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Being a Leader of the Pack
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When you're trying to make up lost ground, being competitive isn't enough. You have to dig deeper, push harder, do more.
Michigan has a greatly improved business climate that's made us competitive again, and that's great. But we cannot afford to be complacent when we still have an average unemployment rate, below average income levels and flat population growth. 
The fact is the places we are competing with have good business climates too. And our competitors offer strong economic development incentives that attract and retain new job providers.
Expanding our economic development tool box to match those of our surrounding states shouldn't be controversial. Neither should investing to produce more highly educated and trained talent. Or even the decision to make sure we have better roads and bridges. But too often, ideology or political posturing gets in the way of progress on issues that matter to our future.
The states that have been the most successful over the past few decades do whatever it takes. They make sure they are giving their all when it comes to attracting jobs. They proactively invest in community colleges, universities, roads, bridges, ports and other infrastructure as they understand that these things are fundamental to fueling growth.
In Michigan, however, we have vacillated for decades over how aggressively to incent new investment, keep college affordable or repair our infrastructure. It shows as we rank below average in economic development efforts, education attainment and road conditions.
Let's find the political will to do better at building these fundamental blocks of economic growth. Until we do, Michigan will find itself stuck where it stands today...in low gear.ญญญ
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Register today for 2016 Michigan CEO Summit!
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Thursday, November 10, 2016 * 8:00AM-2:00PM * Westin Book Cadillac Detroit
Cost to Attend: $125 (includes breakfast & lunch)
Don't miss our 2016 Opening Keynote Speaker:
J. Patrick Doyle
President and Chief Executive Officer, Domino's
These days, Domino's is delivering more than fresh, hot pies. The company is pioneering new technology and using innovative ways to improve the customer experience. From their revolutionary AnyWare technology that allows customers to order pizza by text, tweet, smart watch, smart TV, car, and even a zero-click app, to its creation of the new Domino's DXP™ (Delivery Expert) vehicle, this global company based here in Michigan has reimagined the recipe for how a pizza company should behave - with amazing results.
Join us at the 5th Annual Michigan CEO Summit and hear from J. Patrick Doyle, President and CEO of Domino's. Doyle will discuss how innovation and disruption are two of the major factors affecting businesses' success - and failure- in the twenty first century. He will share the secrets of Domino's success in a highly-competitive marketplace, including focusing on how he helped transition the corporation from "just a pizza company" to a technology powerhouse.
A full agenda coming soon!
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EFFORTS UNDERWAY TO BUILD A NEW MICHIGAN
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State Budget: Boosts job training and higher education funding
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Last week, the Legislature passed out budget bills that provided a nearly 20 percent increase to just over $30 million for just-in-time customized worker training for companies hiring new or retraining existing workers and a $40 millionj increase for public universities tied to a 4.2 percent cap on tuition increases and a 1.4 percent increase for community colleges. Both continue a modest reinvestment trend in higher education over the past few years. Further, the Legislature continues to find ways to control the cost of Corrections.
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Infrastructure commission a positive step in crumbling Michigan
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The Petoskey News | June 7, 2016 
A recent Michigan State University survey found that fixing ailing infrastructure is now the top priority among Michiganders, ahead even of jobs and the economy. Gov. Rick Snyder proposed a 21st Century Infrastructure Commission, a group of 27 members designed to study state infrastructure in its various forms - roads and bridges, telecommunications and the Internet, water and sewer systems, energy production and use. The commission is charged with studying our infrastructure, examining best practices from around the nation and the world, and reporting by Nov. 30. Learn More
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Michigan's Bio-Industry Grows in Several Key Sectors and Success Indices
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Business Wire | June 7, 2016
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Michigan unveils 'Planet M' mobility marketing campaign
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Crain's Detroit Business | June 1, 2016
Gov. Rick Snyder announced a new marketing campaign to boost Michigan's standing as the hub for mobility. The initiative - called Planet M - is designed to align all of Michigan's assets, particularly focused on autonomous and connected vehicle technology, under one banner for promoting more economic development and growth in the state. Learn More
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Ford: Detroit is central to changes in auto industry
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The Detroit News | May 23, 2016 
Detroit will play a central role in re-shaping the automotive industry, Ford Motor Co. Executive Chairman Bill Ford Jr. told a conference of entrepreneurs. "The way people move ... is going to change in a very short period of time," Ford said Monday in a keynote talk at the city's Masonic Temple. "Detroit can be - and should be - ground zero for this change." Learn More
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Lyft and GM to test self-driving cars within a year
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Detroit Free Press | May 5, 2016
General Motors and Lyft will test a fleet of autonomous cars that may include the Chevrolet Bolt EV within a year in a step toward eliminating the major cost of operating ride-sharing fleets - the human driver. Learn More
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DATA SUPPORTING THE NEW MICHIGAN PLAN
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Wage/Unemployment Gap Grows
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The latest information from the Bureau of Labor Statistics shows a growing gap in the earnings and unemployment levels of those with and without a four-year degree. Learn More
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Study on Fiscal Solvency: MI Ranks #35
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A new study by George Mason University found that MI has below average fiscal solvency, ranking 35th of all states. Key finding are below:
- Cash solvency measures whether a state has enough cash to cover its short-term bills, which include accounts payable, vouchers, warrants, and short-term debt. (MI ranks 34th.)
- Budget solvency measures whether a state can cover its fiscal year spending using current revenues. Did it run a shortfall during the year? (MI ranks 37th.)
- Long-run solvency measures whether a state has a hedge against large long-term liabilities. Are enough assets available to cushion the state from potential shocks or long-term fiscal risks? (MI 24th.)
- Service-level solvency measures how high taxes, revenues, and spending are when compared to state personal income. Do states have enough "fiscal slack"? If spending commitments demand more revenues, are states in a good position to increase taxes without harming the economy? Is spending high or low relative to the tax base? (MI ranks 30th.)
- Trust fund solvency measures how much debt a state has. How large are unfunded pension liabilities, OPEB liabilities, and state debt compared to the state personal income? (MI ranks 32nd.) Learn More
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It's a Tough Job Market for the Young Without College Degrees
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For seniors graduating from universities, employers have been lining up since the fall to offerinterviews and boast of their companies' benefits. The outlook for many high school graduates is more challenging. Learn More
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America's Shrinking Middle Class: A Close Look at Changes Within Metropolitan Areas
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The middle class in the United States has been shrinking since 2000, and nowhere is the trend more evident than MI, according to a study released by the Pew Research Center. What makes the MI numbers especially distressing is that in three-quarters of U.S. metro areas analyzed, the shrinking middle class was partially offset by a rise in affluent households, a trend that didn't occur in most of MI. Adjusted for household size and inflation, MI's median household income declined 17 percent between 1999 and 2014 - from a median of $75,370 in 1999 to $62,608 in 2014 - the biggest drop among the 50 states and District of Columbia. Learn More
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Michigan is a High Property Tax State
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Years after Proposal A took effect to reduce property tax burdens in the state, MI still has some of the highest rates in the nation according to the Tax Foundation. While not as high as Northeastern states, MI's rank among the highest in the Midwest and far higher than most of our Southeast and South Central competitors. Learn More
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Consumers Energy Boot Camp Program Creates Jobs for Veterans
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Planning for the future to fill vital, good-paying, skilled energy industry jobs with veterans, Consumers Energy is working with Power for America and the Michigan National Guard to launch the Michigan Gas Boot Camp program. Nearly half of the energy workforce in the U.S. is or will become eligible for retirement in the next few years, according to the Center for Energy Workforce Development. This provides opportunities for new employees -- in this case Michigan National Guard members and honorably discharged military veterans. Learn More
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Michigan Legislature Passes Package to Revamp Detroit Schools
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Wall Street Journal | June 9, 2016 
The Michigan legislature approved a $617 million package to rescue Detroit's public schools, signaling a potential end to months of debate about how to fix the debt-laden district which was set to run out of cash at the end of the month. The package includes $467 million to pay off the Detroit Public School's operating debt and about $150 million to start up a new debt-free district. Learn More
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Lawmakers pass $54.9 billion budget with $165 million for Flint
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Crain's Detroit Business | June 8, 2016 
The Michigan Legislature approved a $54.9 billion state spending plan and directed $165 million more in aid toward the water crisis in Flint, including money to replace housands of underground lead pipes that carry water into homes. State spending on Flint's emergency rises to roughly $235 million under the legislation, which includes $114 million in immediate aid in the final 3ฝ months of this fiscal year. This includes $25 million to install new service lines that connect the city's water mains with residences, businesses and other buildings. More is designated to partially reimburse residents and businesses for having to pay for lead-tainted water for two years and nearly $19 million goes to a reserve fund. Learn More
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Fitch Rates Michigan's $185MM GO Bonds 'AA'; Outlook Stable
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BusinessWire | June 7, 2016 
Fitch Ratings has assigned 'AA' ratings to approximately $184,740,000 in State of Michigan general obligation (GO) bonds. Highlights from Michigan's Credit Profile include: Economic performance has strengthened markedly since 2010. Manufacturing employment remains more than 60% higher in Michigan than in the nation. Unemployment in the state historically has exceeded the nation's, but this recently reversed. Similarly, personal income gains, while steady, have historically underperformed national averages, a situation that has also reversed. Measured by per capita personal income, Michigan ranks 33rd among the states in 2015, at 89% of the national average. Learn More
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How One Woman Built a $400 Million Trucking Company
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Careers in Gear | April 26, 2016 
In the trucking world, women aren't the forerunners. In fact, women make up 5.8 percent of 3.4 million truckers in the US as of 2015. This is up from 4.6 percent in 2010 according to the American Trucking Associations (ATA). Trucking needs women drivers. Badly. By 2017 the industry will be down 400,000 drivers, and in a business where 95 percent of the workers are male, it's time to tap that female pool of workers. Learn More
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Spending can't keep up with America's crumbling infrastructure
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KGMI Radio | May 2016 
America will fall $1.44 trillion short of what it needs to spend on infrastructure through the next decade, a gap that could strip 2.5 million jobs and $4 trillion of gross domestic product from the economy, a report from a society of professional engineers said. The American Society of Civil Engineers (ASCE) estimated that through 2025, the United States has funded only about 56 percent of its needed infrastructure spending. Learn More
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Business Leaders for Michigan, the state's business roundtable, is dedicated to making Michigan a "Top Ten" state for jobs, personal income and a healthy economy. The organization is composed exclusively of the chairpersons, chief executive officers, or most senior executives of Michigan's largest companies and universities. Our members drive 32% of the state's economy, provide nearly 375,000 direct in Michigan, generate over $1 Trillion in annual revenue and serve nearly one half of all Michigan public university students. Find out more at: www.businessleadersformichigan.com.
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