Michigan Industry Analysis

Part
01
of fourteen
Part
01

Medical Devices Industry Analysis

Michigan's medical devices industry is robust and growing, with the state ranked as one of the top ten medical device sectors in the US, while Michigan-based medical devices companies continue to invest and expand their footprint in the state as well as nationally. Michigan's foothold in the industry and trend of growth in the medical devices sector overall are bolstered by the state's array of unique resources, ranging from established research and education institutions, to strong employment conditions, with Michigan serving as residence to the largest group of skilled engineers in the US.

MICHIGAN MEDICAL DEVICES INDUSTRY

MaRKET CONDITIONS

Market Forces

General Trends


Part
02
of fourteen
Part
02

Manufacturing Industry Analysis

While there is no information on the specialty manufacturing and B2C manufacturing sectors in Michigan and the United States, the research team has compiled the available information to provide data on Michigan's auto manufacturing and furniture manufacturing sectors: There are 13,457 manufacturers in Michigan with more than 1,600 automotive-oriented manufacturing companies. Michigan's furniture manufacturing sector makes up about 50% of the U.S.' $16.1 billion furniture market.

I. State of Michigan's Manufacturing Industry

  • According to Manufacturers' News Inc., the Michigan manufacturing industry employs over 719,000 people. This represents a 16% growth in employment in the manufacturing industry since the end of the recession. Between 2017 and 2018, Michigan's manufacturing employment grew by 1.6%.
  • According to Michigan Manufacturers Association, manufacturing accounted for about $96.22 billion of Michigan's output in 2017. The state's manufacturers exported about $56.77 billion worth of goods in 2017.
  • Employment in Michigan's automotive manufacturing sector grew by about 23,000 jobs in the seven years leading to 2018 and the state currently accounts for about 22% of auto-related employment is the U.S.
  • Michigan's furniture manufacturing sector makes up about 50% of the U.S.' $16.1 billion furniture market and employs about 30,000 people.
  • With 2.1 million vehicles across 23 models manufactured in Michigan in 2017, the state accounted for about 18.5% of the total production in the United States. In recent years, several foreign and domestic auto manufacturers have set base in Michigan in recent years, including NAVYA and Mahindra.

II. Market Forces

  • According to Forbes, the recovery of industry in the U.S. is instrumental in the renaissance in Michigan's manufacturing industry.
  • According to the Michigan Economic Development Corporation, availability of labor, high R&D spending, the state's manufacturing-friendly taxation laws, and favorable policies business climate are among the forces that drive the manufacturing market in Michigan.
  • The Michigan auto industry has grown due to the combination of a "resurgence of the state’s legacy industrial powerhouses" and an increase in diversified industry practices.
  • Apart from the availability of about 117,000 engineers to drive innovation in Michigan, the state has also created optimal conditions for innovation in the auto manufacturing sector by passing numerous legislation for automated and connected vehicle testing.

III. Trends

  • According to Crain's Detroit Business, Michigan's furniture manufacturing sector is taking a high tech approach. The leading furniture manufacturers in the state are integrating virtual reality and materials science among other technologies in order to produce innovative furniture solutions and products.
  • Michigan's furniture manufacturers are "partnering with software companies to build technology into products rather than products that accommodate technology."
  • Similarly, Forbes states that the auto manufacturing sector in Michigan, as well as the entire manufacturing industry, is experiencing an innovation trend with the introduction of cutting edge technology. The state's manufacturers integrate the new tech features with artistry to produce innovative products.
  • According to the Detroit Metro Times, Michigan is rapidly adapting to the changing industry by moving towards environmentally-friendly automated and battery-powered vehicles.

IV. Market Conditions

  • Manufacturers' News Inc. says that there were 13,457 manufacturers in Michigan as of 2018.
  • According to the Detroit Regional Chamber, there are more than 1,600 automotive-oriented manufacturing companies in Michigan.
  • Also, about 17 original equipment manufacturers (OEM) and 96 of North America's top automotive suppliers are headquartered in Michigan.
  • Over 2,583 patents have been awarded to auto manufacturers in the state between 2014 and 2018, and it is home to the "world’s first self-driving highway test facility."
  • The furniture manufacturing sector in Michigan is controlled by the three largest West Michigan-based manufacturers namely Steelcase Inc., Herman Miller Inc., Haworth Inc.
  • According to a report by Zip Express, a Michigan-based freight company, the furniture manufacturing sector in Michigan comprises over 150 furniture manufacturers and is concentrated in the Western regions around Grand Rapids.

RESEARCH STRATEGY

Our research began with searching through Michigan-based media resources including business magazines and general news sites. We also searched through regional and U.S. national media resources for information on the specific sectors in the manufacturing industry in Michigan. The research team hoped that media resources had conducted surveys/research or reported on research conducted by other resources regarding the furniture, tier 1 and tier 2 automotive, specialty, and B2C manufacturing sectors. However, we only managed to find information on the overall manufacturing industry in Michigan and insights into the auto manufacturing and furniture manufacturing sectors in the state.

We advanced our research to Michigan-based resources that provide data or analytics on Michigan's development, business, industry, and manufacturing, among other related spectra. These included the Michigan Economic Development Corporation, the Detroit Regional Chamber, and the Michigan Manufacturers Association. We also extended our research strategy to encompass any reports by Michigan-based companies and the state's government resources such as Michigan.org. The research team hoped these resources had conducted research and provided analyses/breakdowns of the state's manufacturing sector. This search strategy produced information on the overall manufacturing industry in Michigan including the market forces and insights into the auto manufacturing and furniture manufacturing sectors. Again, there was nothing on the specialty manufacturing and B2C manufacturing sectors.

Third, we searched through national manufacturing-focused sites such as the National Association of Manufacturers (NAM) and the Association for Manufacturing Excellence. We also searched through national industry-focused media resources such as Industry Week. Our search also entailed searching through market research resources such as Pew Research, statistics resources including Statista, and U.S. government statistics sites such as the Census Bureau and BLS. The research team expected to find in-depth reports on the Michigan manufacturing industry from research conducted on a nationwide basis. While we managed to find an overview of the Michigan manufacturing industry from NAM as well as high-level statistics for the state's economy from the BLS, there was no breakdown by manufacturing sub-sectors.

Since we had acquired useful information on Michigan's overall manufacturing industry, as well as its auto manufacturing and furniture manufacturing sectors, we expanded our research nationally using most of the aforementioned strategies in order to provide nationwide data on the remaining sectors, i.e., specialty manufacturing and B2C manufacturing sectors. Unfortunately, we could not garner any useful information apart from the definitions and best practices in the B2C space and several leads to companies claiming to provide specialty manufacturing services in the United States. The information on the two manufacturing sectors could be missing because some companies in other manufacturing categories could be producing B2C and specialty products. For example, the automotive manufacturing sector in Michigan could be classified as a B2C manufacturing sector when its products are sold to consumers for their personal use.
Part
03
of fourteen
Part
03

Financial Advisors Industry Analysis

Financial advisors help individuals, businesses, and corporations to choose the best investment vehicles that will deliver value. They also help such clients to plan for their financial future.

THE CURRENT INDUSTRY OUTLOOK

MARKET FORCES

MARKET CONDITIONS

TRENDS AFFECTING THE FINANCIAL ADVISORY SECTOR

RESEARCH STRATEGY

Data on financial advisors is fragmented, just like the industry itself. We had to compare information from different sectors and knit it into a single thread that would make sense. This involved looking at the position for the entire USA, then narrowing down to Michigan State. We used pre-compiled information from credible resources, which include, BLS.gov, Forbes, Think Advisor, Data USA, and Statista. From this information, it was possible to project future growth of no less than 15% for the next decade. The overall environment is robust as a market and rewarding for advisors who understand the industry.
Part
04
of fourteen
Part
04

Economic Development Industry Analysis

Michigan's economy has grown 6% overall since 2016 compared to 29% for the country. The cost of doing business in Michigan and/or expanding operations is very low and the state is known for its business-friendly environment.

THE CURRENT STATE OF THE INDUSTRY

  • Michigan's economy has grown 6% overall since 2016 compared to 29% for the country.
  • According to Michigan Economic Development Corporation, “Businesses are choosing Michigan for our diverse and abundant workforce, business-friendly environment, low cost of living, and global supply chain assets.”
  • Michigan has the highest concentration of engineers in the nation, with more than 130,000 engineers statewide.
  • Michigan ranks in the top 10 for its number of workers in the skilled trades, with 250,000 skilled trades workers.

SOUTHWEST MICHIGAN FIRST

  • Southwest Michigan First has created a national footprint by providing economic development services to cities and towns in 17 counties in the southwest corner of the state.
  • The organization has national clients through economic development, leadership conferences, private consulting, and webinars.
  • The organization also works to connect economic development agencies around the country with site-selection professionals to provide them the right place for their business office.
  • The organization's 60% annual budget comes from earned revenue and less than 1% of the budget comes from public funding.
  • 80% of all new jobs are the result of expansions by companies already here, whereas 20% is from new development.
  • Southwest Michigan First is currently planning physical expansion.

LAKESHORE ADVANTAGE

  • Allegan County Economic Development Commission contracted Lakeshore Advantage for their economic development services to the county’s 200 primary employers.
  • Lakeshore Advantage will provide business support services including growth assistance and tackling talent challenges to the community.
  • Allegan County Economic Development Commission contract with Lakeshore Advantage is a three-year-long contract effective from June 1, 2018.
  • In 2014, Lakeshore Advantage offered growth assistance to Ottawa County employers and have been serving employers of City of Holland in Allegan County since 2003.
  • In 2017, Lakeshore Advantage supported 49 business expansion projects which included 18 announcing business growth projects with over $90 million in private investment and more than 650 new jobs.
  • Gentex’s $100,000 investment in “Now for the Next” is part of a three-year, $240,000 commitment to Lakeshore Advantage which will respond to economic development opportunities in the West Michigan Lakeshore region over the next 10 years.
  • Gentex's goal is to raise $2 million by 2021 to provide an anchor investment in Lakeshore Advantage.

THE RIGHT PLACE

  • The Right Place has led the economic development vision for West Michigan with over 44,000 new jobs and $4.8 billion in investment.
  • 50 economic development projects have been completed, including business expansions, attractions, and retention projects. However, their annual goal was only to complete 17 projects.
  • 360 manufacturing support contracts have been completed including mmtc-west manufacturing support contracts while their annual goal was 120.
  • 1,200 individual companies were served in West Michigan with an annual goal of 40.
  • 4,000 value-added assists were provided to West Michigan companies and their annual goal was 1,333.
  • 1,575 individual professionals were assisted in West Michigan with an annual goal of 525.
  • 4,800 event attendees were educated at right place events with an annual goal of 1,600.

MARKET FORCES

  • There are four major market forces — the government, international transactions, supply and demand, and speculations and expectations.
GOVERNMENT
  • Tax Foundation ranked Michigan to be the best state in the nation for business and operation expansion due to its business-friendly environment.
  • The government levies a 6% corporate income tax, 4.25% personal (flat) income tax, and 6% sales tax with no local sales tax.
INTERNATIONAL TRANSACTIONS
  • 6 Michigan companies will take part in Canada Trade Mission, to meet with prospective partners and customers to increase export opportunities.
  • The US-Canada trading relationship is the largest in the world with trading amounting to $2 billion in goods and services daily. Michigan is ranked number 2 among other states in the US in terms of volume of exports to Canada.
  • According to the U.S. Department of Commerce, Michigan exports to Canada totaled more than $23 billion i.e. 7.4% of Canada’s total U.S. imports in 2018.
  • Michigan Economic Development Corporation (MEDC) International Trade Program reported export sales of $128 million to Canada in fiscal year 2018.
  • The Detroit-Windsor border is the busiest border crossing in North America which helps in international trade with Canada.
  • The ongoing U.S. trade conflicts with China is most likely the largest threat to the U.S. economy from international trade.
  • Michigan is also strengthening the state’s relationship with China, with more than 300 Chinese firms in Michigan supporting at least 6,000 jobs.
SUPPLY AND DEMAND
  • Michigan is located within 500 miles of “nearly half the U.S. and Canadian population and commerce centers” which gives them the added advantage to access the market.
  • $500 million in trade crosses between Michigan and Canada daily via the busiest border, the Ambassador Bridge.
  • 20% of the world's freshwater surrounds Michigan.
  • 18 commercial airports are located in Michigan, including Detroit Metropolitan, one of the largest U.S. air hubs.
  • West Michigan relies heavily on manufacturing due to I-75 corridor and not on automotive work.
  • West Michigan factories are known to build various products ranging from boots to aircraft components to furniture and is a center for engineering and biopharmaceuticals.
  • Michigan’s cost of living is 10% below the national average and is the 4th most affordable state in the country.
  • Michigan has the highest concentration of engineers and skilled trade workers in the nation, with more than 130,000 engineers and 250,000 skilled trades workers.
SPECULATIONS AND EXPECTATIONS
  • Both the job growth and personal income growth are expected to remain below the national averages.
  • In Michigan, declining level of vehicle sales, stability in the housing market, and the strong national economy are expected to result in the unemployment rate decreasing from 4.1% in 2018 to 4.0% in 2019 but then rising to 4.1% in 2020, and 4.2% in 2021.
  • The Michigan Business Tax will lower GF/GP revenue by $691.0 million in FY 2019-20.
  • The "tax vouchers from the first year of the second round of the Michigan Early Stage Venture Capital program will reduce Corporate Income Tax by $19.1 million".

MARKET CONDITIONS

  • Michigan's automakers and engineering sectors are “on the way to transportation and mobility development.”
  • Michigan has a 22% of its workforce employed in agriculture and food development.
  • Michigan's economy added over 500,000 jobs and subdued the national average from 2010 to 2018.
  • The state’s labor market, relative economic conditions, per capita incomes, distance to a new home, and the state’s public assistance helps drive the people to the state.
  • Michigan’s household income of $52,492 is ranked 34th in the country which is below the national average of $57,616.
  • Manufacturing industry comprises 19% of Michigan’s economic output compared to 11.8% nationwide.
  • 18% of Michigan’s economic output is contributed by the finance, insurance, and real estate sector.
  • Michigan's unemployment rate fell to an estimated 4.4% in 2018 and is forecasted to decline to 3.9% in 2019, which will remain unchanged at 3.9% in 2020 and fall further to 3.8% in 2021.
  • Michigan's vehicle production and Michigan’s share of the U.S. vehicle production fell in 2017 and 2018.
  • Michigan’s labor market is strong and an increasing number of residents are finding work, with wage and salary employment increasing for the eighth straight year in 2018.
  • The share of mortgage properties underwater i.e. the negative equity in Michigan is substantially higher than the national average of 6.4% in 2018.
  • Rural Michigan faces challenges to attract the kind of job growth which is concentrated in urban areas since 2009.
  • Michigan is most susceptible to get exposed to trade risk because of its reliance on the global auto industry.

HIGH-LEVEL TRENDS IN THESE SECTORS LOCALLY

  • Detroit is currently re-establishing itself as a place to attract investment from around the world, with Michigan leading seven missions in China to attract business investments since 2011.
  • According to Technical.ly, 134 active venture-backed startups were seen in Michigan in 2017 which is a 26% increase over the last five years.
  • 68 Michigan startups received $179 million in funding from venture capital and angel investors, a 100% increase over the last five years.
  • Also, 37 startups received funding from university and economic development-related funds in Michigan.
  • 472 out-of-state venture firms invested in Michigan-based startups, a 376% increase over the last five years.
  • The in-state and out-of-state “capital-gap” demonstrates an upward trend of Michigan’s economy through venture capital and entrepreneurial communities.
  • The University of Michigan projected that the state economy will add 37,000 jobs in 2019 and 26,000 in 2020, at the CAGR of 0.8% and 0.6%, respectively.
  • According to Doug Rothwell, CEO of Business Leaders for Michigan, "Michigan’s business leaders remain bullish on their ability to grow jobs and investment, and are anticipating plenty of opportunities on the horizon".
Part
05
of fourteen
Part
05

Investment Management Industry Analysis

The U.S. portfolio management industry consists of large-cap equity, equity specialties and fixed income products, government fixed income and structured products, exchange-traded funds and passively-managed products, alternatives and solutions products, and other products (target date products and ldis). Information on the investment management industry in Michigan was not available on the public domain. Below is an overview of the information that was available.

WHAT THE INDUSTRY LOOKS LIKE NOW

  • In 2019, the U.S. portfolio management industry was valued at $303.0 billion and grew at a CAGR of 2.5% from 2014 to 2019.
  • The U.S. portfolio management industry consists of large-cap equity, equity specialties and fixed income products, government fixed income and structured products, exchange-traded funds and passively-managed products, alternatives and solutions products, and other products (target date products and ldis).
  • America’s dynamic and entrepreneurial economy has led to the development of an immense but fragmented wealth management industry.

MARKET FORCES

  • The rising disposable income, the solid financial market growth, decreasing fees, and increasing regulation, have impacted the trends in the U.S. investment management industry until 2019.
  • According to IBIS World, the prime rate in the U.S. is expected to increase in 2019 and pose a potential threat to the portfolio management industry.
  • According to IBIS World, the per capita disposable income in the U.S. is expected to increase in 2019. This represents a potential opportunity for the American portfolio management industry.
  • Private equity managers are driving rapid change in the U.S. wealth management industry.

MARKET CONDITIONS

HIGH-LEVEL TRENDS

  • Investors are "pushing towards passively managed funds with lower fees."
  • According to Deloitte, new investment management firms are focused on millennials and touching on various millennial preferences such as a "technology-driven interface, low cost, peer-to-peer interaction, transparency, and thematic investing, including social impact."
  • With technological advancement, financial robots, also known as "Online Wealth Management Firms," have been used increasingly and are targeted at the young technical, entrepreneurial and professional individuals in Silicon Valley.
  • According to Transparency Market Research, companies in the industry are increasingly using investment management software because they need investment-related data to be processed in a trustworthy and efficient manner.

INVESTMENT MANAGEMENT COMPANIES IN MICHIGAN


RESEARCH STRATEGY

To gain a better understanding of the targeted industry, we first searched for the definition of "investment management industry". According to Investopedia, "Investment management is also known as money management, portfolio management, or wealth management". We, therefore, searched for information related to “investment management”, “money management”, “portfolio management”, or “wealth management”. Below are the strategies used during the research.

First, we searched for industry reports or market studies on the investment management industry in Michigan since such reports tend to provide detailed information on the subject matter. While we found a report from IBIS World which provided detailed information on the portfolio management industry in the U.S., no specific information on the industry in Michigan was available. Other reports found were published by Deloitte, Wipro, and Transparency Market Research and gave insight on the current market conditions and emerging trends in the investment management industry in the U.S., however, again there was no specific information on the industry in Michigan. We were also unable to find any Michigan-specific reports from leading advisory firms such as Price Waterhouse Coopers, Ernst & Young, Deloitte, Touche, Tohmatsu, and KPMG, among others.

We searched for media articles and news publications on the investment management industry in Michigan. The idea here was to find news articles on the investment management industry in Michigan that would include commentaries by industry experts, company spokespersons or regulatory authorities that could be used to devise industry trends, conditions or dynamics. We found numerous articles from sources such as the Financial Times and the CFA Institute that provided comments on the overall U.S. investment management industry, however, none were specific to Michigan.

Next, we searched through the websites and press releases of investment management firms headquartered in Michigan. The idea here was to find market information specific to Michigan since these companies, headquartered in Michigan, would publish information on the local market for commercial purposes. However, after an exhaustive search through numerous company websites and press releases such as those of Grand Wealth Management, Baron Wealth Management, Arbor Asset Management, GEM Asset Management, and Generations Financial Planning & Wealth Management, no specific information could be found related to the investment management industry dynamics in Michigan. Most of the companies have only published information on their service offerings in Michigan.

Next, we searched through various government databases and the websites of regulatory authorities to find information on the investment management industry in Michigan. The idea here was to present official statistics and regulatory news published by official authoritative sources as a market overview and current market conditions. Initially, we searched through the American FactFinder to find statistics on the portfolio management industry in Michigan. However, the information was limited and the latest statistics available were from 2016 (past the two-year Wonder limit). We also searched through the websites of other regulatory authorities such as the SEC and FINRA, however, none of the organizations have published information specific to Michigan and most of the information available focused on the entire U.S.

After exhausting the above-mentioned strategies, we concluded that limited information is available related to the investment management industry in Michigan.

Part
06
of fourteen
Part
06

Banking Industry Analysis

The Michigan banking industry is being driven by a technology revolution of its banking services. Such advancements will drive improved consumer service that is critical in Michigan as it has a significant under-banked population.

INDUSTRY ANALYSIS

MARKET FORCES

MARKET CONDITIONS

  • Michigan cannabis industry is experiencing rapid growth after medical cannabis was legalized in 2018 and recreational cannabis will be legalized on 9 December 2019. Despite the investment interest, cannabis is excluded from banking transactions by law. With the expected passage of the Secure and Fair Enforcement (SAFE) Banking Act in late 2019, banks in Michigan will be able to undertake banking transactions of the rapidly growing industry.
  • US economic growth and trade wars with China, Mexico, and the EU have contributed to an increased interest in American products. Michigan has attracted companies in the manufacturing sector such as $1 billion by Fiat Chrysler that will be setting up an automobile production plant in Michigan. The increase in manufacturing and retail activities in Michigan will drive increased banking activities.

MARKET TRENDS

  • Banks in Michigan are embracing consumer outreach through mobile, web and social media platforms to increase engagement with consumers. Primarily, millennial consumers in Michigan are highly interested in digital banking services. Pivotal technologies of interest to Michigan banks include open banking, invisible banking, intelligent assistants, artificial intelligence, and digital-first banking.
  • Insurance is increasingly being offered as a complementary product by Michigan banks. Michigan First Credit Union is leading this trend in Michigan by providing auto and home insurance to its customers. It is prioritizing both online and offline customers in its insurance roll out.
Part
07
of fourteen
Part
07

Publications Industry Analysis

The estimated market size of the book publishing industry in the United States is expected to be $29 billion in 2019 while the estimated market size of the newspaper publishing industry in the United States is expected to be $25 billion in 2019.

PUBLISHING INDUSTRY IN MICHIGAN

  • The University of Michigan Press, which is part of the umbrella organization, generates about $3.5 million in revenue which is nearly three-quarters of Michigan Publishing's total annual revenue.
  • Michigan Press published about 46 titles and sold 143,319 copies in the year 2016, but the sales revenue has plummeted about 40% compared to 2005.
  • In 2016, Michigan Press costs exceeded its revenue by about $150,000, eating into the organization’s cash reserves of about $800,000.
  • Wayne State University Press, Caffeinated Press, Discovery House, Scribe Publishing, Wynwidyn Press, Arbutus Press are some of the top book publishing companies in Michigan.
  • Some top daily newspaper by circulation in Michigan include The Detroit Free Press, The Detroit News, The Grand Rapids Press, The Oakland Press, The Flint Journal among others.

PUBLISHING INDUSTRY IN THE UNITED STATES

  • According to IBIS World, the estimated market size of the book publishing industry in the United States is expected to be $29 billion in 2019.
  • As of 2019, the book publishing industry has 2,461 businesses in the United States employees about 60,388 people.
  • Bertelsmann SE & Co. KGaA and Pearson PLC. are the companies holding the largest market share in the book publishing in the United States.
  • According to IBIS World, the estimated market size of the newspaper publishing industry in the United States is expected to be $25 billion in 2019.
  • In the United States, there are about 6,909 businesses in newspaper publishing industry employing about 144,268 people.
  • Gannett Co. Inc., News Corp. and The New York Times Company hold the largest market share in the newspaper publishing in the US industry.
  • Amazon.com, Inc., Barnes & Noble, Inc., Disney Publishing Worldwide, Lagardere SCA, Macmillan Publishers Inc. are some of the major players in the publishing industry in the United States.

MARKET FORCES

  • Authors will be more likely to opt for self-publishing as services that were originally completed through a physical medium as book publishing services conducted online is expected to increase in 2019.
  • The per capita disposable income is expected to increase in 2019, which is representing a potential opportunity for the book publishing industry.
  • Internet-only periodicals which have lower production and distribution costs are a threat to the newspaper publishing industry in the United States.

MARKET CONDITIONS

  • The book publishing industry has seen a decline in growth by -0.1% in the period of 2014-2019.
  • Newspaper publishing industry has seen a decline in growth by -4.3% in the period of 2014-2019.
  • As of 2017, eBooks reached 3.8% revenue growth to an estimated $3.4 billion while Paperbacks remain the most popular format in the U.S. publishing industry.

TRENDS

  • The book publishing industry has seen a slight decrease in revenue over the past 10 years which generated about $26.5 billion in 2008 while in 2018 the revenue was $26.23 billion.
  • The book publishing generated $2.5 billion in revenue from audio books while eBooks accounted for $162 million in 2018.
  • According to data aggregated by Publisher’s Weekly, nonfiction publications are currently more popular than fiction among adults as nonfiction accounted for $281.57 million in sales, compared to $139.18 million in fiction sales in 2017.
  • Most popular fiction genres were general fiction which accounted for revenue of $40.59 million, followed by suspense/thrillers ($21.84 million), and romance ($21.49 million).
  • Paperback books are gaining popularity in the U. S book publishing industry as more than 1 billion copies were sold in 2017.

YOUR RESEARCH TEAM APPLIED THE FOLLOWING STRATEGY

We began our research by looking for all the pre compiled information related to publishing industry in Michigan. We found interesting data regarding what the industry looked like, market forces, market conditions, and trends. However, we were not able to find specific data about publishing industry in Michigan.
Our first strategy was to look for information on sites like IBISWorld, marketsandmarkets, Euromonitor among others. With this strategy we were able to find a report with information on the publishing industry in the United States like market size, growth rate, etc, however, there was no specific information available on the industry in Michigan. We had thought that this strategy may work since such research reports provide detailed information on the subject matter and would have contained information for Michigan specifically. But, the entire report was accessible behind a paywall.
Our second strategy was to look for media publications and articles on the publishing industry in Michigan. The idea here was to find news articles on the publication industry in Michigan that would include commentaries by industry experts or company spokespersons that could be used to devise industry trends, conditions or dynamics. We looked for information on sites such as Detroit news, mlive.com among others, but, none were specific to Michigan. However, some articles and media publications were able to provide information on the overall publication industry in the United States.
Our third strategy was to look for information on websites of publishing industry associations in Michigan. This strategy was not fruitful as there were no such reports or articles found. Instead, we found information on the members in these associations and their company overview. We can conclude that more detailed information related to publishing industry in Michigan is not available in public domains.
Part
08
of fourteen
Part
08

Medical Devices - Key Players

Some key players in the Medical Devices industry in Michigan include Aspen Surgical, Skytron LLC, MedBio, Ranir and Oliver Healthcare Packaging.

ASPEN SURGICAL


SKYTRON, LLC


MEDBIO


RANIR


OLIVER HEALTHCARE PACKAGING


RESEARCH STRATEGY

Research discovered precompiled lists from MichBio and The Right Place that give names of some notable medical device companies in Michigan such as Aspen Surgical, MedPlast, Skytron LLC, MedBio, Ranir, Autocam, and Oliver Healthcare Packaging. But, there was no indication of which quantitative metrics were used to determine these companies as top, key or notable. Therefore, to determine if they were vocal in the space and if their prominence is due to too much investment in advertising, we searched through market research reports and press releases with the assumption that the most vocal will also be the most mentioned and well-known. We were able to find many mentions of the companies and their growth in the medical devices industry in Michigan, inferring they are key players.

However, while most details for each company are reported, there is no evidence that the advertising agencies of record for the companies are available in the public domain. To determine if the key players have an advertising agency of record, and if so, who is it, researched commenced through market research reports that included IBIS World, IDC, and Digital Commerce 360. However, we did not find any useful information on the advertising agency of key players of medical devices in Michigan. What was found was just general information about the listed companies and interviews on what to look out for from these companies.

In our second strategy, we attempted triangulation by trying to identify the advertising agencies used majorly in the general market in Michigan in order to use the findings and make assumptions on which advertising agencies are likely used. Similar to our first strategy, we were not able to find any relevant information that would enable us to triangulate or make assumptions on the advertising agency used by the key players in the medical devices space. We also tried to find the ad spend or sales spend of the companies in order to see if there was any mention of the advertising agency involved but came up short as most of the resources, like Statista, Bloomberg, TechCrunch, do not contain the financial statistics nor ad agencies of the companies in the market.

In our final strategy, we tried searching for information on news forums, publications, articles, and expert blogs that included resources such as Forbes, MarketWatch, Marketresearchengine, Researchnester, and Venturebeat. However, after an exhaustive search through all these resources, we were unable to identify actionable information on the advertising agency of key players in the medical devices space in Michigan. Most of the information found was related to devices available and produced by these key players and how they function. Consequently, we concluded that information which directly addresses the research criteria is not readily available in the public domain as the majority of the key players are private companies.




Part
09
of fourteen
Part
09

Manufacturing Key Players

Four key players in the B2C, furniture, automotive, and specialty manufacturing industries are Kindel Furniture, Challenge Manufacturing, Kenona Industries, and Shaggy's Copper Country Skis.

1. KINDEL FURNITURE

2. CHALLENGE MANUFACTURING

3. KENONA INDUSTRIES

4. SHAGGY'S COPPER COUNTRY SKIS

  • Shaggy's Copper Country Skis is a specialty manufacturer located in Boyne City, Michigan.
  • The company's website is skishaggys.com.
  • According to the company's LinkedIn, they have between one and ten employees.
  • Shaggy's Copper Country Skis is considered a key player for being vocal about in a Forbes interview about the company's results, reporting a consistent 35% to 42% annual growth.
  • The company also has a notable Facebook following count of 11,812 followers.
  • Based on their Forbes interview, the company doesn't invest much in advertising but focuses on making their name known.
  • On its YouTube channel, the company posted professional videos and has 217 subscribers.

RESEARCH STRATEGY

To determine if these companies have an advertising agency of record, we began by doing a thorough analysis of each company's website, including embedded videos, ad banners, and social media accounts. We also looked for press releases, annual reports, investors presentations, and performance analysis to locate the advertising budget and the name of their advertisers. However, the companies were private, and the information was not available. We were unable to find any advertising material or ad campaigns on their websites and social media accounts that would allow us to track the advertising agency.

As our next step, we looked through recognized advertising organizations like Adforum, Internet Advertising Competition, and DMA — Echo Awards Database for any nomination of an ad campaign about these companies. We also looked for campaigns and case studies on sites like Effie and WARC Creative Brief and advertising news on Marketing Week, Ad Week, and Adage. Our purpose was to find any mention of an advertising company; however, we found no information about advertising campaigns of our key players.

As our next strategy, we searched The Detroit News, The Grand Rapids Press, The Oakland Press, The Macomb Daily, and Flint Journal, among other Michigan news sources to find any announcement of a new agreement between these companies and an advertising agency. We also looked for interviews with their executives to see any mention of their advertising alliances or promotional strategies. This search brought no results on the matter.

Finally, since we couldn't find any evidence of advertising campaigns from these companies or information to determine if they have an advertising agency of record or not, we concluded that the information is not publicly available. One possible reason is that these companies are private and don't make their strategies public. Another reason is that they are focused on digital advertising and social media marketing and don't have an advertising agency of record.
Part
10
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Part
10

Economic Development Key Players

Five key players in the Economic Development Industry in Michigan are the Michigan Economic Development Corporation (MEDC), the Detroit Economic Growth Corporation (DEGC), the Detroit Regional Chamber, The Right Place, and the Barry County Chamber of Commerce & Economic Development Alliance.

Michigan Economic Development Corporation

  • The MEDC's website can be found here.
  • The organization has between 251 and 500 employees.
  • It is located in Lansing, Michigan.
  • While no evidence of a partnership with an advertising agency could be found, this lack is likely due to the MEDC's ability to produce marketing campaigns internally.
  • In the 2018-2019 fiscal year, the MEDC had a marketing budget of $6.13 million.

Detroit Economic Growth Corporation

  • The DEGC's website can be found here.
  • The corporation employs between 51 and 100 people.
  • The DEGC is located in Detroit, Michigan.
  • In 2017, the DEGC spent $122,744 on advertising.
  • Similarly to the MEDC, the DEGC has a strong internal marketing team, including a Vice President of Marketing and Communications and several staff members, which likely explains the lack of partnership with a marketing agency.

Detroit Regional Chamber

  • The Detroit Regional Chamber's website can be found here.
  • The organization has between 51 and 200 employees and is located in Detroit, Michigan.
  • In 2017, the Detroit Regional Chamber spent $4,694 on advertising.

The Right Place

  • The Right Place's website can be found here.
  • The organization is located in Grand Rapids, and has between 11 and 50 employees.
  • While no record exists of a partnership with an advertising agency, this lack could be due to The Right Place's strong internal marketing team, which includes a Vice President of Marketing and Communications and several other staff members.
  • In 2017, The Right Place spent $83,956 on advertising.

Barry County Chamber of Commerce & Economic Development Alliance

  • The Barry County Chamber of Commerce & Economic Development Alliance's website can be found here.
  • The organization is located in Hastings, Michigan, and employs between two and ten people.
  • While a specific number for an advertising budget was unavailable, for the 2019-20 fiscal year this organization has a budget of $133,891, which is less than the $140,585 requested.

Research Strategy

To determine key players in the economic development industry in southwest Michigan, our research team began by searching local new outlets, industry publications, and press releases. This strategy led us to Muskegon Area First, the City of Kalamazoo Economic Development department, and the City of Grand Rapids Department of Economic Development. Unfortunately, these organizations had a limited online presence and little evidence existed that they were vocal, prominent, or impactful in their efforts.

Next, we searched for a list of economic development organizations in Michigan and further researched the organizations located in the southwest. From this search, we identified that the Barry County Chamber of Commerce & Economic Development Alliance and The Right Place were impactful and vocal in itheir local context in southeast Michigan, but we failed to determine other key players in the southwest.

Finally, we searched for awards given to economic development organizations in Southwest Michigan. We discovered that MEDC had won the Bronze 2018 Economic Development Deal of the Year, and while located in Lansing, it is active across Michigan.

As we were unable to find additional key players in the southwest, we expanded the geographic scope of our search within award-winning economic development organizations. This strategy led us to the final two organizations: the Detroit Regional Chamber and the DEGC. Both of these organizations also won Site Selection Magazine’s Mac Conway Awards for Excellence in Economic Development.
Part
11
of fourteen
Part
11

Investment Management Key Players

Some key players in the investment management industry are Zhang Financial, Mainstay Capital, and Sanford Financial Services.

ZHANG FINANCIAL

  • Located in Portage, Zhang Financial has 39 employees. The company offers a variety of services, and defines one of them as investment management, in its investment philosophy.
  • The founder, Charles Zhang, is often quoted by prominent publications, including Wall Street Journal, CNBC, New York Times, Washington Post, Chicago Tribune, Barron's, Reuters, Associated Press, Forbes, Yahoo! Finance, U.S. News & World Report, CNN, MSN Money, Fox Business, PBS, and Financial Times. He is also the best-ranked advisor in Michigan by most companies.
  • The company handles $2.9 billion in team assets, with a typical size of household accounts of $1 million to $5 million.

MAINSTAY CAPITAL MANAGEMENT

SANFORD FINANCIAL SERVICES

RESEARCH STRATEGY

To find the key players in the Investment Management industry vertical, we started our research by defining what criteria should be used to determine the players. The first step was a general one — assets under management, a key metric of the investment management industry. Next, we addressed the prominent aspect of the request and limited our search to credible publication ranks and appearances, like Forbes and Barron’s. We excluded the well-known firms, such as Merrill Lynch and Morgan Stanley.

The definition of "Investment Management" was a challenge, as it was never stated if it was for institutional, individual, or corporate finance. We are aware that there are fundamental differences between investment manager, financial planner, financial advisor, and wealth manager. However, most sources, including the professionals themselves, sometimes use the titles interchangeably. This could mean that professionals/firms are, in fact, providing the different services, or simply a misplacement of the title, which made a precise and definite answer nearly impossible, especially when the same people are listed by Forbes as wealth managers, by Barron’s as an investment managers, and classified themselves as financial planners. To address these concerns, the firms we chose are those that stated they provide some form of investment management.

Financial's founder, Charles Zhang, is constantly ranked as the top financial advisor in Michigan. Financial advisors were, in fact, covered in another part of the project. However, the company does provide investment management, and in its investment philosophy, it defines itself as an investment management company.
Mainstay Capital Management's David Kudla was chosen due to his prominent media presence and almost $3 billion in team assets. Kudla constantly ranks high in different lists, such as “Top 100 Independent Financial Advisors,” “Top 30 Financial Planning Firms,” “Best-in-state wealth managers,” “Top investment firms,” among others. As for the company and David Kudla's marketing efforts, we were not able to find any marketing campaigns, in any form or any indication of an agency of record. However, he paid an extra fee to receive expanded profile features on Forbes’ Best-in-State (the publication makes it clear that there is no fee for the placement on the list, just the profile).
Sanford Financial Services caught our eyes when we found it at number nine on Forbes’ "best-in-state wealth advisors." The people before were handling billions in assets are part of companies such as Merrill Lynch, with hundreds of employees. This small company has 16 employees, manages less than a billion in assets and yet, Todd Sanford managed to be placed on the top 10 list for Michigan, before big names such as Morgan Stanley. As of March 2011, the company managed approximately $2 million in assets for 10 clients. In 2019, that number is close to a billion, apparently without any big advertisement efforts.

The companies provided don’t have an advertising agency of record, or that information is not publicly available. The lack of marketing efforts would indicate that they don’t have one since we were not able to locate any marketing campaigns or ads. We know Zhang and Mainstay paid fees to receive expanded profile features on Forbes, but that is all we could find.

Part
12
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Part
12

Banking Key Players

Some key players in the banking industry of Michigan are Chemical Bank, Flagstar Bank, Independent Bank, Mercantile Bank of Michigan and Macatawa Bank.

CHEMICAL BANK

SIZE
LOCATION
ADVERTISING AGENCY
  • Extra Credit Projects/Gravity Six is one of the advertising agencies used by Chemical Bank to promote branches in Michigan.
  • Drum Agency is one of the advertising agency used by Chemical Bank to increase product exposure.
AD SPEND
ADDITIONAL INFO

FLAGSTAR BANK

SIZE
LOCATION
ADVERTISING AGENCY
AD SPEND
ADDITIONAL INFO

INDEPENDENT BANK

SIZE
  • According to Independent Bank's official LinkedIn profile, the bank has an estimated average of 750 employees.
LOCATION
ADVERTISING AGENCY
ADDITIONAL INFO

MERCANTILE BANK OF MICHIGAN

SIZE
LOCATION
  • The branches of Mercantile Bank of Michigan are all over Michigan State in the cities of Alma, Belding, Cadillac, Canadian Lakes, Clare, Comstock Park, DeWitt, East Lansing, Fairview, Grand Rapids, Hastings, Holland, Howard, Ionia, Ithaca, Kalamazoo, Kentwood, Lakeview, Lowell, Merill, Mt. Pleasant, Paw Paw, Portage, Remus, Rose City, Shepherd, St. Charles, St. Helen, St. John, West Branch, and Wyoming.
ADDITIONAL INFO
  • Mercantile Bank of Michigan was considered as the top 12th bank in Michigan with ample branches but with $2.3 billion deposits. The market share of Mercantile Bank of Michigan in the Michigan market is 1.13%.

MACATAWA BANK

SIZE
LOCATION
ADDITIONAL INFO
  • Macatawa Bank was considered as the top 14th bank in Michigan with ample branches but with $1.5 billion deposits. The market share of Macatawa Bank in the Michigan market is 0.70%.

RESEARCH STRATEGY

The research team could not find the advertising agency for Mercantile Bank of Michigan and Macatawa Bank. However, we were able to find the rest of the requested information for all the banks we have identified as key players in the banking industry.

To begin locating the requested data, we initially started with searching through pre-compiled information on articles, news reports, market analysis, among others, for direct information about the advertising agency for Mercantile Bank of Michigan and Macatawa Bank. The idea was that from pre-compiled information, we could easily identify them and complete the information we needed. We explored Forbes, Market Watch, CNBC, US today, among others. Results of our research were about the corporate information of Mercantile Bank of Michigan and Macatawa Bank and what advertising effort they did without any help from advertising agencies. Unfortunately, we were not able to successfully locate any information about the advertising agency used by Mercantile Bank of Michigan and Macatawa Ban.
Secondly, we tried locating data by refocusing the study and searching for the advertising spend of the companies. We tried searching for the ad spend of the company by their annual reports. Our idea of using this strategy was that by searching the annual reports, we could locate the ad spend and the advertising agencies that have partnered with the companies. We searched through the company websites, specifically in the investor's tab. During our research, we found out that the annual reports were publicly available and all financial information, including all expenses for the whole year detailed in tables and explanations. However, discussion for the advertising/marketing spend on the annual report is limited. We also tried searching for company news and publication section, but there were just company updates of business partnerships and quarterly reports.

Lastly, we tried to triangulate the requested information by locating advertising agencies in Michigan that consider banks and financial institutions as their target market. Through this strategy, we could be able to locate more specific ad agency, and it would be easier for us to locate the requested information. We were expecting that we could locate a specific list of ad agencies through database and listings, then we could browse through their portfolio of clients to see if Mercantile Bank of Michigan and Macatawa Bank were one of their clients. Through the course of our research, we found out that for the many marketing/ad agency and firms, there were no marketing ads done for the two banks. We were just able to find the ad agencies used by our other identified key players.

We assumed that the reason why there was no information about the marketing/ad agency for Mercantile Bank of Michigan and Macatawa Bank was that the banks are making their marketing effort independently and/or not seem to be investing much in advertising. While we did not find the information about the advertising agency for Mercantile Bank of Michigan and Macatawa Bank, we provided data about the rest of the requested information for all the banks we have identified as key players in the banking industry.
Part
13
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Part
13

Financial Advisors Key Players

The key financial advisors in the Southwest region of Michigan are Plante Moran Financial Advisors, LLC, Rehmann Capital Advisory Group, LLC, and FormulaFolio Investments, LLC.

FORMULAFOLIO INVESTMENTS, LLC

  • Company’s website
  • Despite the firm’s control of assets exceeding $3 billion, its team of advisors comprises 13 members while the total number of employees is about 100.
  • The fact that it has over $3 billion worth of assets under its management is an indication that it is a major industry player in Michigan State.
  • The company’s headquarters is on 89 Ionia Northwest Suite 600 Grand Rapids, MI 49503.
  • FormulaFolio Investments is a heavy user of products in online advertising.
  • Through online advertising, the company is likely to create a big client base and can reach a specifically targeted customer. Also, it is highly effective and keeps the management in control of its long term strategy.

REHMANN CAPITAL ADVISORY GROUP, LLC

  • Company’s website
  • The assets under the company’s management are $3.9 billion.
  • It has 35 employees.
  • The value of assets under its management ranks it among the top financial advisory firms in the Grand Rapids area.
  • The company is located on 4086 Legacy Parkway Lansing, MI 48911-4261.
  • There is no clear information about how the firm advertises itself.

PLANTE MORAN FINANCIAL ADVISORS

  • Company’s website
  • The assets under the company’s management are over $14 billion.
  • It has 3,100 employees, including over 100 advisors.
  • The high value of assets under its management and employees ranks it as the top in the area.
  • Plante Moran Financial Advisors is located on 1000 Oakbrook Dr. Suite 400Ann Arbor, MI 48104 as well as 1 111 Michigan Avenue East Lansing, MI 48823.
  • The company advertises through experienced consultants who use numerous channels and have strong relationships with the company.
  • It also seeks the services of in-house marketing executives on the payroll of the company.
  • Furthermore, the company is engaged in different charitable campaigns.
  • This serves as a form of advertising because it enhances brand recognition, increases sales, customer loyalty, and improves the firm’s financial performance. It makes it easier for the company to access capital and leads to an enhanced ability to attract and retain skilled employees.

Research Strategy:

To identify the key firms in the financial advisor industry in the Grand Rapids area, your research team leveraged credible media publications, expert analyses, and articles to gather a list of financial advisors in Grand Rapids area. We determined the top firms based on the value of assets they control and the number of employees.
Part
14
of fourteen
Part
14

Publications Key Players

Some key publishing companies in Southwest Michigan that may require services of an advertising agency are Ellis Strategies, LLC, Encore Publications Inc., ACRA Enterprises, Inc., and MLive Media Group.

Southwest Michigan Spark (Ellis Strategies, LLC)

  • Spark is a free monthly publication aimed at "baby boomers" and is available throughout Southwest Michigan at more than 650 locations.
  • The magazine is published by Ellis Strategies, LLC which is owned by Steve Ellis. Steve spent 23 years at the Kalamazoo Gazette before establishing his own publication.
  • Spark is located in Scotts, Kalamazoo County, Michigan.
  • In its Facebook Page, Spark claims to have 20,000 readers in Southwest Michigan.
  • Spark has no advertising agency of record, but it was advertised on the radio through WMUK 102.1.

Encore Publications Inc.

  • Encore Publications Inc. is the publisher of Encore, a Southwest Michigan’s lifestyle magazine, and Excelsior, a news publication concerning Kalamazoo Public Schools.
  • Encore magazine is distributed free among 14,000 readers, while Excelsior is delivered to 51,000 homes monthly, excluding July.
  • The publishing company is a small company with only 3 employees registered in D&B Hoovers.
  • Encore Publications Inc. is located at 117 W. Cedar St., Suite A, Kalamazoo, MI 49007.
  • The company does not specify any advertising agency in its website, but has a list of its advertisers in its publications.

ACRA Enterprises, Inc.

  • ACRA Enterprises, Inc. is a publisher of technical books for the construction industry and any other sector that conducts crane and rigging job. The firm is best known for ''Rigging Handbook'' and is regarded an industry expert in activities for rigging and hoisting.
  • ACRA Enterprises, Inc., with company size of 2-10 employees, is located at 5950 Red Arrow Hwy Stevensville, MI 49127.
  • The company does not specify any advertising agency in its website, but its e-commerce functionality feature is provided by AmeriCommerce.

MLive Media Group

  • MLive Media Group, aside from its Michigan news website MLive.com, has several printed publications including The Grand Rapids Press, Kalamazoo Gazette, Muskegon Chronicle, Flint Journal, Saginaw News, Bay City Times, Jackson Citizen Patriot and The Ann Arbor News.
  • MLive Media Group is a company with 201-500 employees, and is located at 169 Monroe Ave NW, Suite 100, Grand Rapids, MI 49503.
  • In January 2019, the group ceased some of its publications because "the cost of publishing the products exceeded the company’s ability to sustain production," according to Dan Gaydou, president, MLive Media Group.
  • MLive Media Group worked with Grey Matter Group for brand campaigns to get their newspaper subscribers to use their new website and mobile platform.


RESEARCH STRATEGY

To identify key players in the Southwest Michigan publication industry that may require the services of an advertising agency, our initial strategy was a direct search for publication companies located in the target area. Specifically, we searched company directories of Southwest Michigan organizations such as Southwest Michigan Regional Chamber and Southwest Michigan First. We then filtered the companies with verifiable publications. We also make sure that these companies are not included in the company list provided. By looking at each company's profile at business/professional information websites like Crunchbase, LinkedIn, and D&B Hoovers, we identified three companies that are either solely run or with employees less than 10 employees which we can assume as short-staffed. The number of readers and readers' demographic scope were also used as metrics to prove their prominence.
So we can expand the list, we searched for news articles about bigger publishing companies indicating possible need for further advertising services such as issues with production. From this strategy, we were able to identify one more company which is MLive.
To see if the companies worked with advertising agencies, we first searched for news articles and press releases for partnerships with advertising agencies. Then, we searched for ads and campaigns that these companies have. Usually, these advertising agencies have portfolios of their clients' projects and we were hoping to find our publication companies from advertising agency portfolios. We were able to find MLive on Grey Matter Group's projects, and this shows us that MLive worked with the Grey Matter Group for its brand campaigns. Lastly, we made a deep dive on each of the company's websites to see any mentions of advertising agencies they have on record.
Sources
Sources

From Part 04
Quotes
  • "Michigan's economy has climbed faster than the nation's since 2009. It was in a deeper hole than the rest of the nation, and the state has grown 6 percent overall since 2016 compared to 29 percent for the nation."
Quotes
  • "Kalamazoo-based Southwest Michigan First, an economic development nonprofit, has created a national footprint, despite its regional name."
Quotes
  • "Growing the base of educated, talented young people, and having opportunities for them to help local companies expand, has become the primary focus of the Kalamazoo area's lead economic development organization."
Quotes
  • "Allegan County Economic Development Commission board agreed to contract with Lakeshore Advantage to extend economic development services to the county’s nearly 200 primary employers."
Quotes
  • "Lakeshore Advantage and Zeeland-based Gentex have finalized an agreement making Gentex the first corporate anchor investor in the “Now for the Next” economic growth fund, which is poised to respond to economic development opportunities in the West Michigan Lakeshore region over the next 10 years."
Quotes
  • "For nearly 30 years, The Right Place has led the economic development vision for West Michigan, spurring over 44,000 new jobs and $4.8 billion in investment."
Quotes
  • "The Right Place and our partners have identified four strategic growth industries: Advanced Manufacturing, Food Processing and Agribusiness, Life Sciences and Medical Devices, and Information Technology and Communications. "
  • "Over the next three years, The Right Place will work to grow investment and new jobs in each of these four industry sectors."
Quotes
  • "Businesses are coming to Michigan and expanding their operations here because of a business friendly environment that the Tax Foundation ranks among the best in the nation."
Quotes
  • " Although both the U.S. and Michigan economies are forecast to exhibit both income and employment growth during 2019 and later years, Michigan is generally expected to grow more slowly than the nation as a whole."
Quotes
  • "Business leaders from six Michigan companies are traveling in Canada next week to meet with prospective partners and customers to increase export opportunities."
  • "The mission takes place May 13-17 and will make stops in Montreal and Toronto. The Michigan Economic Development Corporation’s International Trade Program in partnership with the Michigan Canada Center, located in Toronto, is coordinating the trade mission."
Quotes
  • "Opportunities in the follow sectors amount to $18.5 trillion as each seeks innovation and solutions for better and cheaper delivery."
Quotes
  • "The Census Bureau released a report last month that showed that 243,000 more people have moved out of Michigan to other states since 2010 than have moved into Michigan. Last year contributed 17,000 individuals to that number."
Quotes
  • "The Michigan economy continues to grow over the forecast from 2019 to 2021. Michigan wage and salary employment and personal income are expected to show considerable growth."
Quotes
  • "While all of Michigan’s 83 counties have significantly lower unemployment rates than they did 10 years ago, a majority — 49 counties — still have jobless rates higher than the 3.9 percent state average in May, data show."
Quotes
  • "Business leaders in Michigan want to strengthen the state’s relationship with China in hopes of attracting new investments that will create jobs, officials said during an event Monday in the city"
Quotes
  • "the MTRAC program — supporting high-tech companies in advanced applied materials, transportation, biomed, agbio and life sciences — has funded 159 projects, fostered 29 startup companies, created 100 jobs, 22 licenses with industry and secured $130 million in follow-on funding."
Quotes
  • "Two-thirds of Business Leaders for Michigan’s members say they expect the state economy to remain in “about the same” growth mode over the next six to 12 months, according to results from the groups’ first quarter survey. Just 7.5 percent of respondents expect higher economic growth in Michigan and one-quarter see lower growth ahead."
From Part 05
Quotes
  • "Investment management is also known as money management, portfolio management, or wealth management."
Quotes
  • "Despite investors pushing toward passively managed funds with lower fees, the Portfolio Management industry has experienced fluctuating revenue figures over the five years to 2019. "
  • "Rising disposable income and solid financial market growth, as well as decreasing fees and increasing regulation, have driven industry trends over the past five years. "
  • "During the current period, industry revenue has increased an annualized 2.5% to $303.0 billion, including estimated growth of 0.9% in 2019 alone."
  • "The Portfolio Management in the US industry consists of Large-cap equity, government fixed income and structured products, equity specialties and fixed income products, exchange-traded funds and passively-managed products, alternatives and solutions products and other (target date products and ldis)"
  • "It can reduce the amount of leverage that operators can use when making investments, while also reducing the amount of discretionary income that individuals have to invest with industry operators. The prime rate is expected to increase in 2019, posing a potential threat to the industry."
  • "As individuals have more money, they are more likely to participate in financial markets. Per capita disposable income is expected to increase in 2019, representing a potential opportunity for the industry."
Quotes
  • "Investment management is in a period of rapid change, driven by shifting investor preferences, margin compression, regulatory developments, and advancing technologies."
  • "Some new investment management firms are targeting Millennials, a segment estimated to account for $15 trillion in the United States over the next 15–20 years, with innovative capabilities. "
  • "They touch on several Millennial preferences: a technology-driven interface, peer-to-peer interaction, low cost, transparency, and thematic investing, including social impact."
Quotes
  • "The most recent and profound technological revolution has now paved way for the use of robots (powered by Investment Algorithms) to drive Wealth Management business. These financial robots (popularly known as “Online Wealth Management Firms”) have also started playing their cards carefully and cleverly by attacking the very business models of the traditional players. "
  • "The Online WM firms have been targeted at the young technical, entrepreneurial and professional minds in the Silicon Valley."
Quotes
  • "The U.S. is expected to face remarkable growth during the forecast period due to technological advancements in the region along with the increasing cloud adoption technologies by enterprises. "
  • "Major factors driving this market are the rising investment management software demand owing to the need for reliable and efficient processing of investment related data along with the growing need for efficient asset management in different organizations. "
  • "Moreover, increasing regulatory requirements such as MiFID II, Retail Distribution Review (RDR) and others are becoming significant gradually. Institutional and private investors need quick and accurate monitoring of investments with transparency which is contributing prominently to the growth of the market. "
Quotes
  • "Private equity managers are driving rapid change across the US wealth management industry by turning multiple small providers into a few multibillion-dollar players."
  • "America’s dynamic and entrepreneurial economy has produced a huge number of rich private investors who require sophisticated financial advice, which has led to the development of a vast but fragmented wealth management industry."
  • "It has proved challenging for many RIAs to build businesses of real scale. Many have remained small franchises built around a single individual or a tight team,” says Allen Thorpe, a partner with Hellman & Friedman, the private equity manager."
  • "The client base of the US wealth management industry is also growing rapidly. The number of investors receiving advice from RIAs has swelled by a fifth in five years, according to the IAA."
Quotes
  • "The more or less one-to-one shift from active to passive or index funds is investment management’s elephant in the room."
  • "Increased Competition among Active Managers"
  • "This explosion of available data, along with the analytical development of machine learning,” Kahn said, “is the greatest new opportunity for active management in many years."
  • "But next to the potential possibilities big data may have for investment management and active investing is the disruptive force of smart beta."
From Part 07
Quotes
  • "Over the five years to 2019, industry revenue is expected to stagnate at $29.2 billion, despite a projected sales growth of 0.4% over 2019 alone. "
Quotes
  • "Book publishing in the United States has over the years expanded to an industry housing over 2,600 publishing houses and generating nearly $25 billion annually in revenue. America's most famous publishing houses have borne witness to a transformation from private, family-owned firms to multinational media conglomerates."
Quotes
  • "The University of Michigan Press, which is part of the umbrella organization Michigan Publishing, has two main divisions: one producing academic monographs and regional books, the other English language teaching books. Together, they generate about $3.5 million in revenue -- nearly three-quarters of Michigan Publishing's total annual revenue"
Quotes
  • "In the U.S. alone, book publishing generates annual net revenue of $26.23 billion, with audiobooks accounting for $2.5 billion in sales and eBooks bringing in $162 million."
  • "The book industry’s revenue has changed very little over the past 10 years – in 2008, revenue was $26.5 billion."
From Part 08
Quotes
  • "Michigan's medical device sector is now recognized as being in the top ten nationally - see the infographic. Our device and equipment manufacturing history is a long and rich one. The Orthopedic Frame Company, precursor of Stryker Corporation, was formed in 1941 by Dr. Homer Stryker, a Kalamazoo, Michigan based orthopedist."
Quotes
  • "West Michigan hosts the highest concentration of medical device manufacturers in the state. As one of the fastest growing medical clusters in the Midwest, part of a growing life-sciences industry cluster that has exceeded growth of the U.S average with a 11% increase in employment (2014-18), the region now employs over 20% of Michigan's medical device professionals."
From Part 10
From Part 12