Leading, Slipping, Gaining, Lagging Analysis:
Assessing Finance and Insurance Earnings Growth
Across Michigan Counties
Real* Finance and Insurance
Earnings Growth
County vs Statewide Average: 2010-2022 and 2022
Real* Finance and Insurance
Earnings Growth
Michigan:
2010-2022 = 3.62%
2022 = -0.48%
Borrowing from an approach that sometimes appears in the finance sections of the popular press, LSGL analysis is a handy and versatile way to compare, portray and classify the patterns of real finance and insurance earnings growth across all of Michigan's 83 counties. In finance, this technique is used for comparing and assessing the market performance of individual securities or across industry sectors. For example, the performance of the 30 stocks contained within Dow are compared with one another over the past week in contrast to their performance over the past month using the Dow's respective averages as the points of reference.
Here in this Michigan Regional Economic Analysis Project report, we adopt this approach to gauge and compare the real finance and insurance earnings growth of Michigan's 83 counties over the latest available year (2022) against the backdrop of their growth over the long term period (2010-2022). In so doing we classify their growth and performance into 4 broad categories: Leading, Slipping, Gaining and Lagging.
Real* Finance and Insurance
Earnings Growth
County vs Statewide Average: 2010-2022 and 2022
Real* Finance and Insurance
Earnings Growth
Michigan:
2010-2022 = 3.62%
2022 = -0.48%
This figure displays the 83 counties of Michigan as dots on a scattergram, with the vertical axis representing the average annual real finance and insurance earnings growth rate over the long-term period (2010-2022), and the horizontal axis representing the real finance and insurance earnings growth rate for the near-term (2022).
This figure sets apart those counties whose long-term real finance and insurance earnings growth exceeded the statewide average of 3.62%, by portraying them in the top two quadrants demarcated at 3.62% on the vertical axis. County whose long-term average annual real finance and insurance earnings growth rate trailed the statewide average (3.62%) are distributed in the bottom two quadrants. In all, 20 counties surpassed the statewide average over 2010-2022, while 52 counties fell below.
Similarly, the two quadrants on the right of this figure present the positions of the 48 counties whose most recent (2022) real finance and insurance earnings growth rate exceeded the statewide average (-0.48%). The two quadrants on the left feature those 24 counties whose real finance and insurance earnings growth over 2022 trailed the statewide average.
Accordingly, each quadrant portrays the performance of all 83 counties corresponding with their long-term (2010-2022) and near-term (2022) performance relative to their respective statewide averages of 3.62% over 2010-2022 and -0.48% over 2022:
Leading counties () (top-right quadrant)...are counties whose average annual real finance and insurance earnings growth rate surpassed the statewide average both long-term (3.62%) and near-term (-0.48%).
Slipping counties () (top-left quadrant)...are counties whose long-term average annual real finance and insurance earnings growth rate exceeded the statewide average (3.62%), but whose near-term growth has "slipped" by falling below the Michigan average (-0.48%).
Gaining counties () (bottom-right quadrant)...are counties whose long-term average annual real finance and insurance earnings growth rate fell below the statewide average (3.62%), but whose near-term growth has "gained" by registering above the average (-0.48%) statewide.
Lagging counties () (bottom-left quadrant)...are counties whose average annual real finance and insurance earnings growth rate fell under the statewide average both long-term (3.62%) and near-term (-0.48%).
   
 
Summary of Michigan's 83 County Totals
 
Short Term Average
 
 
Below
(-0.48%)
Above
(-0.48%)
 
Long
Term
Average
Above
(3.62%)
4
16
20
Below
(3.62%)
20
32
52
 
24
48
72
 
   
Leading Counties
2022 vs. 2010-2022 Averages
Leading Counties
white dot
Michigan:
2010-2022 = 3.62%
2022 = -0.48%
Turning attention to the top-right quadrant from the discussion above, this figure features the distribution of the Michigan counties classified as Leading. These counties surpassed Michigan's average annual real finance and insurance earnings growth both long-term (2010-2022 = 3.62%) as well as near-term (2022 = -0.48%). Each is identified by its corresponding ranking based on it's average annual real finance and insurance earnings growth rate over 2010-2022.
Of Michigan's 83 counties, 16 (19%) are classified within the Leading () category. Those counties ranked by their long-term average include:
Slipping Counties
2022 vs. 2010-2022 Averages
Slipping Counties
Michigan:
2010-2022 = 3.62%
2022 = -0.48%
This figure depicts the distribution of the 4 Michigan counties classified as Slipping (top-left quadrant), in that their long-term average annual real finance and insurance earnings growth rate outpaced the average statewide (2010-2022 = 3.62%), while they trailed the statewide average near-term (2022 = -0.48%). Again, each county is identified by it's corresponding ranking based on its average annual real finance and insurance earnings growth rate over 2010-2022.
Only 4 (5%) of Michigan's 83 counties are classified as Slipping (). Those counties ranked by their long-term average include:
Gaining Counties
2022 vs. 2010-2022 Averages
Gaining Counties
white dot
Michigan:
2010-2022 = 3.62%
2022 = -0.48%
This figure shows the distribution of the 32 Michigan counties classified as Gaining (bottom-right quadrant), in that their long-term average annual real finance and insurance earnings growth rate posted below the average statewide (2010-2022 = 3.62%), while they outpaced Michigan's average near-term (2022 = -0.48%). Again, each county is identified by its corresponding ranking based on its average annual real finance and insurance earnings growth rate over 2010-2022.
Of Michigan's 83 counties, 39% (32) are featured as Gaining (). Those counties ranked by their long-term average include:
Lagging Counties
2022 vs. 2010-2022 Averages
Lagging Counties
white dot
Michigan:
2010-2022 = 3.62%
2022 = -0.48%
This figure depicts the distributions of the 20 Michigan counties classified as Lagging (bottom-left quadrant). These counties trailed the statewide average annual real finance and insurance earnings growth both long-term (2010-2022 = 3.62%) as well as near-term (2022 = -0.48%). Again, each county is identified by its corresponding ranking based on it's average annual real finance and insurance earnings growth rate over 2010-2022.
24% of Michigan's counties, 20 of 83, are characterized here as Lagging (). Those counties ranked by their long-term average include:
   
 
Michigan
Real* Finance and Insurance Earnings Growth
County vs. Statewide Average
 
2010-2022
 
2022
 
 
Leading Counties
 
3
6.57
 
35
4.70
17,453
 
14
4.56
 
17
9.69
30,898
 
6
5.85
 
27
7.26
24,221
 
15
4.52
 
36
4.65
558,134
 
5
6.04
 
9
12.99
9,392
 
1
7.78
 
33
5.37
38,962
 
16
4.35
 
32
6.13
910,317
 
7
5.66
 
22
7.95
159,522
 
19
4.18
 
51
0.81
2,001,466
 
8
5.56
 
3
33.30
25,555
 
11
5.38
 
14
11.59
106,813
 
18
4.25
 
54
-0.11
66,943
 
20
3.83
 
42
3.09
7,015
 
2
7.13
 
6
18.25
34,397
 
17
4.25
 
49
1.33
8,442
 
12
5.34
 
39
3.69
31,518
Slipping Counties
 
9
5.53
 
61
-3.49
291,963
 
13
4.91
 
58
-2.46
79,967
 
10
5.39
 
62
-4.18
531,598
 
4
6.50
 
66
-5.93
3,966,572
Gaining Counties
 
23
3.46
 
52
0.32
41,630
 
30
3.27
 
10
12.50
34,983
 
62
0.30
 
38
4.49
7,890
 
37
2.66
 
46
2.00
65,338
 
25
3.33
 
30
6.79
49,306
 
53
1.64
 
31
6.25
80,500
 
27
3.29
 
41
3.53
14,973
 
40
2.51
 
15
10.93
20,497
 
38
2.66
 
19
8.76
35,410
 
32
3.23
 
34
5.04
23,644
 
67
-0.69
 
28
7.26
36,509
 
47
2.19
 
26
7.40
471,767
 
35
2.90
 
47
1.73
8,252
 
44
2.28
 
37
4.61
29,850
 
71
-3.33
 
50
1.25
23,877
 
55
1.34
 
45
2.01
37,412
 
54
1.54
 
48
1.62
56,169
 
45
2.27
 
13
11.77
19,135
 
49
2.09
 
24
7.83
8,649
 
58
1.02
 
29
7.09
59,880
 
52
1.68
 
12
11.78
47,223
 
24
3.44
 
40
3.59
10,907
 
60
0.47
 
21
8.18
73,664
 
41
2.40
 
44
2.49
21,147
 
50
1.99
 
18
9.08
8,430
 
28
3.29
 
1
43.75
79,961
 
42
2.35
 
20
8.50
94,591
 
34
2.96
 
53
0.26
6,150,608
 
57
1.24
 
16
10.04
8,640
 
33
3.03
 
25
7.44
266,994
 
26
3.30
 
43
2.59
319,453
 
31
3.24
 
23
7.95
28,839
Lagging Counties
 
29
3.29
 
72
-10.00
87,722
 
43
2.28
 
56
-1.35
199,895
 
66
-0.66
 
77
-26.17
6,444
 
21
3.56
 
55
-1.08
48,608
 
68
-0.73
 
79
-30.15
3,524
 
46
2.26
 
69
-9.16
500,019
 
65
-0.40
 
76
-13.85
2,823
 
36
2.85
 
60
-3.29
209,681
 
48
2.12
 
57
-1.48
675,274
 
22
3.49
 
70
-9.76
18,306
 
59
0.62
 
78
-27.07
4,539
 
39
2.59
 
73
-11.91
23,272
 
56
1.31
 
75
-13.31
7,734
 
51
1.98
 
67
-7.16
2,190
 
61
0.42
 
71
-9.87
8,162
 
69
-0.73
 
63
-4.95
83,337
 
70
-2.24
 
59
-3.17
34,433
 
64
-0.35
 
64
-5.10
21,084
 
63
-0.12
 
65
-5.67
19,351
 
72
-3.80
 
74
-12.06
20,565
Undefined/Suppressed Counties
 
U
U
 
2
39.20
3,022
 
U
U
 
8
13.29
6,829
 
U
U
 
68
-7.28
4,153
 
U
U
 
S
S
S
 
U
U
 
S
S
S
 
U
U
 
11
11.90
4,308
 
U
U
 
5
23.35
4,607
 
U
U
 
7
14.77
5,503
 
U
U
 
4
31.09
3,698
 
U
U
 
S
S
S
 
U
U
 
S
S
S
 
 
 
 
 
 
 
 
 
3.62
 
-0.48
19,164,192
 
 
 
 
 
 
 
 
 
4.33
 
3.00
1,078,856,000
November 2023
REAP_PI_CA1600N_611000_LSGL
 
   
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