TOP 10 STATE FOR HOUSEHOLD INCOME GROWTH DURING THE NEXT FIVE YEARS. (FY22 -FY26)

TOP 10 STATE FOR GROWTH IN VENTURE CAPITAL FUNDING OVER THE NEXT FIVE YEARS. (FY22 -FY26)

Michigan's economy is predominantly made up of low-wage jobs. 

 

 

 

Michigan's per capita personal income has trailed the nation since the bursting of the internet bubble during the tail end of the Engler administration. This trend was most pronounced during the 2010s. 

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WHY THIS GOAL IS AMBITIOUS, YET ATTAINABLE 
  • Ambitious: Making household income growth the economic development goal would be a significant change from previous administrationS' focus on the quantity of jobs. Top 10 for growth will be difficult to achieve given the number of other factors at play influencing this metric. 

  • Attainable: A growth-oriented approach would recognize that focusing on positive trends is the best path to overall improvement. With sizable federal resources, and goal-alignment among workforce development and community development activities, there is an opportunity for Michigan to be a leader.