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Changing Workforce Demographics in Michigan June 13, 2006

Changing Workforce Demographics in Michigan June 13, 2006. Operation ABLE Tenth Annual Think Tank for Human Resources Professionals, Employers, and Human Resources Specialists. Demographics. At a glance our nation will experience: An annual rate of growth of 1%

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Changing Workforce Demographics in Michigan June 13, 2006

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  1. Changing Workforce Demographics in MichiganJune 13, 2006 Operation ABLE Tenth Annual Think Tank for Human Resources Professionals, Employers, and Human Resources Specialists

  2. Demographics At a glance our nation will experience: An annual rate of growth of 1% A 20% increase in total population by 2020 Increased diversity; 30% of total population will be Hispanic or African American Growth in the elderly segment of population

  3. States in the South and West are Expectedto Show Big Gains Through 2020Average Annual Percent Change inState Populations: 0.5 to 0.9

  4. Population Trends:By 2020 the Echo Boomers will be between 21 and 43 years of age.• The Echo Boomers currently make up 31% of the civilian work force

  5. Michigan Demographics • Growth by 2020 – • Estimates range from a loss of 1 million residents by 2020 up to 7% growth • Michigan is projected to slip from the 8th most populous state to the 10th spot • Under 18 declining by 6% by 2030, 65+ increasing 71% • Diversity • Although change will be less than any other region in the US, largest growth will be among Hispanics • Counties, regions expected to grow • SE Michigan (including Ann Arbor), and Grand Rapids area

  6. Michigan Demographics - Population Projections • Our population is aging, and our working-age population in 2030 will be older than it is in 2000. • The population 65 years and over is projected to increase by 70.7%, with the population 85 years and over more than doubling.

  7. Michigan Population Projections – Median Age • Census 2000 data depicted median age as 35.51 • Median age will increase to 40.16 by 2030.

  8. Michigan Demographics – Working Age Population • Preliminary Population Projections to 2020 in Michigan Metropolitan Areas

  9. Michigan Demographics – Working Age Population • Michigan’s working age population accounts for 61.6% of its population. • As the baby-boom generation begins to reach age 65, Michigan’s working age population will fall less than 6%

  10. Workforce Trends – Labor Availability • Michigan’s total labor force exceeds 5.1 million more than the population of 31 other states • In comparison to surrounding states, Michigan’s younger population profile insures a balanced long-term employee pool.

  11. Workforce Trends- Hourly Compensation Wages are competitive. Of all Michigan workers: • Median earnings per hour are $12.25 • 40% earn more than $15.00 per hour • 40% earn more than $10.40 per hour • 20 % earn $7.50 or less per hour

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