ANN ARBOR – Knowing which industries have a good economic outlook can help you to make savvy career choices. Whether you’re starting out or you’re thinking about your next promotion, choosing a sector or specialty that’s primed for growth can provide you with job security and lucrative opportunities.
Similarly, if you’re a budding entrepreneur and you dream of starting your own business, you’ll want to know which industries in Michigan have the best outlook and the best chance of success. By identifying the sectors that will grow in the future, you can increase the likelihood of your startup becoming a thriving corporation.
While some industries will see national and even global economic growth, it’s important to take location into account when you’re forecasting economic outlook. After all, some regions have core industries while specific towns and cities are known for their prominence in certain sectors. With this in mind, take a look at these six Michigan industries with a good economic outlook:
The rise in online shopping means that the logistics industry is seeing significant growth throughout the U.S. In fact, many countries are experiencing a shortage of experienced logistics and supply chain professionals as eCommerce has taken off.
In Michigan, major logistics firms are setting up new facilities, which means that they’re hiring a wide range of workers. From highly qualified operations directors to warehouse operatives, the sector is generating a significant number of jobs within the state.
What’s more – the logistics industry is set to continue growing in upcoming years. As online shopping becomes even more enmeshed into the way society operates, there will be ongoing demand for related services, such as supply chain management and resource management.
Economically, manufacturing is the biggest industry in Michigan, and you can expect to see growth in the sector in the future. While national manufacturing trends decreased in the late 20th century due to international outsourcing, Michigan remained a major manufacturing hub within the U.S. To date, manufacturing accounts for almost 20% of the state’s total output, and nearly 15% of the state’s workforce are employed by manufacturing companies.
Motor vehicle manufacturing has been a major part of the state’s manufacturing industry and accounted for a substantial part of the sector’s growth in 2020. However, pharmaceutical and medicine manufacturing, as well as medical equipment and supplies manufacturing, also grew within the same timeframe.
Having grown steadily over recent decades, there is nothing to suggest that the continued success of the manufacturing industry in Michigan will come to an end any time soon. While some entrepreneurs may feel overawed at the prospect of launching a manufacturing company, the potential for growth, combined with the industry expertise that resides in the state, makes Michigan a prime location for manufacturing firms.
Globally, healthcare is one of the biggest industries and, in the U.S., it’s the country’s biggest employer. For aspiring doctors and nurses, the increasing demand for medical professionals ensures relatively high job security and a wealth of job opportunities. Indeed, the current shortage of medical professionals, combined with an aging population in the state, highlights the need for additional services.
While some people are put off due to the long training period associated with medical careers, there are a variety of healthcare careers that combine full-time work with further training. When you qualify as a registered nurse, for example, you can advance your career by completing an MSN and qualifying as a nurse practitioner. To find out a little more about what this involves, take a look at the nurse practitioner specialties that are available. With the potential to specialize in your chosen field, undertake a leadership role and boost your earning power, qualifying as a nurse practitioner could be a viable way to join a growing industry and fulfill your professional ambitions.
Throughout the U.S., increased demand for nurse practitioners will see hundreds of thousands of new roles being created. In Michigan alone, job growth for nurse practitioners is expected to increase by 16% between 2018-2028, which highlights just what a lucrative career it can be.
Michigan’s location, coast, and spectacular scenery ensure that the tourism industry is a major factor in the state’s economic success. People travel from all over the country and even internationally to visit Michigan’s mountains, lakes, and beaches, so it should come as no surprise that the tourism sector consistently performs well.
However, a significant proportion of tourist revenue actually comes from Michigan residents themselves. With the opportunity to travel in-state and explore Michigan’s stunning landscape, hunt, fish, and hike, there are plenty of reasons for the ongoing demand for tourism services and businesses.
While the COVID-19 pandemic hit the global tourism industry hard, we can expect to see the sector bounce back as the health crisis comes to an end. Although Michigan’s tourism companies may have faced challenging times in 2020, the renewed demand for vacations, hunting trips, charter boats, accommodation, and hospitality will ensure tourism remains a growth industry in the state’s future.
As one of the fastest-growing global industries, it’s not surprising that tech is on the rise in the U.S. too. Currently, Michigan is a top ten state for net tech employment and the combination of manufacturing and software development expertise in the region has seen Michigan hailed as the ‘Next North American Tech Hub’.
While the tech industry is growing as a whole, there are particular sub-sectors that are performing well in Michigan. The state is considered a national leader in cybersecurity, for example, with many companies developing emerging tech solutions to boost security for the nation, businesses, and consumers. For aspiring cybersecurity professionals, entrepreneurs, and startups, this makes Michigan a top location for career and commercial opportunities.
Due to Michigan’s manufacturing prowess, we can expect to see a significant increase in the number of firms that are incorporating technology into the manufacturing process. The use of technology in medical equipment and healthcare devices is already ensuring that this is a growing sector within the state and the emerging tech within this specialty, combined with increasing demand for advanced healthcare solutions, is sure to fuel ongoing growth in upcoming years.
6. Finance and Real Estate
After manufacturing, finance and real estate account for the largest percentage of Michigan’s gross domestic product. Like most industries, the real estate sector experienced disruption due to the COVID-19 pandemic. However, we can expect to see an upturn in property development in the near future. The rental and leasing markets, in particular, are predicted to increase in value as the demand for affordable housing continues to grow.
For finance, insurance, and real estate companies, the predicted growth makes Michigan an exciting place to do business. Similarly, individual investors may look to Michigan for lucrative opportunities, such as buy-to-let properties and new developments. The increase in remote working now means that millions of Americans can work from any location, and many are predicted to move out of heavily populated towns and cities into more rural environments. The spectacular scenery throughout the state, combined with an impressive infrastructure and access to thriving business communities, could mean that Michigan becomes a hub for professionals who are seeking a more favorable work-life balance.
Building a Career in Michigan
With so many thriving economies in the state, it’s easy to see why startups and established corporations are choosing Michigan as a base for their operations. In turn, this brings a variety of employment opportunities and ensures that Michigan is a top location for professionals who want to build a career in a variety of sectors.
Core industries, such as manufacturing and healthcare, are predicted to grow consistently in upcoming years, while the increased demand for eCommerce will ensure that businesses operating within the logistics industry are in high demand.
It is, however, Michigan’s commitment and investment in technology that will secure its economic success. As well as creating a flourishing tech industry within the state, other sectors have been quick to incorporate technology into their future. The use of emerging tech in manufacturing is enabling businesses to develop new solutions and more efficient processes.
Is Michigan a Good Location for Aspiring Professionals?
Absolutely. Michigan’s economy enjoyed year-on-year growth between 2010 and late 2019. While a downturn did occur in 2020, this was mirrored nationally and globally due to the coronavirus pandemic. As the state, country, and world recover from the crisis, Michigan’s economy is likely to experience consistent growth once again.
For aspiring and current professionals, the range of opportunities available in the state ensure that careers can be built and advanced in Michigan. What’s more – the number of sectors with a positive economic outlook means that there are a wide variety of options for professionals who want to specialize in particular areas or sub-sectors.
Whether you’re a future nurse practitioner, an innovative supply chain manager, or a talented software engineer, you can be confident that Michigan provides a wealth of lucrative employment opportunities and a fantastic place to call home.
Author: James Daniels is a freelance writer, business enthusiast, a bit of a tech buff, and an overall geek. He is also an avid reader, who can while away hours reading and knowing about the latest gadgets and tech, whilst offering views and opinions on these topics.