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

