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Business Leaders for Michigan is an organization dedicated to making Michigan a "Top Ten" state for jobs, personal income and a healthy economy. Serving as the state's business roundtable, Business Leaders for Michigan is composed of the chairpersons, chief executives or most senior executives of the state’s largest job providers and universities. Read more...

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Entries in Economy (12)

Wednesday
Apr232014

Business Leaders Forecast: In Short- and Long-Term, Job Leaders Continue to be More Optimistic about MI Economy than U.S. Economy 

DETROIT, Mich., April 23, 2014Business Leaders for Michigan (BLM), the state’s business roundtable, projects that the Michigan and U.S. economies will grow in the next 6 and 18 months and expects Michigan’s economy to continue to outperform the U.S. economy.

“The good news from this survey is that Michigan’s largest employers continue to be much more optimistic about Michigan’s short- and long-term economic prospects than they were a couple of years ago,” said Doug Rothwell, President and CEO.  “Job providers continue to be bullish on the state’s economic prospects and are backing it up with increased hiring and investment. More than half of Business Leaders for Michigan companies are forecasting increased investment in Michigan over the next six months.

Highlights of the survey of Business Leaders for Michigan include:

  • Fifty-four percent of business leaders believe Michigan’s economy will grow while only 34% forecast the U.S. economy will grow the next six months.  None believe the economy will get worse over the next six months.

  • Optimism continues to be high for Michigan’s economy in the long-term, outpacing optimism for the national economy with 71% of Michigan’s business leaders believing the state’s economy will grow compared to only 46% of business leaders forecasting the U.S. economy will grow in the next 18 months.

 

  • Fifty-four percent of business leaders project that their companies will add jobs in the next six months in Michigan and over a half believe they will make capital investments in Michigan.

The results reflect a survey of Business Leaders for Michigan’s 80 executives, the state’s largest private sector job providers that represent nearly one-quarter of the state’s economy. 

Quarterly Economic Outlook Reports are available at businessleadersformichigan.com/research-and-reports.

Friday
Mar072014

Accelerating Job Growth via Investments in Higher Ed

How do we keep our recent job growth success going?  One way is by giving more kids a chance to earn technical or college degrees.  All the data says we'll need more workers with an education beyond high school in the years ahead and that they will make and work more over their careers than those with just a high school degree.

But in Michigan, we've made it harder for kids to get the education they need.  We went from being a Top Ten to a Bottom Ten state for college affordability over the past decade due to a dramatic decline in state support.  The result was a cost shift to students and parents at a time when they could least afford it. 

The state began modestly reinvesting in college education the past two years.  This year, Governor Snyder proposed a 6% increase that would keep tuition at or below the rate of inflation.  BLM strongly supports the Governor's proposal and urges you to call your legislator and ask them to do the same.  Nothing could better help us fill the jobs of the future.

 Richardville Support for Higher Ed 03.18.14

Tuesday
Feb182014

Business Leaders Forecast: MI and U.S. Economies Expected to Grow in Short and Long Term

The state’s largest employers add jobs and invest in Michigan in 2013

DETROIT, Mich., February 18, 2014 – Business Leaders for Michigan (BLM), the state’s business roundtable, expects the Michigan and U.S. economies to both grow in the next 6 and 18 months and expects Michigan’s economy to continue to grow faster than the U.S. economy.

“The state’s largest job providers continue to believe Michigan will out-perform the national economy over the next year and a half,” said Doug Rothwell, President & CEO.  “Optimism about the economy rose sharply in the last quarter due partly to the resolution of federal budget and debt ceiling negotiations and strong year-end financial reports from major Michigan employers.” 

Highlights of the survey of Business Leaders for Michigan include:

  • Sixty four percent of business leaders believe Michigan’s economy will grow and none believe it will get worse while only 51% forecast the U.S. economy will grow the next six months.  

Click to read more ...

Tuesday
Jan212014

Michigan's University Research Corridor Makes Strong Showing among Eight Leading U.S. Research Clusters

 

LANSING, Mich. (Jan. 21, 2014) – Michigan’s University Research Corridor (URC) ranks high among eight university innovation clusters in a new measure that examines R&D spending, research commercialization and talent production, according to a new Economic Impact Report released today.

The URC – consisting of Michigan State University, the University of Michigan and Wayne State University – ranked second in the Innovation Power Ranking when compared to seven other major university research clusters in six states, including well-known hubs such as North Carolina’s Research Triangle Park, California’s Innovation Hubs and Massachusetts’ Route 128 Corridor.

The report, prepared by East Lansing, Mich.-based Anderson Economic Group (AEG), showed that the URC universities conferred 32,483 graduate and undergraduate degrees in 2012, more than any of the university innovation clusters the URC has benchmarked itself against since 2007. The URC also granted the highest number of medical degrees and second-highest number of high-demand degrees overall, saw its research and development spending rise to nearly $2.1 billion and continued to commercialize its research through patents and start-up companies.

Click to read more ...

Thursday
Dec192013

Aggressively Working to Retain MI's Role as an Auto Leader

Today’s world is moving faster than ever before. Ideas, information, money, people…we’ve seen tremendous acceleration in just the last few decades, and there’s a lot more on the horizon.

Here in Michigan, this isn’t just an abstract concept.  As the birthplace of the world’s automotive industry, our state helped make personal mobility possible for millions of people. One thing’s for sure: the future of mobility is unlike anything our grandfathers imagined a century ago. Today’s cars are light, computerized, and operating on alternative fuel sources. New ideas and technologies are being tested and deployed every day, to broaden the notion of what it means to transport people and goods worldwide. Michigan is now engaged in a race to retain its leadership role in the automotive industry as the industry continues to transition to an increasingly advanced technology-based sector. We must position ourselves to win.

BLM recently released a plan to help Michigan capitalize on emerging trends and lead the future of mobility. It was developed in partnership with McKinsey & Company, the Center for Automotive Research and other industry leaders throughout 2013 and reflects the latest data and most promising new trends.

Our plan is about more than moving people—it’s about moving the state of Michigan toward greater economic prosperity, job creation, and growth. It is important to remember that the automotive industry has the highest jobs multipliers of any sector of the Michigan economy. If we seize the opportunities that are on the horizon today, we can create more than 100,000 new jobs and ensure Michigan remains a player in the global mobility economy that is unfolding before our very eyes.  If we fail to act, then we risk standing on the sidelines while Germany, Japan, and Silicon Valley reap the benefits of changing mobility technologies.

Michigan has the tools to lead the future of global mobility. Michigan is home to 70 percent of all U.S. automotive R&D expenditures, and 13 percent of global R&D spending. Coupled with the state’s top ranking as home to engineers, and high concentration of smart and connected test beds and pilot deployments, Michigan is the only region in the world with the ability to compete fully in all aspects of mobility development.

However, Michigan is behind the pack when it comes to talent development and venture capital funding, and this puts our industry leadership in jeopardy.  For example, 1,200 powertrain graduates are being produced in Bavaria each year, more than double the number being developed in Michigan. Our venture capital investments in sector total $140 million, just a fraction of the $6 billion being invested elsewhere.

We must address these challenges—and quickly—if we are to seize the opportunity for continued global prominence in the mobility sector. 

Here’s how Michigan can move forward:

  •  Establish state-level leadership to advocate for growth in the automotive and mobility industries. Inter-agency partnerships, coupled with private-sector mobility leadership groups and executive leadership, will help ensure full implementation of the strategic plan for mobility.
  • Create a marketing & branding initiative to support Michigan’s strengths and aspirations in the automotive and mobility industries.
  • Attract and create high-stature advanced mobility conferences and events, anchored by economic development and B2B opportunities for attendees.
  • Support the pipeline of new employees into Michigan’s mobility industry by designing and offering education programs for universities and trade schools that deliver skill sets for future roles.  Michigan must also support strong programs with adequate financial and/or tax incentives.
  • Develop a focused collaboration, research, and testing initiative, and work to attract mobility research centers.  Moreover, we should explore competitive financial support models to attract critical future R&D investments in light of a global competitive context.
  • Support the development of additional sources of financial capital, including venture capital, private investment, and innovative business arrangements to attract new funds.

Each of these actions is important, and Michigan needs to quickly move forward with work we know is needed, and advance our strongest ideas and strategies forward very aggressively.  If we wait, we risk the future of our state as our global competitors take the lead.

The appointment of Nigel Francis as automotive advisor to Governor Rick Snyder is a positive step in the right direction. Francis will be an important part of a committee dedicated to implementing the strategies outlined above. The committee, which already includes top industry leaders and analysts, will begin its work soon after the Governor announces his vision for the mobility industry early next year.

While Michigan already is the automotive leader, we need to take actions now to ensure that Michigan is the leader of the emerging mobility industry. No place has a greater concentration of the auto industry, but Michigan must have a sharper focus and build greater public-private collaboration to ensure continued leadership as the industry evolves.