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Michigan is the 45th Best State for Business 2014

Gov. Rick Snyder defended his state’s economy when he spoke to Chief Executive magazine in February. “Michigan’s economic transformation is well underway and the success of our reinvention, although not captured in Chief Executive’s “Best States / Worst States” rankings, can be summed up as America’s Comeback State … Our economy is at a 10-year high and Michigan has the sixth-fastest growing economy in the country.”

Previous State: Connecticut Next State: Massachusetts

No. 45 Michigan

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 2.0
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): -0.3

Unemployment

  • Unemployment Rate Dec. 2013 %: 8.4
  • Comparison with Nat’l Rate (6.70%): 1.7

Domestic Migration

  • Domestic Net Migration 2013: -28,539
  • Rank: 45

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 3,097
  • State & Local Gov’t Employees per 10k Residents: 491

State-Local Tax Burden

  • Rate (%): 9.8%
  • Compared to Nat’l Avg. (9.9%): -0.02%
Key Companies
  • Ford Motor Company
  • Dow Chemical Company
  • Whirlpool
  • Dominos Pizza Inc.
  • Stryker
Development Trend Indicator: Positive
With right to work, Gov. Snyder now goes after business personal-property taxes.


Based on CEO Survey by ChiefExecutive.net

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

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J.P. Donlon

J.P. Donlon is Editor Emeritus of Chief Executive magazine.
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