According to a new study, eliminating racial disparities in Michigan would generate billions of dollars over the next 30 years. Written in partnership with the W.K. Kellogg Foundation, “The Business Case for Racial Equity in Michigan" found that eliminating racial disparities in health, education, incarceration, and employment would generate $92 billion in economic output by 2050.
Ani Turner is a co-author of the study.
“Just the order of magnitude of what we could gain economically by closing these gaps," Turner said. "We’re talking about billions of dollars, we’re talking about growing our state economy by 12 percent. If we can get everyone the equal opportunity to succeed, then we will all be better off."
According to the study, numbers include $1.5 billion in spending on food, $4 billion on housing, $423 million on apparel, $2 billion on automobiles and transportation, and $625 million on entertainment each year. The report also estimates that 40 percent of Michigan’s workforce will per persons of color by 2050.
“I think that business do care about the quality of workforce in Michigan," Turner said. "They understand talent is critical to their success. The ability to offer a well-trained and well educated workforce is key to not only powering our current businesses but to bringing more investment into the state.”
The study follows in the footsteps of a National report released in April. That study found eliminating racial disparities would grow the United States’ economy by $8 trillion dollars.