Page 5 - State of the Region Report 2020
P. 5
State of the Lansing Region, 2020
5
Notable Findings
There is room to build upon the Lansing area’s many assets. The region currently
benefits from Michigan’s favorable tax climate and access to excellent higher education
and research institutions. Below, we highlight five areas of strength and five areas of
opportunity that were identified through our benchmarking study.
Areas of Strength: Lansing Areas of Opportunity: Lansing
Region
Region
Population Growth 11th
7 High Gen Z Population
Percentage 2nd Total population in the Lansing region
7
This figure indicates the number of has barely grown in the last five years.
workers just entering or about to enter Population growth indicates how well a
the workforce. A strong share of Gen- region attracts and retains residents.
eration Z among our population is good
for the Lansing region. High-Tech 9th
Employment
Growth in Median 4th The Lansing region has a relatively low
Household Income
The Lansing region has one of the share of employment in information
technology, advanced manufacturing,
fastest household income growth and research and development. A higher
rates. However, our median income of share of high tech employment indicates
$58,833 is still low.
B
B Low Housing Costs 12th economic prosperity and strength.
Housing costs are not increasing sig- G G Establishments 12th
nificantly in the Lansing region. Afford- The Lansing region has seen no significant
ability is good, however growth here business creation in the last five years.
can also be an indicator for economic New establishments not only support
growth overall. economic and private sector growth, they
Growth in STEM also help to diversify the economy.
N
⚛ ⚛ Degrees Awarded 2nd N University Startups 9th
Science, technology , engineering, and
math are essential for a robust econ- A higher number of university-driven
omy of the future. The strength of the start-ups supports entrepreneurship,
Lansing region here is a building block which could lead to more innovation and
for growth. a more vibrant regional economy.
ì
j
j University Research 2nd ì Educational 8th
Attainment
Expenditures Growth
Research and development expendi- The Lansing region’s share of residents
tures improve the region’s attractive- 25 and older with an associate’s (or high-
ness to students and talent, and pro- er) degree is below average. The avail-
vide an important source of innovation ability of educated talent can promote
and entrepreneurship. economic growth in key industries.
