Week after week, we read about Michigan’s turnaround and the theme is the same – Michigan’s economy is in full recovery mode. This week is a little different though, because an annual economic activity report produced by Business Facilities truly highlights our state’s impressive turnaround.
The annual report looks at more than 27 different categories, separating the states who are on top and those who are struggling at the bottom.
And this year’s report ranks Michigan near the top for automotive jobs, infrastructure and jobs created since the end of the Great Recession.
“The state’s economic policies have had a dramatic and measurable impact in growing and attracting businesses.”
— Michael Finney, CEO and President of Michigan Economic Development Corporation
What’s most promising, Michigan is one of the nation’s leaders in economic recovery, ranking second behind only South Carolina in creating the most jobs since the end of the recession.
What’s more, Michigan’s unemployment rate has gone from its shockingly high rate of 14.2 percent down to its current rate of 7.7 percent.
Michigan’s statewide recovery has been anchored by our state’s two largest cities – Detroit and Grand Rapids — which are both listed as top-10 metro areas for economic growth potential. Detroit also cracked the top-10 for export recovery leaders and export growth leaders.
That’s quite a contrast to 10 years ago when Business Facilities produced its first report, and Michigan was near the bottom in a number of categories. And it’s an even greater recovery compared to 2009, when the U.S. economy reached its lowest point and Michigan was at or near the bottom of nearly every economic indicator.
There are many reasons for Michigan’s economic turnaround, said Finney. He cited the reinvention and financial success of the automotive industry in Michigan, replacing a convoluted business tax with a streamlined corporate income tax, becoming a right-to-work state and creating a world-class business-friendly environment, from offering performance-based incentives to businesses and attracting foreign investment to eliminating more than 1,500 burdensome regulations.
Since then, the Republican-led House has helped Michigan climb its way back towards the top of nearly every ranking, helping to ensure a better Michigan for everyone.
Michigan’s resurgence as an economic leader has not gone unnoticed, both here at home as well as across the nation. House Republicans are proud to be part of Michigan’s comeback and know that the policies passed will only further ensure an even brighter future for our state.