Where Does MI Rank Among America’s Top States For Businesses?

MICHIGAN — A new analysis from CNBC shows Michigan among the best states across the nation in business competitiveness.

For its America’s Top States for Business rankings released Tuesday, CNBC scored states in 86 areas across 10 broad categories of competitiveness, with a maximum possible score of 2,500 points. The categories were weighted based on how frequently the states use them to sell business opportunities in economic development marketing materials.

“That way, our study ranks the states based on the attributes they use to sell themselves,” CNBC explained of its methodology, developed in consultation with a diverse group of business and policy experts, and the states.

Michigan was ranked no. 10 with 1,424 points, up six spots from CNBC’s 2022 rankings.

Michigan received excellent grades from the news station in the cost of living and the cost of doing business. The state also received good grades in technology and innovation, access to capital and business friendliness.

The news station found Michigan's infrastructure, education, workforce, economy and life, health and inclusion were average. The state received no poor grades.

Data sources used in the economic profile are:

Population: 10,034,113

GDP growth (Q1 2023): 1.70 percent
Unemployment rate (May 2023): 3.70 percent
Top corporate tax rate: 6.00 percent
Top individual income tax rate: 4.25 percent
Gasoline tax: 63.57 cents/gallon percent

According to CNBC, the top 10 states for business are:

1. North Carolina
2. Virginia
3. Tennessee
4. Georgia
5. Minnesota
6. Texas
7. Washington
8. Florida
9. Utah
10. Michigan

See the full rankings via CNBC