CNBC Ranks Michigan a Top 10 State for Business

by | Jul 12, 2023 | Uncategorized

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FOR IMMEDIATE RELEASE

July 12, 2023

Contact: [email protected]

 

ICYMI: This Just In: CNBC Ranks Michigan a Top 10 State for Business

Governor Whitmer celebrates as Michigan climbs in national economic competitiveness ranking, building on strong job growth, advanced manufacturing leadership, low cost of doing business & living

 

LANSING, Mich. — Yesterday, CNBC released their rankings of America’s Top States for Business in 2023. Michigan cracked the top 10 for only the second time since the list was launched, powered by strong job growth, advanced manufacturing leadership, and a low cost of doing business and living.

 

“Michigan is on the move and more and more people are starting to notice,” said Governor Whitmer. “I am proud that our hardworking people, innovative businesses, resilient communities, and strong protections for fundamental rights have made Michigan a top ten state for business. This is validation of what we are seeing in our communities—new manufacturing plants, housing developments, community revitalization projects, and so much more. Businesses are relocating and expanding in Michigan as we continue leading the future of advanced manufacturing, standing up for people’s rights, and making bipartisan investments in the kitchen-table issues that ensure anyone can ‘make it’ in Michigan. Let’s keep our foot on the accelerator so we can climb even higher.”

 

“As Team Michigan, we are proud that our efforts to grow the state’s thriving economy have been recognized with a Top 10 ranking in CNBC’s Top States for Business list,” said MEDC CEO Quentin L. Messer, Jr. “While encouraged, we know that our work continues. To position Michigan in the top spot, we remain resolutely committed to working alongside Governor Whitmer and the Michigan Legislature, as well as our regional and industry partners, to build on our momentum over the last two years and ensure all Michiganders across our two peninsulas know that they can Make it in Michigan.”

 

Reasoning Behind Ranking Michigan as a Top 10 State for Business

CNBC lists several criteria they use to determine a state’s ranking. This includes “ten broad categories of competitiveness” and “86 metrics.” These are broad categories businesses use when making site selection decisions and states invest in to lower costs and improve quality of life for residents and businesses alike.

 

Michigan comes in at 10th overall, while ranking higher in two categories and making strides in others, including:

  • 6th for cost of doing business, up from 9th last year.
  • 7th for cost of living, up from 12th last year.
  • 12th for technology and innovation, up from 15th last year.
  • 15th for business friendliness, up from 20th last year.

 

  • The unemployment rate dropped to 3.7% in May, continuing to inch down towards the all-time recorded low of 3.2% in February 2000.
  • Since the mid-1970s, Michigan’s unemployment rate only fell below 4.0% during three periods: periodically from 1998-2000, from November 2019 to March 2020, and now, from April 2023-present.
  • The state recorded 4,440,000 payroll jobs, an increase of 15,000 over the month and 82,000 over the year.
  • Labor force participation rate climbed to 60.5 percent this month, the highest since July 2020.

 

A Bipartisan Budget to ‘Make it in Michigan’

A few weeks ago, the Michigan Legislature passed a balanced, bipartisan budget to lower costs, continue growing Michigan’s economy, and deliver on the kitchen-table issues that matter most to families. There were several investments in the budget powering ‘Make it in Michigan,’ a comprehensive strategy for economic development that focuses on 1) winning projects, 2) investing in people, and 3) revitalizing places. Here’s a breakdown on the investments secured in the budget to continue growing Michigan’s economy:

 

Projects

  • $500 million for the Make it in Michigan Fund to continue competing with other states and nations to bring home advanced manufacturing projects.
  • $350 million for the Make it in Michigan Competitiveness Fund to win federal resources from the Bipartisan Infrastructure Law, the CHIPS and Sciences Act, and the Inflation Reduction Act.
  • Michigan is set to receive over $1.5 billion (4th highest in the nation) through the Broadband Equity, Access, and Deployment (BEAD) Program to expand high-speed internet access to over 200,000 Michiganders in unserved and underserved areas across the state.

 

People

  • Taking the first steps towards offering Pre-K for All with a $72.6 million of the Great Start Readiness Program (GSRP) free preschool program for up to 5,600 kids. $230 million to expand GSRP to 5 days a week and open new classrooms.
  • $70 million to temporarily lower the age for Michigan Reconnect—tuition-free associate degrees or skills training—from 25 to 21, expanding eligibility to 350,000 people.
  • Funding the recently established Growing Michigan Together Council so they can focus on growing our population and economy while protecting our natural resources.

 

Places

  • $50 million in sustainable, recurring funding for the Housing and Community Development Fund to build thousands of housing units, house thousands of families, and support thousands of jobs. Builds on $150 million investment in the fund earlier this year.
  • $50 million in sustainable, recurring funding for Revitalization and Placemaking Grants, used to make communities more attractive places to live and work by building housing, parks, and beautifying other places. This builds on $100 million investment in the program earlier this year.
  • A 5% increase in revenue sharing to help counties, cities, villages, and townships improve quality of life for residents. Additional, dedicated funds for local public safety initiatives.