Michigan has risen in the national economic competitiveness rankings based on strong job growth, advanced manufacturing leadership, and low costs of living and business operations.
According to CNBC's 2023 ranking of America's top states for business, Michigan is in the top 10 states for business. This is the second time Michigan has made the top 10 list, riding on the momentum of economic development over the past two years. was launched driven by strong job growth, advanced manufacturing leadership, and low costs of doing business and living.
“Michigan is starting to move, and more and more people are starting to notice.” governor whitmer. “We are proud that Michigan has been named a top 10 state for doing business because of our hard-working people, innovative businesses, resilient communities, and strong protection of fundamental rights. It examines what we see in our communities: manufacturing plants, housing developments, community revitalization projects, and more. In Michigan, we are leading the future of advanced manufacturing, defending people's rights, and ensuring that no one Businesses are relocating and expanding as Michigan continues to make bipartisan investments in kitchen issues to help Michigan “get by.” Keep stepping on the accelerator and keep climbing higher. ”
CNBC lists several criteria used to determine state rankings. This includes “10 broad categories of competitiveness'' and “86 indicators.'' These are broad categories that businesses consider when making site selection decisions, and areas where states invest to reduce costs and improve the quality of life for both residents and businesses.
“As Team Michigan, we are proud to have our efforts to grow our state's thriving economy recognized by ranking in the top 10 on CNBC's list of Top States for Business.” MEDC CEO Quentin L. Messer Jr. “We are encouraged and know that our work continues. We are working with Governor Whitmer, the Michigan Legislature, and our regional and industry partners to build on our past efforts to keep Michigan at the top.” We remain resolute in building on the momentum of two years and educating all Michiganders on both peninsulas, who we believe can succeed in Michigan.”
Michigan ranked 10th overall in the 2023 rankings, but has made progress in other categories as well, ranking higher in two categories:
- It ranked 6th in terms of business costs, up from 9th place last year.
- The cost of living ranked 7th, up from 12th last year.
- It ranked 12th in technology and innovation, up from 15th place last year.
- It ranks 15th in terms of business friendliness, up from 20th place last year.
Michigan is moving forward.
Over the past two years, Michigan's powerful bipartisan economic development tools have brought more than $16 billion in projects and created 16,000 jobs in electric vehicle (EV), battery, semiconductor, and clean energy manufacturing. secured, allowing Michigan to be recognized as the next Silicon Valley. Automotive technology and national awards for his EV project wins in Michigan, including the Silver Shovel Award from Area Development for winning investment for Our Next Energy in 2022.
Additionally, Climate Power's 2023 report shows Michigan continues to lead the race for jobs and investment, leading the nation in clean energy investment with $20 billion in total investments since August 2022. It is shown that the state is ranked second. The report also shows Michigan leading the nation. After winning 14 projects in clean energy, batteries and EV manufacturing.
Detroit was also chosen to host this year's TED Countdown Summit, a gathering of global innovators, executives, scientists, policy makers, next-generation leaders, artists, and activists determined to create a cleaner, more sustainable future. etc. come together. This July event will explore the types of partnerships, solutions and tools that can help protect our planet and its people.
CNBC's latest rankings come after Team Michigan passed a balanced, bipartisan state budget for fiscal year 2024, which includes a number of labor and It includes a bold expansion of power development programs and sustainable resources to build more housing, community development projects, and manufacturing facilities. Dollars will also be provided through the Succeed in Michigan fund to help attract cutting-edge investments that create high-wage jobs.
To learn more about why so many people choose to succeed in Michigan, visit michiganbusiness.org/why-michigan.
Visit michiganbusiness.org/news to stay up to date on the latest project successes, workforce development opportunities and placemaking investments.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the marketing arm of the state of Michigan and a leading advocate for business development, job awareness and community development focused on growing Michigan's economy. For more information about MEDC and its efforts, please visit www.MichiganBusiness.org. For Puremichigan® tourism information, start your journey at www.michigan.org. Join the conversation on Facebook Instagram LinkedIn. twitter.