Friday, September 4, 2015

Freshwater economies

It's hip to be squarely Midwestern, says Joel Kotkin;
One clear key to improving conditions in Michigan and elsewhere is the revival of America’s industrial economy. Following a generation of falling employment, the sector has been on something of a rebound since 2010, adding some 855,000 jobs. Although many of these new jobs are in the Southeast and Texas, Great Lakes states have been at the center of the turnaround. The fastest growth in industrial employment over the past five years has been in three Michigan metro areas -- Detroit, Warren and Grand Rapids – and Toledo, Ohio.
Lower costs = attractive places to work and live--ya know, like in the textbooks;
According to demographer Wendell Cox, the rate of outmigration from Cleveland and Detroit has been cut by half or more while some metro areas, including Indianapolis and Columbus, Ohio, are firmly in positive territory. In contrast, Los Angeles, New York and even the Silicon Valley hub of San Jose continue to lose people to other regions.

More surprising is the movement of younger college-educated people. American Community Survey numbers show some of the fastest growth in the population of educated workers between 2005 and 2013 occurred in places such as Pittsburgh, Columbus, Indianapolis and, yes, Cleveland, which, according to Cleveland State’s Richey Piiparinen, are attractive due to lower costs and a more family-friendly environment.
Not just them but,
The rate of increase in the population of people 25 to 35 with graduate degrees was slightly higher in Pittsburgh than in San Francisco. Grand Rapids, Buffalo, Indianapolis, Columbus and Louisville did even better (albeit off low bases). These cities are even considered something of new “hipster havens,” as young people look to these old industrial cities as better bargains for life and work.
Menzie Chinn will want to hide his eyes from this;
Ultimately the durability of the Great Lakes recovery depends on building off its natural strengths in engineering, its central location along water routes, ample natural resources and low living costs. Pro-business policies have enhanced these advantages and made several Midwestern governors into serious national political figures, namely Snyder in Michigan, Walker in Wisconsin, and Ohio’s Kasich.

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