Michigan Economic Development Corporation
July 11, 2024
Stefanie Pohl
Michigan is the No. 9 state for business according to CNBC, which released its rankings of America’s Top States for Business in 2024. The state moved up one spot from No. 10 on last year’s list and cracked the top 10 for the third time since the list was launched, powered by the state’s economic development framework focused on People, Places, and Projects that ensures anyone can ‘Make It in Michigan.’
“On behalf of Team Michigan, we are proud that our efforts to grow the state’s economy through our ‘Make It in Michigan’ economic development strategy focused on People, Places, and Projects have been recognized with a No. 9 ranking in CNBC’s Top States for Business list,” said Michigan Economic Development Corporation CEO Quentin L. Messer, Jr. “We will keep working to get Michigan in the top spot. Alongside Governor Whitmer, the Michigan Legislature, local and regional partners, MEDC’s applauds the companies, from Michigan multinationals to start-ups and their employees whose successes ensure more people globally learn that they can ‘Make It in Michigan.’”
Michigan comes in at ninth overall in the 2024 rankings, while improving its position in several sub-categories, including:
- 3rd for cost of living, up from 7th last year.
- 8th for business friendliness, up from 15th last year.
- 9th for technology and innovation, up from 12th last year.
All eyes on Michigan
The CNBC Top States for Business ranking builds on a series of recent accolades for Michigan, highlighting the state’s leadership in the automotive industry and investing in clean energy.
Business Facilities’ 20th Annual Rankings Report – which identifies leading locations for industries and helps inform site selectors’ decisions – named Michigan as best-in-nation for the automotive industry, while also giving the state top spots in life sciences, semiconductors, EV investments, customized workforce training, and more.
Michigan was also recognized as a top ten state in the semiconductor industry and for customized workforce training from Business Facilities, building upon another accolade for the MEDC’s Talent Action Team. Earlier this year, the Talent Action Team received global recognition as No. 4 most innovative business service in the world, according to rankings by Fast Company. .
In addition to the Business Facilities rankings, Climate Power named Michigan No. 1 for clean energy investments from the Inflation Reduction Act. This is the second year in a row that Michigan has been named to the top spot. The Climate Power report indicates Michigan won 58 projects, securing nearly $25.4 billion in investments and 21,490 jobs, besting Texas, Georgia, California, and South Carolina as the top five states where projects are locating.
