This report provides a fact-based assessment of Michigan’s economic competitiveness relative to other states. Michigan’s performance is compared with that of other states on key output (e.g., employment, GDP) and input (e.g., labor cost) metrics. A set of “traditional,” “new economy,” and “Top Ten” benchmark states 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. These conclusions are used by Business Leaders for Michigan to help develop strategies for making Michigan a “Top Ten” state jobs, personal income, and a healthy economy.
Why is it important to be a “Top Ten” state? Simply put, it would result in more jobs, better incomes and a stronger economy. If Michigan were performing like a “Top Ten” state, there would be:
- 120,000 more Michigan people working
- $11,000 more income per person
- $13,000 more GDP per person
A full print copy of BLM’s benchmarking report is available for download above.
Research for the 2015 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.