RELEASE: ICYMI: Michigan is a Top 10 State for Business in New CNBC Ranking

FOR IMMEDIATE RELEASE   

July 12, 2024

ICYMI: Michigan is a Top 10 State for Business in New CNBC Ranking

The state moved up, highlighting Michigan’s commitment to powering strong job growth, advancing manufacturing leadership, and a lowering the cost of doing business and living.

LANSING, Mich. —  Today, Governor Gretchen Whitmer is celebrating Michigan’s rank as No. 9 on CNBC’s America’s Top States for Business in 2024 list. Michigan cracked the top 10 for the third time since the list was launched and has continued to move up within the rankings.

“Michigan’s economy is on the move, and I am proud that we are climbing the list as a top ten state for doing business,” said Governor Whitmer. “As we bring more manufacturing projects home, create thousands of good-paying jobs, and lower the cost of job training and higher education, we will fight to ensure anyone can ‘make it’ in Michigan. This national recognition is a reminder that we are on the right track and we will keep doing the work together to invest in our workers, empower entrepreneurs, and help families get ahead. Let’s keep rolling up our sleeves and getting it done.”

The CNBC Top States for Business Ranking builds on a series of recent accolades for Michigan, highlighting the state’s leadership in the automotive industry and investing in clean energy.

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 “126 metrics.” Based in science, CNBC uses data from a variety of sources to measure the states’ performance.

Michigan comes in at 9th overall, while improving its position in several sub-categories, including:

3rd for cost of living, up from 7th last year.
8th for business friendliness, up from 15th last year.
9th for technology and innovation, up from 12th last year.

Michigan’s Latest Jobs Numbers

Michigan’s unemployment rate fell below the national average, remaining at 3.9% for the fourth consecutive month in May.
In May, Michigan’s total labor force grew to 5,054,000, increasing by 53,000 in May 2023.
Michigan payroll jobs increased for the fourth consecutive month, adding 8,000 jobs in May. Over the year, payroll jobs in Michigan rose by 41,000, or 0.9%.
Michigan construction jobs are at a 22-year high, with 204,500 individuals employed—a nearly 22% increase since 2019.

A Bipartisan Budget to ‘Make it in Michigan’

Last month, 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. These are some of the investments secured in the budget to continue growing Michigan’s economy:

$45.5 million for Talent and Growth to support Michigan’s current and future workforce needs and population growth, including specialized economic assistance to businesses locating or expanding in Michigan to meet their talent and workforce needs, developing customized talent solutions to fill identified talent gaps, and grow Michigan’s population.
$10 million for Minority Owned Business grants.
$500 million in continued investment in the Strategic Outreach Attraction Reserve fund to attract new manufacturers and industries to Michigan helping to diversify our economy and compete nationally for high-paying jobs.
$60 million to establish an Innovation Fund to invest in scalable startups and help launch hundreds of new Michigan-based companies, creating thousands of jobs.

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