Thursday, June 20, 2013

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Economy looking UP?
Posted: 09.16.2009 at 9:38 PM
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Regional Economic Opportunity Study released.

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MARQUETTE -- The recession has hurt the Upper Peninsula.  Unemployment is up and wages are down. 

Have we seen the worst of it?  Some folks at today's Upper Great Lakes Economic Summit seem to think so.

NorthStar Economics released the findings of their Regional Economic Opportunity Study, and they've created an outline to bring the U.P.'s economy back to health.

"This study takes a good look at what our region can do to remain competitive in the global economy.  The study actually outlines a path for success, and we're going to try to help as much as we can so those goals in that study are met," said Representative Bart Stupak.

Goal number one:  offer more employment opportunities in the Upper Peninsula.  It sounds like common sense, but companies are cutting jobs; few are hiring.  The study's solution?  Create companies to create jobs.

"We lost a generation of entrepreneurs.  Kids coming out of college didn't think about their own business.  I think that's changed dramatically.  I think that we're in a generation now where young people are beginning to think 'well do I want to work for somebody else, or could I do this mysel?''" said Dr. David Ward, CEO of NorthStar Economics.

The study targets our universities:  introduce students to entrepreneurial opportunities and convince them to start their company right here in the UP.  New companies mean new jobs.

Goal number two:  grow our tourism trade.  Tourists carry cash, and cash flow improves the economy.

"I think what you want to do is be on the higher end of tourism.  You want to get people to come up here and spend some money in your stores, in your art shops, on tours," Dr. Ward said. 

The study points out that times are changing.  A region once so reliant on mining and manufacturing may find itself a healthier economic outlook if it moves away from over-reliance on mines and looks toward education and tourism.

The Economic Opportunity Study is just an outline of suggestions from NorthStar Economics.  They say for any real change to come from their suggestions, we need leaders to take initiative, and we need the community to accept this economic revolution.      

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