FOR IMMEDIATE RELEASE
July 12, 2023
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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:
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: