Michigan Shows Continued Progress, Optimism in Economic Growth

Michigan Shows Continued Progress, Optimism in Economic Growth

Michigan Economic Development Corporation – Michigan’s business leaders and workforce continue to feel increasingly optimistic about the state’s economic outlook and business-friendly environment, according to results from the 10th annual Michigan Economic Outlook Survey unveiled at yesterday’s meeting of the Detroit Economic Club.

Developed with input from more than 1,000 businesspeople and associations throughout the state, the survey identified a continued rise in the likelihood of respondents to recommend Michigan as a great place to grow a business. Additionally, with the survey being conducted against the backdrop of the ongoing pandemic, results showed fewer respondents feeling negatively impacted by COVID-19 than in 2020.

The survey results were analyzed during this week’s meeting in Detroit as part of a robust conversation between MEDC CEO Quentin L. Messer, Jr. and General Motors Chief Economist Dr. Elaine Buckberg. The discussion also touched on key economic concerns and trends driving the survey results, including supply chain disruptions, inflation, the rise in vehicle electrification, and the growing competition around talent and business attraction. To view this afternoon’s full conversation, hosted by the Detroit Economic Club and moderated by Daniel Howes of the Detroit News, click here.

“From ecosystems to education, these survey results prove that Michigan is making the right moves and has the infrastructure in place to support business growth of all kinds,” Messer said. “While we know there’s still more work to do to make sure every Michigander feels the impact of our work in their everyday lives, it’s clear that Michigan is delivering economic wins toward becoming the No. 1 four-season state or province in North America.”

MEDC is continuing its collaboration with communities and businesses across the state, participating today in the 2022 Northern Michigan Policy Conference alongside Governor Whitmer, fellow state agencies, legislative leaders and economic developers to discuss policy issues and solutions specific to Northern Michigan.

The discussions and findings from the Michigan Economic Outlook Survey also build upon other positive third-party rankings and results in recent weeks demonstrating Michigan’s economy continues to grow for both its workforce and its business community. Earlier this month, Michigan was recognized in Site Selection Magazine as a top state for workforce development in its 2022 Regional Workforce Development Rankings report, as efforts to build out the state’s talent pool continue driving success.

Meanwhile, Michigan jumped two spots in the Tax Foundation’s 2022 State Business Tax Climate Index coming in at No. 12, underscoring the growing confidence in Michigan as a great place to locate and grow a business.

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To learn more about Michigan’s competitive strengths against other states, go to michiganbusiness.org/rankings.

To see why companies are choosing Michigan, visit michiganbusiness.org/why-michigan.

To learn more about Michigan’s workforce and talent strengths, go to michiganbusiness.org/workforce.