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Michigan's Transition To A Knowledged Based Economy
- 2. Michigan’s transition to a knowledge-based economy Third Annual Progress report 2
- 3. Our goal A high prosperity Michigan 3
- 4. What state do we want to emulate? 4
- 6. 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 6
- 7. What is the knowledge economy? 7
- 8. Michigan’s income rank aligned with our college attainment rank 8
- 9. Most prosperous regions Seattle San Diego Denver/Boulder Minneapolis Houston San Jose/San Fran. NY/Newark Washington/Baltimore Boston/Worchester/ Manchester (NH) Hartford 9
- 10. Major metros smarter 10
- 11. Major metros richer 11
- 12. Metro Pittsburgh Prosperous Again1969-2008 12
- 13. Metro Detroit vs. Metro Minneapolis and Pittsburgh 13 2008 Rank among 55 metros 1 million population or more
- 14. Metro Grand Rapids vs. Metro Minneapolis and Pittsburgh 14 2008 Rank among 55 metros 1 million population or more
- 15. Metro Lansing vs. Metro Madison 15 2008 data
- 16. High education industries growing most in U.S. 16 $60,138 Employment change 2001-08 $45,564 $33,888
- 17. High education industries doing best in Michigan 17 $55,136 $44,244 Employment change 2001-08 $36,223
- 18. High education industries doing best in Metro Detroit 18 $60,744 $49,154 Employment change 2001-08 $39,312 (2008 average wage)
- 19. High education industries growing in Metro Grand Rapids 19 $47,020 Employment change 2001-08 $39,052 $34,633
- 20. High education industries growing in Metro Lansing 20 $50,182 $41,447 Employment change 2001-08 $32,319
- 21. Recession accelerates trends 21
- 22. Our conclusion: 22 The places with the greatest concentration of talent win!
- 23. Young talent is aggregating in urban regions Younger college grads Blue = With children Red = Without children
- 30. 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 30
- 31. Bottom line We must get younger and better educated or we will get poorer 31
- 32. For more information about Michigan Future, our reports or what the media is saying, please visit our Web site at: www.MichiganFuture.org 32