This Just In: CNBC Ranks Michigan a Top 10 State for Business

Michigan climbs in national economic competitiveness ranking, building on strong job growth, advanced manufacturing leadership and a low cost of living and doing business

Michigan is a top 10 state for business according to CNBC, which released its rankings of America’s Top States for Business in 2023. Building on its economic development momentum from the past two years, Michigan cracked the top 10 for only the second time since the list was launched, powered by strong job growth, advanced manufacturing leadership and a low cost of doing business and living.

“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. Businesses are relocating and expanding in Michigan as we continue leading the future of advanced manufacturing, standing up for people’s rights, and making bipartisan investments in the kitchen-table issues that ensure anyone can ‘make it’ in Michigan. Let’s keep our foot on the accelerator so we can climb even higher.”

CNBC lists several criteria they use to determine a state’s ranking. This includes “ten broad categories of competitiveness” and “86 metrics.” These are broad categories businesses consider when making site selection decisions, and areas that states invest in to lower costs and improve quality of life for residents and businesses alike.

“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.

Michigan is Moving Up
Over the past two years, the state’s powerful bipartisan economic development tools have helped bring home over $16 billion of projects and secure 16,000 jobs building electric vehicles (EVs), batteries, semiconductors and clean energy, leading to Michigan’s recognition as the next Silicon Valley for automotive technologies and national awards for Michigan’s EV project wins, including a Silver Shovel Award from Area Development for winning Our Next Energy’s investment in 2022.

Additionally, a 2023 report from Climate Power shows Michigan continues to lead the race for jobs and investment, ranking as the number two state nationwide for clean energy investments with a combined $20 billion of investment since August 2022. The report also shows Michigan leading the nation after winning 14 projects in clean energy, battery and EV manufacturing.

Detroit was also chosen to host this year’s TED Countdown Summit, bringing together global innovators, business executives, scientists, policymakers, next generation leaders, artists, activists and more who are determined to create a cleaner and more sustainable future. The event, held this July, explores the kinds of partnerships, solutions and tools that can help us protect our planet and its people.

The latest ranking from CNBC comes as Team Michigan has passed a balanced, bipartisan state budget for Fiscal Year 2024, including bold expansions of workforce development programs like the MEDC’s Talent Action Team and sustainable resources to build more housing, community development projects and manufacturing facilities, along with dollars that will help attract cutting-edge investments creating good-paying jobs through the Make it in Michigan Fund.

To learn more about why so many are choosing to Make it in Michigan, visit michiganbusiness.org/why-michigan.

To stay informed of the latest project wins, workforce development opportunities, and placemaking investments, go to michiganbusiness.org/news.

About Michigan Economic Development Corporation (MEDC)

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