Michigan Among Best States For Business: Report

How good is Michigan for business? Well, it’s not in the Top 10 but it’s pretty close, tied for 11th place with Idaho, a new report says. According to the new study from CNBC published Tuesday, the state is the 11th best of all 50 states for business in 2018.

The study scores all 50 states on 64 metrics across 10 categories, CNBC explains in its methodology.

“Our study is not an opinion survey; we measure actual performance by the states,” the network said of its methodology. CNBC says the study grades each state based on the qualities they tout as good for attracting business. Each category is given a weight based on how much the states cite it as a factor for attracting business; the more a category is cited, the higher the weight, CNBC says. (You can read more about the methodology and the sources used in the study here.)

Michigan ranked the highest of all its categories for Technology and Innovation (third in the nation, according to the report), and ranked lowest in the Quality of Life category (No. 33).

Here are the points Michigan received for every category (the categories are presented from highest to lowest importance):

• Workforce: 278/425 or No. 10 in the country
• Infrastructure: 218/400 or No. 18
• Cost of doing business: 213/350 or No. 19
• Economy: 186/300 or No. 16
• Quality of life: 136/300 or No. 33
• Technology and Innovation: 173/225 or No. 3
• Education: 97/200 or No. 28
• Business Friendliness: 77/150 or No. 25
• Access to Capital: 71/100 or No. 15
• Cost of Living: 47/50 or No. 4

Texas claimed the top spot as the best state for business in 2018. The state also bagged the top spots in five of the 10 categories states were graded for. CNBC notes that the state has never finished outside the top five since the rankings were first published.

“The state prides itself on business-friendly regulations, smart spending and low taxes,” CNBC writes. “Texas levies no individual income tax and no corporate tax.”

Washington, the No.1 state in 2017 slipped to No. 2 this year. CNBC said the state had the fastest growing economy in 2017 but weaknesses like high costs and poor infrastructure make it “no match for a resurgent Texas.” Utah, the No. 3 state, has a thriving technology industry and saw the highest job increase in the nation in 2017, according to CNBC.

Below are the states that rounded out the top 10:

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

Read the full CNBC report on the topic here.

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