MidAmerica EDC Macroeconomic Analysis
The Mid-America EDC recently completed an analysis of the assets of our 13 state region. Click Here to view the Mid-America EDC Macroeconomic Analysis.
The MidAmerica Economic Development Council (Mid-America EDC) is a professional association representing thirteen states that collectively contributes significantly to the national economy. The Mid-America EDC region includes Illinois, Iowa, Indiana, Kansas, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota, Wisconsin and Wyoming. Collectively, the Mid-America EDC region represents 20 percent of the nation’s population, 20 percent of the nations total business establishments and 21.7 percent of the nation’s total workforce. If the Mid-America EDC region were a country it would be almost twice the size of Canada and roughly the same size as France. There are substantial economic, demographic, and regional assets that position the Mid-America EDC states well for valuable, targeted growth opportunities. The Mid- America EDC region has a strong representation of manufacturing and agricultural industry sectors and state universities with Research & Development efforts that are charting the course for our nation’s future.
The population of the Mid-America EDC region is just over 65.653 million according to the U.S. Census Bureau’s American Community Survey. This is a 4.0% increase from the 2010 population of 64.090 million and, while the region is growing, its growth lags the national average of 6.3% during the same period. The region’s labor force participation rate of 66.2% is significantly higher than the national average of 62.9% and the region’s population has a higher percentage of people with a High School diploma or higher (90.9%) versus the national average (87.7%). This data suggests that, while growing at a slower pace than the national average, the Mid-America EDC region population has a strong workforce base and education levels that are aligned well with employment opportunities within the region.
The total GDP of the Mid-America EDC region has grown by 3.6 percent between 2017-2019 from $3.595 T to $3.723 T. Mid-America EDC’s regional GDP is roughly the size of Germany and the fourth largest economy in the world. While the region has experienced reasonable growth, it has not kept pace with the national average of 9.1 percent growth over the same period.
The Mid-America EDC region has a comprehensive multimodal transportation infrastructure system that supports the region’s leading industry sectors and positions the region well for future economic prosperity. Fifty-three of the nation’s 180 intermodal sites are located within the Mid-America EDC footprint. Additionally, there are more than 14,000 miles of interstate highways, 43,400 miles of Class I rail lines, nine cargo ports, and 4 major international airport hubs located within the 13-state region. States within the Mid-America EDC region have a long history of strength in industry sectors such as agribusiness, manufacturing, natural resources, and transportation. The region has a workforce that is heavily concentrated in Animal production and Aquaculture, Mining (except Oil and Gas), Food Manufacturing, Primary Metal Manufacturing, Fabricated Metal Product Manufacturing, Machinery Manufacturing, and Transportation Equipment Manufacturing leading the way from a location quotient perspective. This perspective shows that the Mid-America EDC region has a higher concentration of workers in these sectors than the rest of the country.
Mid-America EDC states should focus on keeping and attracting jobs in the industries in which it has a historic strength such as agribusiness and food production manufacturing, machinery manufacturing, automotive manufacturing, and metals manufacturing, but it should also look to the industries and the occupations of the future such as software development, logistics and fulfillment centers, medical device manufacturers, and pharmaceutical companies to determine those that it can attract to provide high-wage jobs to the people that live in the region. The jobs projected to grow in the future is a mix between those that require a high school degree and those that require a bachelor’s degree. The preservation of existing industry strengths, and the attraction of high-wage jobs to Mid-America EDC states ensures that the population and the median family income and local tax base will continue to rise for the foreseeable future. The abundance of affordable, high- quality technical educational institutions, and 4-year and post-baccalaureate universities and research institutions in the Mid-America EDC region creates opportunities to meet the workforce needs of today, prepare for the workforce needs of tomorrow, and develop and commercialize new technologies that propels the region into the future.
CLICK HERE for the full report.
Webinar Recording: Mid-America EDC Regional Data Project Overview - Presented on June 16, 2020 by The Montrose Group, LLC