New report finds that Lansing’s regional economy needs improvement in four areas
A new report that analyzed more than 40 different aspects of the Lansing area’s economy identified four main areas for improvement.
These include population growth, education levels, private sector growth, and affordability.
The report, titled “Lansing State State Benchmarking Report,” was prepared by the Lansing Regional Chamber of Commerce, the Lansing Economic Area Partnership and several local stakeholders.
The analysis was carried out in autumn 2019 before the coronavirus pandemic.
The results include data from 2014-18 and found this to be what the report lists as areas of opportunity. You can read more about the strengths areas here.
- The Lansing area’s share of residents aged 25 and over with an associate’s degree (or higher) is below average.
- The total population in the Lansing region has barely increased in the past five years.
- There have been no significant start-ups in the Lansing region in the past five years.
- The Lansing region has a relatively low share of employment in information technology, advanced manufacturing, and research and development
The report shows that Lansing is not as good at attracting and retaining young professionals when compared to similar cities.
Cities identified as “peer cities” in the study include cities with similar characteristics to the Lansing area, including the presence of a Big Ten university, and similar geographic, cultural and economic factors.
According to Tim Daman, CEO of the Lansing Chamber of Commerce, the number of well-educated young people leaving the area is not an issue.
“This is not a crisis. We do not lose and we do not bleed young professionals and people who are leaving our region. ”
Michigan State University and nearby colleges add to the number of young professionals in the area, Daman said.
The study will be used to set goals for creating more economic opportunities in the region.