THIS JUST IN: Michigan continues to sharpen its competitive edge

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Michigan remains poised for continued growth and opportunities to support businesses of all sizes in the coming year as the state strives to become the No. 1 four-season state or province in North America. fully displayed in the company rankings released last week.

Site Selection magazine has published its annual ranking of the world’s best places to invest, with Michigan rising to 9th place for the 2022 Prosperity Cup; the Prosperity Cup is awarded to the most competitive states based on an index of 10 criteria, including data on projects, capital expenditures and job creation from Site Selection and data from the Tax Foundation, from the ACT and the Beacon Hill Institute.

Michigan also continues to rank in the top 20 of the CEO’s 2022 ranking of the best and worst states to do business in, ranking 18th. Over the past decade, Michigan has made historic progress in the rankings, with no other state coming close to our momentum and progress.

This week’s ranking announcements build on other state achievements over the past year, including a 2021 Gold Shovel award for manufacturing from area development; the Annual Gold & Silver Shovel Awards are presented annually to states that have achieved significant success in terms of job creation and economic impact. In a February 2022 Bloomberg opinion piece, Michigan was recognized as the No. 1 economy among 37 other states with a population of over two million since the start of the COVID-19 pandemic.

Michigan also ranked No. 2 in the nation in Credible’s list of states where the economy has recovered the most from COVID-19, citing Governor Whitmer’s economic stimulus packages for businesses and residents in the state. Additionally, Site Selection magazine recognized Michigan as one of the best states for sustainability practices, ranking 3rd in its 2021 sustainability rankings.

Michigan’s recognition also follows exciting investments in 2022, including: LG Energy Solution’s expansion into the Netherlands announced in March 2022, bringing $1.7 billion in investment and 1,200 jobs; the state’s collaborative public/private partnership with Ford and the City of Detroit announced in February 2022, transforming Michigan’s Central Station into a globally recognized hub for talent, mobility innovation, entrepreneurship , sustainability, affordable housing, small business opportunities and community engagement; and GM’s historic $7 billion investment announced in January 2022, creating 4,000 and retaining 1,000 jobs as part of the automaker’s commitment to creating an all-electric future in Michigan.

To see why businesses choose Michigan, visit www.michiganbusiness.org/why-michigan/.

To learn more about the services MEDC offers to help businesses grow, visit michiganbusiness.org.

About the Michigan Economic Development Corporation (MEDC)

The Michigan Economic Development Corporation is the state’s marketing arm and primary advocate for business development, employment awareness, and community development, with a focus on growing Michigan’s economy. For more information about the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® travel information, your journey begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.

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