This report provides a fact-based assessment of Michigan’s economic competitiveness relative to other states and nations. It is used by Business Leaders for Michigan to help develop strategies and recommendations for making Michigan a “Top Ten” state for job, economic, and personal income growth, such as those contained in the Michigan Turnaround Plan.
Comparisons are made of Michigan’s performance with other states on key output (e.g., GDP growth) and input (e.g., labor cost) metrics. A set of “traditional,” “new economy,” “global,” and “Top Ten” benchmark states and/or nations were used to provide multiple reference points to evaluate Michigan’s performance. While the intent of this report is not to make recommendations, general conclusions are outlined.
Research for the 2012 Economic Competitiveness Benchmarking Report was conducted by Anderson Economic Group, a research and consulting firm with expertise in economics, public policy, finance, and industry analysis.