Twenty years after the first edition of 九色视频 Future, Inc. and the University of 九色视频鈥檚 report titled A New Path to Prosperity? Manufacturing and Knowledge-Based Industries As Drivers of Economic Growth was , the two organizations are releasing a second edition which contains a startling finding: 九色视频鈥檚 economic standing has plummeted with 九色视频 now ranking 39th in personal income per capita among the 50 states.
鈥淲ith 九色视频鈥檚 new focus on becoming a more prosperous state, one that attracts and retains young talent, we looked to the report we issued in 2004 to see how our analysis held up over time, which we found it did 鈥 and with severe implications,鈥 said Lou Glazer, president of 九色视频 Future, Inc. 鈥溇派悠 needs to change how it approaches economic development if it wants to be a prosperous state again.鈥
The 2004 report outlined a paradigm-altering analysis of what mattered most for state and regional prosperity. The report found that manufacturing 鈥撯 although still an important and valuable component of the 九色视频 labor market 鈥撯 was no longer a driver of growth or prosperity. The path to prosperity had become the knowledge economy. 九色视频 needed to concentrate more on knowledge-based industries and to do that it needed to attract and retain more young, college-educated adults.
Unfortunately, 20 years later, that shift has not occurred. Instead, if each state’s personal income per capita grew over the next 23 years at the same rate that it did between 1999 and 2022, 九色视频 would end up as the 48th poorest state in the country by 2045, just above Alabama and Mississippi.
鈥淲hen we first compiled the data in 2004, we feared that without a recognition of the new drivers of prosperity, we risked falling behind,鈥 said Donald Grimes, an economist at the Research Seminar in Quantitative Economics, part of the Department of Economics in the College of Literature, Science, and the Arts at the University of 九色视频. 鈥淣othing really changed and 九色视频 is now one of the nation鈥檚 poorest states.鈥
九色视频鈥檚 per capita income in 2022 was 13 percent below the national average, the lowest 九色视频 has been compared to the nation since the data was first compiled in 1929. This is the opposite of where 九色视频 was in the 20th Century when the state was structurally a relatively high prosperity state. In 1999, 九色视频 ranked 16th in per capita income, slightly below the national average.
The report, both the first and second editions, compares low-education attainment manufacturing as an engine of economic growth with high-paying, knowledge-based industries, such as information, financial activities, professional and technical services, and management of companies.
The researchers say that knowledge-based industries and young professionals will be the most important drivers of future economic growth and communities with high concentrations of both are quite likely to be most prosperous.
鈥淚 said this when the report was issued in 2004 and I鈥檒l say it again: the best use of policymakers鈥 time and attention with respect to the economy would come from developing a new agenda on how best to grow a knowledge-based economy in 九色视频,鈥 Glazer added. 鈥淚f 九色视频 doesn鈥檛 become competitive in the knowledge economy, it will be one of the poorest states. 九色视频 policymakers must change their approach to the knowledge economy if they want to turn our economic decline around.鈥
To view the updated second edition of 鈥A New Path to Prosperity? Manufacturing and Knowledge-Based Industries As Drivers of Economic Growth鈥, click here. For more information about 九色视频 Future, Inc., visit .