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Michigan's Journey to "Top Ten"
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For most of us, a journey wouldn't be complete without a series of snapshots. It helps us review where we've been and plan for where we'll go next. The same is true of MI's economic journey. That's why Business Leaders for Michigan shares an economic benchmarking report each year, so we can see how far we've come and plan for what's next. Our benchmarking shows that MI has succeeded in growing jobs and becoming more cost competitive since 2009. But progress raising income levels and GDP has been slower as most metrics that measure the value of locating in MI have mostly held steady over the same period. MI's employment ranking has risen from 48th to 31st since 2009, but the state still ranks 33rd for personal incomes and 35th for per capita GDP. MI's growth has been slow relative to other states and some key measures of talent supply, infrastructure and economic development are actually declining. Things are generally getting better, but not fast enough to become a Top Ten state at the rate we are progressing. Our most significant challenges include low education attainment (29th), career and college readiness (36th), urban road conditions (40th) and economic development expenditures (30th). MI has also lost ground where its unfunded pension liability is concerned with a ranking of 28th - down from 16th in 2009.  The good news is that MI has made big gains in improving the corporate tax and overall business tax climate; and ranks highly on innovation factors, in cluding 10th in patents, 5th in university R&D and 6th in exports.
Doug Rothwell President & CEO
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Save the Date - March 6, 2017
Business Leaders for Michigan will be hosting a Leadership Summit on Fiscal Stability on Monday, March 6, 2017 in Lansing.
Registration will open in early January.
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EFFORTS UNDERWAY TO BUILD A NEW MICHIGAN
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Expanding Biomedical Engineering Programs Could Boost State's Life Sciences Industry
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As Michigan life sciences companies grow and seek to commercialize their innovations, the firms often face key constraints when it comes to access to capital in the state. According to industry executives, that funding bottleneck is exacerbated in part by the lack of homegrown executive and scientific talent in communities across MI. Dr. Tim Fischell, CEO and chief medical officer of Ablative Solutions Inc. in Kalamazoo, cites training more biomedical engineers as a significant need for the life sciences industry as it seeks to "build more of a biomedical startup corridor." Learn More
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Willow Run Test Pad for Connected, Self-Driving Cars Breaks Ground
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A testing ground for connected and autonomous vehicles should open for business late next year as Michigan seeks to retain its leading role in advanced auto industry technology. Gov. Rick Snyder joined state officials and automotive-technology leaders to celebrate the groundbreaking of the American Center for Mobility at Willow Run in Ypsilanti Township. "Michigan is reinventing the way the world moves," Snyder said. "We are second-to-none when it comes to automotive and technological innovation, and we remain committed to making sure that stays true for generations to come." Learn More
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SF Motors Investing $10.7M, Creating 150 Jobs In Michigan
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SF Motors has selected the Ann Arbor region as the location for its new electric vehicle research and development facility. The company will invest more than $10.7 million in the project, which will create 150 new jobs. "We are excited to build our engineering R&D center in Pittsfield Township," said CEO of SF Motors, Inc. John Zhang. "Michigan is at the cutting edge of new automotive technologies as well as being an engineering powerhouse and we want to be a part of this great community." Learn More
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Ford is Moving Fast to Create Mobility Partnerships
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Ford is moving fast to seize opportunities with cities to reduce traffic congestion in cities as it strives toward becoming a mobility company. The Dearborn automaker and businessman Michael Bloomberg reached an agreement to work together less than a month after the former New York mayor announced the creation of a new philanthropic organization that will help cities prepare for self-driving cars and how best to use them to address city challenges. Learn More
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GM Partner, Lyft Launches In-car Connected Device
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Nearly a year after Detroit-based General Motors Co. announced it would invest $500 million in Lyft, the ridesharing service company has unveiled a device, called Amp, which is designed to help passengers and drivers identify one another at pickup. Company officials say Amp is the rideshare industry's first in-car connected device. Learn More
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Mobility Transformation Center Draws Automotive Security Expertise Partner
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Security Innovation, a Massachusetts-based automotive cyber security company, has announced it is an affiliate industry member of the University of Michigan's Mobility Transformation Center. As part of the affiliation, Security Innovation will be providing connected vehicle and roadside equipment security services from its Automotive Centers of Excellence to improve the cyber security and privacy protection of connected vehicles, and providing security training from its catalog of over 120 computer-based training curricula. Learn More
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DATA SUPPORTING THE NEW MICHIGAN PLAN
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| Grand Rapids, Detroit Economies Show 'Most Improvement' in U.S. |
MLive.com | November 30, 2016 
The latest numbers from the federal Bureau of Economic Analysis put Grand Rapids and Detroit at the top of the list for metropolitan areas showing the "most improvement" in gross regional product over the past five years. According to the list compiled by Headlight.com, Grand Rapids' GRP shot up 31.5 percentage points between 2010 and 2015, while Detroit's GRP rose 30.7 percentage points. The list compared metropolitan areas with more than 1 million residents. Learn More
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| These Are The States With The Best Economic Prospects For 2017 |
Fast Company | November 30, 2016
A recent study by Expert Market gathered data from the Bureau of Labor Statistics, the Bureau of Economic Analysis, the Kauffman startup Index, and Zillow, and determined that North Dakota is enjoying the most rapid economic growth in the nation, followed by Oklahoma and Texas. Rounding out the top 10 states with the brightest futures are Michigan, California, Montana, Ohio, Washington, Minnesota, and Massachusetts. Learn More
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| The States That College Graduates Are Most Likely to Leave |
New York Times | November 22, 2016
This year's election has forced Americans to take notice of class divisions between workers. And while these divisions may at first ring of lazy stereotypes - the rural Rust Belt worker without a college degree and the coastal urban college-educated worker - they're rooted in a real dynamic. Many of the most skilled workers - young people with college degrees - are leaving struggling regions of America for cities, specifically for cities in Southern and coastal states. Learn More
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| MI: 28th Best State for Business |
Forbes | November 2016
Forbes gave Michigan its highest ranking ever this year, but cited low net migration and high labor costs. Learn More
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| Pistons' Move Downtown Could Bring Nearly $600M, 2,000 Jobs, Study Says |
Detroit Free Press | November 22, 2016
The Detroit Pistons' move to Little Caesars Arena downtown will generate nearly $600 million in economic impact for the city and create more than 2,000 direct and indirect jobs, an analysis of the move by University of Michigan sports experts predicts. The U-M study, headed by Mark Rosentraub, the Bruce and Joan Bickner Endowed Professor of Sports Management and performed for Pistons' owner Tom Gores' Palace Sports & Entertainment, considered how the Pistons' move downtown would generate new construction jobs, the value of ticket sales for games and concerts switching from the Palace of Auburn Hills, and the creation of permanent jobs both at the arena and at a Pistons. Learn more
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Michigan Expected to Gain 91,600 Jobs Over 2 Years
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MLive.com | November 18, 2016 
Michigan can look for two more years of job growth - extending its economic recovery to nine years - according to a new statewide economic forecast. "The growth we foresee moving forward translates into gains of 41,600 jobs during 2017 and 50,000 in 2018. Those are smaller job additions than we have seen in recent years consistent, with a tightening labor market," according to the U-M researchers. Learn More
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Michigan Strategic Fund Projects to Generate $215M in Detroit
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dbusiness | November 22, 2016
Three new construction projects expected to generate just over $215 million in private investment and create 265 jobs in the city of Detroit have received support from the Michigan Strategic Fund. Automotive seating supplier Adient has announced plans to locate its new operational headquarters in Detroit, while steel producer ArcelorMittal Tailored Banks Americas Corp. will establish a new manufacturing center in the city. In turn, the 15-story, mixed-use Metropolitan Building in the city's downtown area, which has been vacant for 39 years, will undergo a renovation. 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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