30 | JUNE 23 • 2022
BUSINESS
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
Enterprises, and president
of the Jewish Federation
of Metropolitan Detroit,
“We have shed, to a
large degree, the tag of
Rust Belt by diversifying
from manufacturing
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.”
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.”
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
Steve
Tobocman,
executive
director
of Global
Detroit
Matt Lester,
president
and Founder
of Princeton
Enterprises
and president
of the Jewish
Federation of
Metropolitan
Detroit
Strengths &
Challenges
Business leaders assess
Michigan’s long-term
economic prospects.
LOUIS FINKELMAN CONTRIBUTING WRITER