More than 40 percent of jobs created in Michigan in 2012 were in the six sectors identified by Business Leaders for Michigan as having the greatest potential to grow a sustainable economy, says a report released today by the organization.
Referred to as “New Michigan” opportunities, the industries — engineering, health and medical, higher education, logistics/supply chain sectors, mobility, and natural resources — are growing at twice the rate of the state as a whole, said Doug Rothwell, president and CEO of Business Leaders for Michigan, a business roundtable that represents the state’s largest job providers and universities.
“While we are seeing positive gains, it’s crucial to put an even greater focus on these areas,” Rothwell said. “Properly leveraging our strongest assets will accelerate growth in our state, grow jobs and earnings, and create an economy that is less susceptible to economic downturns.”
By competing as a top 10 state in each of the sectors through 2022, Michigan has the potential to increase its total economic output by $31 billion per year and add up to 220,000 jobs, Rothwell said.
At the Business Leaders for Michigan summit today, the organization highlighted several key accomplishments including that Michigan attracted more than $70 million in venture capital investment to support new life sciences technologies. It also ranked among the nation’s top 10 states for total STEM (science, technology, engineering, and mathematics) degrees awarded.
The organization noted that Michigan offers a strong foundation for the development of next-generation vehicles and multi-modal sustainable transportation. During 2013, for instance, the state developed new government structures and plans for supporting its mobility sector, making future growth even more likely.
To read the full report, click here.