UPCOMING EVENT

    July 2013

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OUR WORK

BLM Social Networks

ADVANCING THE MICHIGAN TURNAROUND PLAN & THE NEW MICHIGAN STRATEGY

Step 3: Making Michigan Competitive

Our view:  Michigan's competitive position is improving significantly but still falls short when compared to "Top Ten" states. Michigan must address all six steps of the Michigan Turnaround Plan meet to global competition. 

Renaissance Venture Capital Fund Continues to Bring Investment to Michigan

The Renaissance Venture Capital Fund (RVCF), a Michigan-based fund of funds created by Business Leaders for Michigan, continues to achieve excellent performance.  The latest annual report highlights that the Fund's initial investment of $16.7 million has led to a total venture capital investment of nearly $300 million in 20 new Michigan companies which has helped make Michigan the fastest growing state in the nation for venture capital. Since RVCF's formation in 2008, venture capital has grown nationally a mere 3% while venture capital investment in new Michigan companies has grown 69%. Read more. . .

MLive.com | MI's entrepreneurs go on offensive after a decade of playing not to lose

Forbes | Renaissance Venture Capital Attracted Nearly $300 Million In 20 MI Companies 

DATA SUPPORTING THE TURNAROUND PLAN

MI Leads in Manufacturing Job Growth

Michigan has led all states in creating manufacturing jobs during the economic recovery by a wide margin according to Bureau of Labor Statistics' data compiled by CNBC.  Read more. . .

Michigan GDP Growth Slows - Rank 18th

Michigan's GDP growth slowed considerably in 2012 from the previous year according to data released by the U.S. Bureau of Economic Analysis.  Michigan's GDP growth in 2012 was 2.2%, down from 3.5% in 2011 and 4.9% in 2010.  The 2012 growth rate is slightly below the U.S. average of 2.5% and ranks us 18th nationally.  Michigan's slower growth rate is partially due to coming off a higher base than we were a few years ago and the plateauing of manufacturing's rapid resurgence.  Within the Great Lakes region Michigan performed as well or better than all states but Indiana.  Nationally, the west coast and energy states saw the highest rates of growth.  Read more. . . 

Michigan Debt Per Capita Falls - Rank 30th

The Tax Foundation ranks Michigan #30 on state debt per capita based on FY11 data. Tennessee has the lowest ranking and Massachusetts has the highest. Read more. . .

Michigan Job Creation Decelerates

The Pew Center for the States using Bureau of Labor Statistics data shows that over the past year Michigan's job growth has slowed. On the chart below, Michigan falls in middle quintile of states, performing better than Ohio, Illinois and Wisconsin, but worse than Indiana and most of our south-eastern competitors.  The Pew Center points out in their analysis that tax breaks continue to be used heavily by governors to attract new jobs. For example:

• Kentucky used $146.5 million in state tax benefits to land the first-ever U.S. production site for the Lexus adding 700 jobs.
• Mississippi agreed to back $130 million in bonds for a Yokohama Tire Corp. plant creating 2,000 new jobs.
•  South Carolina gave $120 million in incentives to Boeing to help it expand operations and create 2,000 jobs.
• Louisiana committed $135 million in grants and job training to Sasol, a South African company, to build a plant that will convert natural gas to diesel fuel. The investment could create more than 5,800 direct and indirect jobs.

Venture Capital More Distributed Across U.S.

MI High School Graduation Rates Down - Rank 40th

While the nation improved high school graduation rates by 7.9% over the past ten years, Michigan's declined by 2% according to data released by Education Week.  Michigan's high school graduation rate ranks 40th and was one of only five states experiencing a rate decline from 2000 to 2010.  Read more. . .

SPOTLIGHT ON BLM MEMBERS

Steelcase, Haworth and Herman Miller win at NeoCon 2013

West Michigan's best-known names in office furniture manufacturing have done well at NeoCon this week,

IN THE NEWS

State of Reinvention

Site Selection Magazine | July 2013

The state that invented the Model T Ford, HP printer and Gerber baby food is now reinventing itself.

Long perceived as a high-tax, union-dominated state, Michigan - under the leadership of Gov. Rick Snyder - is rolling back taxes and regulations and freeing up the labor force to respond to the challenges posed by a rapidly changing global economy. Read more. . .

Michigan's comeback put to the test

Detroit News | June 25, 2013

Michigan led the nation in creating manufacturing jobs between the end of 2009 and March of this year, the National Association of Manufacturers says, a net gain of 88,100 jobs - 53 percent more than second-place Texas.

"This embodies what Michigan is all about - we discover and make things better than anyone else," Michael Finney, CEO of Michigan Economic Development Corp., said in a statement Wednesday. "We have reinvented our business climate ... with swift and wide-ranging reforms, and these improvements are driving growth for manufacturers in diverse sectors like automotive, defense, food processing, furniture, medical devices and pharmaceuticals." Read more. . .