Nov. 21, 2023
The State of Michigan climbed eight spots in Site Selection Magazine’s list of Top State Business Climate Rankings, ranking in at #12.
Read more in the news release below.
Gov. Gretchen Whitmer celebrated as Michigan climbed 8 spots—up to #12—in Site Selection Magazine’s list of Top State Business Climate Rankings. The ranking takes several factors into account, weighting ease of permitting, workforce skills, and land/building prices and supply as the top three factors.
Site Selection Ranking
Site Selection Magazine ranks states every year by their business climate. Last year, Michigan finished 20th. This year, Michigan is ranked 8th, a huge jump.
There are 10 criteria Site Selection Magazine states “matter most” for their rankings:
- Ease of permitting and regulatory procedures
- Workforce skills
- Land/building prices and supply
- Utilities (cost, reliability)
- Quality of life
- Workforce development
- Economic development strategy
- State and local tax scheme
- Transportation infrastructure
- Right-to-work state
CNBC Top State for Doing Business
Earlier this year, Michigan was ranked as a top 10 state for doing business by CNBC. 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 use when making site selection decisions and states invest in to lower costs and improve quality of life for residents and businesses alike.
Michigan came in 10th overall, while ranking 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.