By John Bebow - April 24, 2008
The five-county region around Traverse City is expected to gain 20,000 jobs between 2003 and 2011. This land of expansive lake views, orchards, and an increasingly hip and crowded downtown is projected to outpace both Michigan and the nation in job growth over the next several years.
Population in the region will also outpace growth in the rest of the state and nation, according to the Traverse City Area Chamber of Commerce 2008 Economic Forecast.
While there is growing opportunity Up North, the story is similar to downstate for northern workers who fail to gain new skills to compete in the 21st Century global economy.
"Our new economy will demand a significantly higher level of academic preparation and achievement," according to the TC Chamber's report. "During 2008, we expect to see continued layoffs of low-skilled production workers in the manufacturing sector due to declines in the auto industry. However, the regional economy is growing jobs in other sectors, especially healthcare, human services, and business services. Unemployment should remain at approximately its current rate, with difficult transitions for individuals who require retraining for new employment."
2 Comments
"…However, the regional economy is growing jobs in other sectors, especially healthcare, human services, and business services."
Unless I'm missing something here, none of these sectors create wealth, they just move existing money around. The fact that we are creating jobs for surgeons and nursing assistants suggests dismal economic prospects. Growth in services without growth in industry predicts a day when no one will have the means to buy the services.
So, why is your news good news for Michigan?
–John
According to the Traverse City Area Chamber of Commerce's 2008 economic forecast their population over age 50 is higher than the state and national average and their economic growth is higher than the state and nation. The Chamber sees a connection between the two and is the only Chamber in Michigan that I know of that actively tries to attract older people as a major part of their economic growth and jobs strategy. The SEMCOG forecast-study for SE Michigan by U of M economists Fulton and Grimes identify the same opportunity for SE Michigan. Although older people bring money into a community thus creating jobs for younger people and consume less of the services paid for by local taxes (localities make money on older people that they can then use to subsidize what they lose on younger people) yet the economic strategies in the state for the most part totally ignore this opportunity. They can learn from Traverse City.
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