To begin the work of developing Southeast Michigan’s next regional economic development strategy, which will chart a roadmap for our future, SEMCOG and Metropolitan Affairs Coalition members met this summer to discuss three pillars of our region’s economy: Place, Business, and Talent. These were illuminating conversations, and several takeaways will help guide our regional strategy.
To ensure that our region is attractive to business, participants highlighted the need to have the right infrastructure in place, ample talent, and state and local government working together. Likewise, attracting and retaining talent requires educational and training opportunities, affordable housing, and quality-of-life amenities.
Roads, bridges, water, and sewer systems are among the infrastructure that needs to be improved. Connections to outside markets via our border crossings, airports, rail network, and ports need further investment to continue functioning as strong assets that provide us with opportunities to grow our economy.
Technology and innovation are impacting the automotive and mobility, cybersecurity, automation, and robotics industries, among others. Local government needs to anticipate demands on land use that the changing economy brings, including need for retail space, fulfillment centers, and office space.
Job postings, especially in STEM (Science, Technology, Engineering and Math) fields are currently going unfilled because of a lack of qualified workers. Labor shortages for all jobs will be further exacerbated as more baby boomers reach retirement age. We need to find ways to expand our region’s labor force.
Increasing our Labor Force Participation Rate is one way to accomplish this. Currently, our region’s labor force participation is substantially less than our Midwest peer regions, especially in the prime-working-age population aged 25 to 54. Bringing this untapped labor pool into the fold will help. Accomplishing this will require collaboration between business, education, labor, and workforce development organizations.
Finally, we must market the region and communicate Southeast Michigan’s rich and vibrant story about local community assets, world-class universities and concentration of engineers, natural resources, and connections with Canada, our nation’s largest trading partner.
There will be many more opportunities to participate and provide input as we ramp up the process of developing the next regional economic development strategy. You are encouraged to attend SEMCOG’s General Assembly on October 17 at the MSU Management Center in Troy. One of the workshops at this event will focus on economic development and, in particular, on the region’s labor force participation rate.
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