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Michigan rises in Site Selection’s 2024 Business Climate Rankings, advancing to No. 10, driven by its strategic ‘Make It in Michigan’ economic approach.
Michigan Climbs Business Climate Rankings, Hits Top 10
Michigan has achieved a significant milestone by earning the No. 10 spot in Site Selection Magazine’s 2024 Business Climate Rankings, a testament to the state’s ongoing efforts to enhance its economic landscape. This marks the third consecutive year of progress, a jump from No. 20 in 2022 and No. 12 in 2023, solidifying Michigan’s status as a competitive business hub.
‘Make It in Michigan’ Strategy Propels Growth
The upward shift is credited to Michigan’s ‘Make It in Michigan’ initiative, an economic development strategy focused on boosting local communities, fostering job creation, and attracting high-value projects across the state. Quentin L. Messer, Jr., CEO of the Michigan Economic Development Corporation (MEDC), emphasized the significance of this recognition. “We are proud to be recognized among states leading the charge in creating a top business climate,” Messer stated. He reiterated the state’s dedication to nurturing people, revitalizing places, and securing projects that drive prosperity.
Factors Driving Michigan’s Economic Appeal
The magazine’s assessment is based on ten crucial criteria for business site selection, such as:
- Workforce skills and development
- Utilities and infrastructure reliability
- Ease of permitting and regulatory environment
- Land/building availability and affordability
- State and local tax structures
Michigan’s strategic focus includes the Talent Action Team for workforce enhancement and streamlined permitting processes, further reinforced by its reputable quality of life.
Recognition in Broader National Rankings
Beyond Site Selection’s rankings, Michigan’s business-friendly environment has been recognized by CNBC’s 2024 Top States for Business, where it ascended to No. 9. The state excelled in sub-categories including cost of living (3rd place), business friendliness (8th place), and technology and innovation (9th place).
Further strengthening its profile, Michigan advanced to No. 7 in the 2024 Prosperity Cup rankings by Site Selection, with notable success in the East North Central region, securing the third spot.
Continued Commitment to Economic Development
The MEDC’s multi-faceted approach, promoting business growth and community enhancement, underscores Michigan’s proactive stance in maintaining and building upon this momentum. With significant investments and strategic initiatives to enrich opportunities for businesses and workers alike, the state aims to sustain its growth trajectory and economic resilience.
Related Developments
This recognition aligns with Michigan’s broader push to remain a top-tier destination for business and innovation. Continued infrastructure investments and legislative support for economic initiatives are anticipated to keep Michigan climbing in future rankings.
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