BUSINESS
Strengths & Challenges N ews coverage of economic issues often concentrates on the immediate future: Experts try to tell us what factors will influence the bottom line in the next quarter. Sustained trends can make more difference in our lives, so we asked Michigan’s business leaders to tell us what they foresee about Michigan’s economy in the long run.
STRENGTHS 1. Diversifying Economy Not long ago, people said “Detroit” as a shorthand for automobile manufacturing. Now, our economy includes a wider variety of products and services. According to Matt Lester, president and founder of Princeton Matt Lester, Enterprises, and president president and Founder of the Jewish Federation of Princeton of Metropolitan Detroit, Enterprises and president “We have shed, to a of the Jewish large degree, the tag of Federation of Rust Belt by diversifying Metropolitan from manufacturing Detroit and by improving the manufacturing in terms of technology, in terms of green and growing sustainability.” In short, Lester says, “We have turned the corner.”
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JUNE 23 • 2022
Business leaders assess Michigan’s long-term economic prospects. LOUIS FINKELMAN CONTRIBUTING WRITER
2. Government-Business Cooperation Lester identifies a strength of our state: We enjoy “a good partnership between government and business — that should foster economic development and hopefully serve as an example to other states.” Jeff Donofrio, president and CEO of Business Leaders for Michigan, offers a similar positive assessment of government and business relations in Michigan. 3. Experienced Workforce Maureen Krauss, president and CEO of the Detroit Regional Partnership, emphasizes that an experienced workforce can attract employers to Michigan. For example, Krauss notes, we have a high concentration of engineers in Michigan, second only to those in Northern California. Steve Tobocman, executive director of Global Detroit, agrees about the central importance of our workforce. “Talent,” he says, “is the single biggest driver of economic prosperity in the 21st century.”
Steve Tobocman, executive director of Global Detroit
4. Access to Water Access to the Great Lakes promises to become
increasingly important in the coming years as other regions of the world experience drought and problems accessing clean water. 5. Quality of Life “We are a geographically friendly spot,” according to Sandy Baruah, president and CEO of the Detroit Regional Chamber. As he notes, we are “not visited by earthquakes or hurricanes in any great degree.” We also have positive attractions. Lester lists “affordable home ownership and safe, clean neighborhoods.” He adds that Michigan offers opportunities for recreation, for families to enjoy time together, “away from work.” CHALLENGES 1. Education Tobocman assesses education as “the single biggest driver” of Michigan’s economy. Krauss lauds the international reputation of Michigan’s universities. Krauss expresses concern, however, that “we have lagged in the past few years on educational attainment, and that is troubling for the long term.” Baruah detects the same problem, characterizing education in Michigan as “under resourced.” Recognizing the problem, the Detroit Regional
