If Michigan were performing like a top 10 state today, there would be:
- 34,000 more Michigan people working
- $9,500 more income per person
- $11,700 more GDP per person
That’s the latest assessment from Business Leaders for Michigan (BLM) in its fact-based report on Michigan’s economic competitiveness relative to other states. The 2017 version of this study contains important findings for the meetings and events industry and small business owners.
“If we want to attract new good paying jobs, we need to recognize what companies look for when considering new locations,” says Doug Rothwell, BLM president and CEO.
He says those factors include:
- How much talent is available in an area?
- How business-friendly is the regulatory and tax environment?
- Is the infrastructure (roads, bridges, water pipelines, broadband access, etc.) up-to-date, safe, and ready to handle the needs of the new business?
The report shows Michigan is lacking in many categories:
- Michigan’s urban road quality ranked 38th among all states, worse than the "Top 10" and peer state averages.
- Michigan ranks 37th for bridges in poor condition.
- Michigan ranks 36th in terms of the number of households with access to quality internet service, below the averages of both "Top 10" and peer states.
“These rankings are alarming for numerous reasons. Not only do we rely on our infrastructure to ensure the personal well being of our families and colleagues, from an economic standpoint, we rely on it to move our goods and services to market and to attract other job providers to our state. Yet, we spend a fraction of what we needed to ensure they are in good working order,” adds Rothwell.
“Our view is that Michigan would benefit from forming an infrastructure planning council to prioritize needs and achieve greater coordination between regions, increasing user fees to build and maintain our deteriorating roads, bridges, and drinking water systems, and expanding broadband service in underserved areas,” he concludes.
The BLM’s key findings from the benchmarking report are available here.