Michigan Scores Eight Top 10s in National Business Rankings
Michigan is No. 1 in automotive manufacturing strength, according to the recent rankings by Business Facilities magazine, but the Great Lakes State also scored top-10 honors in seven other categories.
The state was in the top 10 in manufacturing output percentage of GNP (No. 3), manufacturing employment (No. 4), foreign direct investments (No. 5), opportunity zones (No. 8), cybersecurity and tech jobs (both No. 9), and gross domestic product (No. 10).
“In spite of the unprecedented challenges of the past few months, Michigan continues to focus on building an economy driven by technology, innovation, and our manufacturing heritage,” says Mark A. Burton, CEO of Michigan Economic Development Corp. “These rankings demonstrate Michigan’s growing reputation nationally for economic resiliency and as a top state in which to grow and do business.”
In a reinforcement of the state’s manufacturing expertise, Michigan maintained its 2019 positions in automotive manufacturing strength, top manufacturing states – percent of workforce, and top manufacturing states – employment. Michigan also added to its top 10 rankings this year in manufacturing output.
The state also maintained strength in tech jobs and cybersecurity while adding new honors in foreign direct investments and gross domestic product. Many of the advances are attributed to Gov. Rick Snyder, whose two terms (ending Jan. 1, 2019) were focused on turning Michigan’s economy around following the Granholm administration and the 2008 global financial crisis.
The strength of Michigan’s economic climate in recent years extended into regional areas of the state, with several Michigan metropolitan taking Top 10 honors, including Grand Rapids – best business climate (No. 2), Kalamazoo – lowest cost of living (No. 3), and Genesee County – wage growth leaders (No. 10).
Business Facilities is a national publication that has been a source for corporate site selectors and economic development professionals for more than 50 years. This is the 16th year of its rankings.
Today’s announcement from Business Facilities builds on additional recognition for Michigan’s business climate in recent months.
Michigan also jumped 19 spots to 13th in Chief Executive magazine’s “Best and Worse States to do Business” survey – the largest jump in the ranking’s history. The magazine pointed to Michigan’s access to industrial and technical talent as a key ingredient to the state’s success.
Area Development bestowed its Silver Shovel Award for excellence in economic development and job creating projects in the 8-12 million population category on the strength of projects including FCA’s historic $4.5 billion investment in Detroit and nearby in Macomb County, Ford Motor Co.’s expansion at two of its key facilities and establishment of a new vehicle modification center in southeast Michigan, Acrisure’s relocation and expansion of its headquarters to downtown Grand Rapids, and KLA’s new research and development center in Ann Arbor.
Posted By: dbusiness on August 3, 2020. For more information, please click here to read the source article.
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