Detroit and Grand Rapids Leading Recovery in MichiganBy Amanda Lewan on August 18th, 2014 /
Michigan is making headway towards a strong recovery. According to a recent report published in Business Facilities August issue, the state of Michigan is one of the top in the nation for economic activity. The survey also points out Detroit and Grand Rapids as leading the way with both listed among the top regions in the country.
“The state’s economic policies have had a dramatic and measurable impact in growing and attracting businesses,” said Michael Finney, CEO and President of Michigan Economic Development Corporation. “The evidence in the Business Facilities report is verifiable and compelling. It’s nice to see others around the country taking note of our progress.”
What exactly is contributing to the growth? Finney believes it to be a combination of Michigan’s rebounding auto industry, incentives offered to businesses attracting foreign investment,and the replacement of a convoluted business tax with a streamlined corporate tax among others.
It’s great to see growth for both of these metropolitan areas. The survey looked at major cities across the United States aiming to measure the strength of activity and business growth. You can read the reports here and here online.
A closer look at the report shows the following:
- Michigan ranks second behind South Carolina as “employment recovery leaders” in the survey
- Since Dec. 2010, Michigan has created over 300,000 private sector jobs
- Most of these new jobs have been in manufacturing, and professional and business services
- Michigan leads the nation with 120,000 new manufacturing jobs since 2009
- The unemployment rate was cut in half after hitting a five year high at 14.7 percent, and is currently at 7.7 percent
- Detroit is listed as the 10th best metro region for economic growth potential
- Detroit is listed eighth among Exports Recovery Leaders, and fourth in Exports Growth Leaders; the Grand Rapids metro region ranks ninth.
And what role does entrepreneurship play? It’s probably too early to tell, unless you’re measuring the rise of incubators, co-working spaces, and startups forming in Michigan. But MEDC’s Finney believes it has had a positive impact.
What do you think attracts entrepreneurs to stay, live, and work in Michigan? Check out our survey earlier this year. Share with us any thoughts, issues, or concerns you have.