This Economic Competitiveness Benchmarking Report provides a fact based assessment of Michigan’s economic competitiveness relative to other states. It will be shared with state leaders, economic development organizations, and the Michigan public.
The objective is to educate these groups on the current competitiveness of the state and to share the data and research that was used to develop many of the proposals in the Michigan Turnaround Plan. The benchmarking report compares Michigan’s performance on key output (e.g., GDP growth) and input (e.g., labor cost) metrics with other states. A set of peer and aspiration based benchmark states were selected for comparison, broken into “traditional industry states” (e.g., Ohio) and “new economy states” (e.g., California).
In addition, a comparison with the “Top 10 States for Economic Growth” is used as a benchmark. Findings presented in the benchmarking report support the need for the Michigan Turnaround Plan to improve Michigan’s competitiveness in order to create jobs and economic growth. The fact-base analysis for this report was provided by McKinsey & Company, a global management consulting firm that is an advisor to the world’s leading corporations, governments and institutions.