Michigan’s comeback is accelerating. According to CNBC’s Top States for Business, Michigan has climbed 15 spots to number 26 in its top states for business ranking since the peak of the Great Recession in 2009.
In fact, the business news leader ranked Michigan its No. 2 turnaround state. With the Detroit Three back in full force and an increase in new Michigan companies, “Employers have begun absorbing the state’s flood of available workers, and the jobless rate is roughly half what it was at the recession’s peak.”
In the past five years Michigan has shown significant improvements in several metrics like economy, cost of doing business, and cost of living. One of the most notable improvements was in the infrastructure and transportation category. CNBC weighs this aspect heavily for business, and showed a one-year, nine-position jump to number 16. The rating for Michigan’s workforce jumped 24 spots in five years to number 15, and the cost of living in Michigan was six positions higher than it was last year. These significant improvements have allowed Michigan to consistently improve its overall business rating every year.
Another highlight of Michigan’s business climate was the low cost of doing business, including a low tax burden, economic development incentives, and affordable cost of living.
When interviewed by CNBC, Michigan entrepreneur Venus Hurst stated that “Michigan doesn’t have too many regulations for small business […] you can get a tax break for just having a business here.”
“We’ve come a long way in a relatively short period of time, but there’s more work to do,” said Michael A. Finney, president and CEO, Michigan Economic Development Corporation. “MEDC will continue to engage with our public and private sector partners to strengthen Michigan’s business climate and provide tools and resources that encourage innovation and growth.”
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