatically accelerate growth by leveraging existing assets to grow the "New Michigan" economy.
The New Michigan strategy is the most prominent feature of the new Plan. It recognizes that while fiscal, budget, tax and business climate reforms are critical, they are insufficient for Michigan to become a Top Ten state in today's economy. Regions around the nation and world that have been most economically successful leverage their unique assets to become growth leaders.
Step 6 of the 2012 MTP: Leveraging Assets to Grow the New Michigan, identifies distinct Michigan strengths and their inherent opportunities for long-term economic growth in Michigan:
- Grow and brand Michigan's manufacturing, production and talent capacity to develop an unrivaled reputation as the world's Global Engineering Village
- Capitalize on Michigan's ideal strategic location and available resources to become the premier Gateway to the Midwest
- Invest in a Higher Education Marketplace that boosts Michigan's talent base
- Invest in and leverage Michigan's natural resources in sustainable ways to grow a Natural Resources Economy
- Renew our commitment to and build on Michigan's automotive heritage to become the Global Center of Mobility
- Develop Michigan's Life Sciences Hub based on our robust health, medical and bio-pharmaceutical capabilities
Rather than picking business sectors to attract to the state, BLM views building on prominent assets already in Michigan as the best path to growth. These assets were identified after researching a wealth of data, case studies and turnaround models from similar economies around the globe. Each of the opportunities identified promises tremendous potential for success. Together, they have the potential to make our state into a vital economic powerhouse.
For instance, by capitalizing on its core strengths, Michigan has the potential to increase current growth projections by as much as 40 percent, add up to half a million jobs and grow the personal income of each Michigan resident by as much as $18,000 by 2020.
It merits emphasis that these assets can only be leveraged by simultaneously pursuing the first five steps of the Plan and cultivating a strong entrepreneurial, innovation and manufacturing environment.
Like the original Michigan Turnaround Plan, the new version will need the support and help of all Michiganders to fully realize. This includes government, civic and business leaders, private sector and supporting organizations and those guiding economic development. We invite you to be part of this work. Each of us can have a role in Michigan's turnaround. Please share the 2012 MTP with your colleagues, organizations you're a part of and with those that might be interested in learning about what Michigan can become if we focus our efforts. You can view and download the video and find additional information at www.MichiganTurnaroundPlan.com.
