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Michigan’s transition to a knowledge-based economy

Michigan’s transition to a knowledge-based economy. Second Annual Progress report. Our goal. A high prosperity Michigan. What state do we want to emulate?. Most prosperous states. Traits of prosperous states. High proportion of wages from knowledge industries

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Michigan’s transition to a knowledge-based economy

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  1. Michigan’s transition to a knowledge-based economy Second Annual Progress report

  2. Our goal A high prosperity Michigan

  3. What state do we want to emulate?

  4. Most prosperous states

  5. 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. What is the knowledge economy?

  7. Michigan’s income rank aligned with our college attainment rank

  8. San Jose/San Fran. NY/Newark Washington/Baltimore Boston/Worchester/ Manchester (NH) Seattle Hartford Houston Denver/Boulder New Orleans Minneapolis/St. Paul Most prosperous regions

  9. Major metros smarter

  10. Major metros richer

  11. Metro Detroit vs. Metro Minneapolis 2007 Rank among 54 metros 1 million population or more

  12. Metro Grand Rapids vs. Metro Minneapolis 2007 Rank among 54 metros 1 million population or more

  13. Metro Lansing vs. Metro Madison

  14. High education industries growing most in U.S. $58,915 Employment change 2001-07 $44,457 $33,173

  15. High education industries doing best in Michigan $53,377 $43,357 Employment change 2001-07 $36,159

  16. High education industries doing best in Metro Detroit $58,704 $48,299 Employment change 2001-07 $39,773

  17. High education industries growing in Metro Grand Rapids $46,212 Employment change 2001-07 $38,191 $33,716

  18. High education industries growing in Metro Lansing $48,210 $40,006 Employment change 2001-07 $31,823

  19. Recession accelerates trends

  20. Our conclusion: The places with the greatest concentration of talent win!

  21. Young talent is aggregating in urban regions Younger college grads Blue = With children Red = Without children

  22. 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

  23. Bottom line We must get younger and better educated or we will get poorer

  24. For more information about Michigan Future, our reports or what the media is saying, please visit our Web site at: www.MichiganFuture.org

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