CNBC released its America’s Top States for Business 2023 rankings this week and Michigan is in the top 10 for only the second time since the list was launched.
According to the Michigan Economic Development Corporation (MEDC), Michigan has been building on its economic development momentum from the past two years, allowing Michigan to crack the top 10, “…powered by strong job growth, advanced manufacturing leadership and a low cost of doing business and living.”
Praising the ranking, Michigan Governor Gretchen Whitmer says this is part of an ongoing effort.
“Michigan is on the move and more and more people are starting to notice,” said Governor Whitmer.
“I am proud that our hardworking people, innovative businesses, resilient communities, and strong protections for fundamental rights have made Michigan a top ten state for business. This is validation of what we are seeing in our communities—new manufacturing plants, housing developments, community revitalization projects, and so much more.”
According to CNBC, here’s how the rankings are calculated:
To rank America’s Top States for Business in 2023, CNBC scored all 50 states on 86 metrics in 10 broad categories of competitiveness. Each category is weighted based on how frequently states use them as a selling point in economic development marketing materials. That way, our study ranks the states based on the attributes they use to sell themselves. We developed our criteria and metrics in consultation with a diverse array of business and policy experts, and the states. Our study is not an opinion survey. We use data from a variety of sources to measure the states’ performance. Under our methodology, states can earn a maximum of 2,500 points. The states with the most are America’s Top States for Business.
“As Team Michigan, we are proud that our efforts to grow the state’s thriving economy have been recognized with a Top 10 ranking in CNBC’s Top States for Business list,” said MEDC CEO Quentin L. Messer, Jr. “While encouraged, we know that our work continues. To position Michigan in the top spot, we remain resolutely committed to working alongside Governor Whitmer and the Michigan Legislature, as well as our regional and industry partners, to build on our momentum over the last two years and ensure all Michiganders across our two peninsulas know that they can Make it in Michigan.”
Michigan comes in at 10th overall in the 2023 rankings, while ranking even higher in two categories and making strides in others, including:
• 6th for cost of doing business, up from 9th last year.
• 7th for cost of living, up from 12th last year.
• 12th for technology and innovation, up from 15th last year.
• 15th for business friendliness, up from 20th last year.
States achieving a top 10 ranking on the CNBC list:
- North Carolina
- Virginia
- Tennessee
- Georgia
- Minnesota
- Texas
- Washington
- Florida
- Utah
- Michigan
