Michigan slips in CNBC business ranking
Great Lakes State is now 16th best for business, down from 11th in 2021
Michigan fell five spots in an annual CNBC study rating the business climate of the 50 states. Michigan is now 16th, after being 11th in 2021.
CNBC’s study, “America’s Top States for Business,” rates states based on 88 metrics in 10 categories. The categories are weighted according to how frequently the state cites these qualities in its marketing and promotional materials. This allows the states to be measured based on the characteristics they use to promote themselves to businesses.
With skilled workers in short supply following the COVID pandemic, the workforce category received the most weight. It measures the success of states in attracting all talent levels, the net migration of educated workers to the state, right-to-work laws, and worker productivity. It also evaluates the number of STEM workers in the state. Michigan received a grade of “C” for this category.
Michigan’s best grades were for the cost of living, “A-” and the cost of doing business, “A.” Workers and companies are seeking states with stable prices and affordable necessities as inflation causes increased financial struggles.
Its lowest grade, a D-, was in the life, health, and inclusion category. This category examines protections against discrimination, voting rights, health care quality, and public health spending.
Michigan ranked behind Tennessee, Indiana, Ohio, and Georgia. All of these are states Michigan has competed with recently for auto industry investments.
The top five states in the study were North Carolina, Washington, Virginia, Colorado, and Texas.
Other categories and grades for Michigan:
• Infrastructure: C+
• Economy: C
• Technology and Innovation: B
• Business Friendliness: C+
• Education: C+
• Access to Capital: B-
Michigan Capitol Confidential is the news source produced by the Mackinac Center for Public Policy. Michigan Capitol Confidential reports with a free-market news perspective.