From a Top 20 ranking in CNBC?s Top States for Business to accolades for Detroit and Mackinac Island as global destinations, Michigan?s business climate and vibrant communities are driving economic opportunity statewide
Michigan is standing in the national spotlight this week, between the CNBC Top States for Business ranking today and national accolades rolling in for both Detroit and Mackinac Island on Tuesday. With all this national recognition, whether it?s a strong business climate or having some of the best places to experience across the globe, Michigan is the total package.
In?CNBC?s 2022 America?s Top States for Business?list, Michigan landed the No. 16 spot, remaining a Top 20 state, improving in key categories including Workforce, Cost of Doing Business, Economy, Education, Business Friendliness and Access to Capital.
Last week, CNBC traveled to Michigan to share how the state is continuing to innovate and compete to win the future of vital industries like mobility and electrification. Speaking with CNBC?s Scott Cohn, Governor Gretchen Whitmer and Michigan Economic Development Corporation (MEDC) CEO Quentin Messer, Jr. shared why Michigan is a premier state for businesses to start and grow.
?By focusing on long-term growth, Michigan?s economy continues to grow and thrive,? said Governor Gretchen Whitmer. ?We are excited to see the impact of our bipartisan efforts to spur economic development, create good-paying jobs and invest in every region of Michigan reflected in this week?s national recognition. We will build on this momentum going by continuing to work across the aisle to get things done, bring in more transformative investments and continue delivering on the kitchen-table issues that make Michigan a great place to live, work and play.?
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The annual Top States for Business ranking evaluates 10 broad categories of competitiveness, in part based on issues states have identified as being most important in business attraction efforts. For 2022, CNBC?s study covered 88 metrics across the 10 categories. Workforce carried the most weight among categories in this year?s study, followed by Infrastructure and Cost of Doing Business.
Today?s ranking follows a year of intentional efforts to put the state in the strongest possible position to win projects that will create economic opportunity for the next 20 years and beyond, while also delivering relief for businesses impacted by COVID-19. This includes Governor Whitmer signing the bipartisan Strategic Outreach and Attraction Reserve (SOAR) package into law, creating competitive programs that invest in business retention and attraction to complement Michigan?s strengths as a state.
Throughout the past year, the state has celebrated a series of transformational investments that demonstrate continued industry growth across the mobility sector, as well as life sciences, food processing and other vital industries. Projects include:
- Automotive manufacturer General Motors investing $7 billion, creating 4,000 and retaining 1,000 jobs, to convert Orion Township assembly plant to build full-size EV pickups and build Ultium?s third U.S. battery cell plant in Lansing
- South Korean-based battery maker LG Energy Solution investing $1.7 billion and creating 1,200 jobs to quintuple plant capacity in Holland
- Automaker Ford Motor Company investing $2 billion, creating more than 3,200 jobs in plants across Michigan to support EV manufacturing growth and secure internal combustion engine portfolio in the state
- Global pharmaceutical industry leader Pfizer investing $120 million and adding 250 jobs to its Portage manufacturing facility to produce Paxlovid, the company?s antiviral COVID-19 pill
- Semiconductor wafer manufacturer SK Siltron investing $302 million and creating up to 150 jobs to establish a new facility in Monitor Township to support electric vehicle growth
- Pioneer in silicone and polymer technology Wacker Chemical Corporation investing $51 million and creating 70 new jobs to establish a North American Innovation Center and Regional Headquarters in Ann Arbor
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Calumet Electronics investing $6.5 million and creating 80 manufacturing and engineering jobs to enhance a newly constructed manufacturing facility for next-generation advanced electronic components in Calumet Township
- Global food and drink manufacturer Welch Foods investing $26.2 million and creating up to 57 jobs to expand operations in village of Lawton
- Canadian EV charging network operator and smart charging solutions provider FLO investing $3 million and creating 133 jobs at its first U.S. manufacturing facility in Auburn Hills
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HOLO, sustainable footwear manufacturer, investing $1.5 million and creating 61 high-wage jobs to relocate its headquarters from Portland, Oregon, to downtown Grand Rapids
- Plastics recycler Island Plastics investing $8 million and creating 24 manufacturing jobs in Flint
?Team Michigan continues to demonstrate to the world our commitment to building a championship economy on behalf of the businesses, families and communities that call our state home,? said Quentin Messer, Jr., CEO of the MEDC. ?This year?s CNBC Top States for Business Ranking shows our efforts are being noticed. We have made significant progress over the last few years, namely, rising to the challenge of rebuilding Michigan?s economy following the impacts of the pandemic and heightened global competition. We will keep working alongside Governor Whitmer and other elected officials, regional and industry partners to put Michigan in the top spot and to ensure all Michiganders on both peninsulas are realizing the full benefit of our thriving economy.?
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