Attracting and retaining young talent: the economic development strategy that really matters
In my last post, I looked at the connection between the educational attainment of the working-age population of a region or state, and the prosperity of that region or state. The short story is that at both geographic levels, the two variables are strongly correlated – if you tell me what share of 25-64 year olds in a region or…
The connection between educational attainment and economic development
Most discussions about economic development in Michigan are pretty narrowly focused. How many jobs did we “create?” What companies did we “attract”, or retain? Manufacturing jobs receive the lion’s share of attention, and it’s generally understood that in order to create or retain these manufacturing jobs, we need to offer firms incentives, usually in the form of tax abatements, land…
Jamie Dimon on expaning the Earned Income Tax Credit
Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co, in his latest Letter to Shareholders calls for a big expansion of the federal Earned Income Tax Credit. He writes: The gap between skilled and unskilled workers has been growing dramatically – so much so that unskilled labor has become less and less a “living…
The Neighborhood Talent Concentration Initiative
Now is the time to make fundamental change in the state’s economic development playbook. What we have been doing has not worked. Michigan's per capita income has fallen from around the national average at the turn of the century to a record low thirteen percent below: falling from 18th in 2000 to 38th in 2022. Mid-course adjustment in what we…
Michigan median wages: From nineteen percent above to nine percent below
Michigan was one of the most prosperous places on the planet in 1979. Its per capita income three percent above the national average. No more! In 2022 Michigan's per capita income was 13 percent below the nation's. The worst Michigan has even been compared to the nation. The prime reason for this four decade long decline is Michigan has gone…
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