Michigan (No.45): Reinvesting in Detroit
Michigan holds the dubious distinction of being the nation’s worst-performing state (ALEC’s 2014 Rich States, Poor States report), while bringing up the rear in economic outlook, by trailing only Vermont (No. 49) and New York (No. 50). Recent metrics suggest better days ahead: Michigan led the Midwest in GDP growth (2.7 percent versus the nation’s .4 percent hiccup) between July 2013 and July 2014, says the Fed’s Chicago branch. University of Michigan Ann Arbor economic forecaster George Fulton predicts job growth over the next two years in trade, transportation and utilities; professional and business services; and construction. In Detroit, the city’s filing for municipal bankruptcy has prompted business leaders to begin reinvesting, reversing decades of decline. Statewide, the elimination of Michigan’s business tax in favor of a corporate income tax, easier access to venture capital and growth of the R&D sector have given cheer.
The Tax Foundation ranked Michigan 21st highest out of 50 states in state and local tax burden and 14th in business tax climate. Recent upgrades to incentive programs are paying off, says site selector Gigerich. Michigan spends over $6.65 billion a year on incentive programs, according to The New York Times state subsidy database.
Illinois (No. 48): Ill-Annoy
Illinois faces—or perhaps avoids facing—three serious structural problems: a yawning $45 billion budget deficit, escalating health care costs and persistent high unemployment. Illinois could be “the California of the Midwest—without the technology or the sunshine,” says Gigerich drily, referring to the state’s highly regulated business climate, abundant nuisance fees and deferred-maintenance infrastructure. Real GDP growth has lagged the U.S. recovery rate since 2010.
An Allied Van Lines survey ranked Illinois tops in the nation for out migration; border-hopping business owners blame the “Ill-annoy factor” as they cross state lines into Indiana and Wisconsin. State bright spots include energy sector expansion and slowing bankruptcy and foreclosure rates. Manufacturing continues to rebound, albeit slowly, according to the Chicago Federal survey; JPMorgan Chase predicts continuing recovery through at least 2015.
Chicago remains the business capital of the Midwest, controlling 77 percent of the state’s economy. Yet, Chicagoland’s economic metrics have trailed national rates since the late ’90s. Insiders worry that pension and unfunded liabilities reduce municipal finances to a house of cards. The Tax Foundation ranks Illinois 13th highest out of 50 states in terms of tax burden and 31st in busines stax climate. Connections play outsized roles in getting government assistance; politics “gets further involved than it should,” says BLS’ Bosman.
Sidebar: St. Louis: Fighting Ferguson Turmoil
Sidebar: CEO Perspectives: Why We’re Here
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
