Experts Rank Michigan 8th Most Competitive State For Economic Development
LANSING — Site Selection magazine has named Michigan the 8th most competitive state for achieving success in job creation and economic development, Gov. Rick Snyder announced Thursday.
“More companies are choosing to grow their futures in Michigan and that is reinforcing our well-earned reputation as America’s comeback state,” Snyder said. “The best way to boost our state’s economy and improve the quality of life for all is to create an environment that encourages business investment, job growth and innovation.”
Michigan advanced eight spots in this year’s Competitiveness Awards, up from 16th in 2011.
The state’s many business climate changes have resulted in other noteworthy improvements, including:
* No. 1 for states that recovered most from the Great Recession.
* No. 4 in the nation for most new corporate expansions or building projects in 2012.
* Third most business-friendly tax ranking among the nation’s 12 largest states.
* Third in the nation for high-tech growth.
* Michigan’s unemployment rate is the lowest it’s been in four years.
* Sixth fastest growing economy in the nation in 2011.
* Credit rating upgraded to AA, the first time it’s been above AA- since January 2011.
* Balanced budget two years in a row.
* Chrysler, Ford and GM all gained market share for the first time in 20 years and had their best U.S. sales since 2007.
Site Selection, a global business expansion publication, also named GM’s Innovation Center in Warren as the 7th best North American deal of 2012. The project will create up to 1,500 new tech jobs.
“This recognition is further proof that we are creating a business climate and infrastructure that enable companies to grow,” said Michigan Economic Development Corp. president and CEO Michael A. Finney. “As we continue to improve our talent enhancement and entrepreneurial and economic gardening efforts, our state will become unstoppable.”
The announcement comes on the heels of Michigan’s 4th in the nation ranking for major new corporate facilities and expansions in 2012 in Site Selection’s 2012 Governor’s Cup ranking. The award was based on the number of projects that met capital investment, job-creation or size standards.
Site Selection magazine provides expansion planning information to 44,000 executives of fast-growing firms in 117 countries. The full story is available online at http://www.siteselection.com/issues/2013/may/top-comp-states.cfm.
The MEDC markets the state with a focus on business, talent, jobs and helping to grow the economy. For more on MEDC and its initiatives, visit: MichiganAdvantage.org.