The start of the year is a good time to take stock of where we are and our goals for the future. As a state, Michigan has spent the last few years digging out of a decade-long recession driven by a decline in the manufacturing sector and compounded by the national financial crisis.
The good news is that manufacturing is bouncing back and leading our economic recovery. Growth in MI employment, per capita income, and per capita GDP has outpaced most states in the last two years. Our state leaders have made MI more competitive by eliminating the uncompetitive Michigan Business Tax and have put the state on sound financial footing by reducing long-term unfunded liabilities and building up the state’s Rainy Day Fund.
While MI has improved its competitive position, other states are not standing still. If we want to thrive, we must play to WIN. The cost of doing business is just one factor considered by those looking to locate or expand their business. Just as important is having a strong base of innovation, infrastructure, talent and unique assets. This will require MI becoming a more welcoming place, investing in transportation, making college more affordable and focusing on what makes MI unique, like our location, engineering and automotive assets.
Follow Business Leaders for Michigan this year as we work to grow our economy and create more good jobs!