Michigan Economic Development Corporation
Nov. 1, 2024
Michigan is a top 10 state for business climate, according to Site Selection Magazine. In its annual Top State Business Climate Rankings, Michigan has secured the No. 10 spot, marking the third year in a row that the state has risen on the list, up from No. 20 in 2022 and No. 12 in 2023.
The state’s upward trajectory builds on the momentum of its ‘Make It in Michigan’ economic development strategy, dedicated to supporting the success of Michiganders through revitalizing communities and winning projects across the state.
Michigan’s Winning Ingredients
According to Site Selection Magazine, there are 10 factors that make up site selectors’ most important location criteria:
- Utilities (availability, cost, reliability)
- Workforce skills
- Land/building prices and supply
- Ease of permitting and regulatory procedures
- Transportation infrastructure
- Workforce development
- Quality of life
- State and local tax scheme
- Economic development strategy
- Higher education resources
From the state’s Make It in Michigan economic development strategy and Talent Action Team’s workforce initiatives to a more efficient permitting process and an unmatched quality of life, Michigan has the winning ingredients for site selectors.
To compile its annual Top State Business Climate Rankings, Site Selection Magazine uses criteria ranging from an Executive Survey and a state’s Governor’s Cup ranking to the CNBC Top States for Business rankings.
In 2024, Michigan moved up to No. 9 on CNBC’s list, while improving its position in several sub-categories, including 3rd for cost of living, 8th for business friendliness and 9th for technology and innovation.
Earlier this year, Site Selection also recognized Michigan in its 2024 Prosperity Cup rankings, moving up to No. 7 overall and No. 3 in the East North Central region. Michigan’s project wins and competitive metrics earned the state’s rise in the Prosperity Cup rankings.