Now in its sixth year, the study compares all aspects of Michigan's economy against the other 49 states. In 2012, the inaugural study ranked Michigan No. 47 based on data from 1998 to 2012. In 2016 Michigan ranked No. 25. In fact, the 2017 study notes since the end of the Great Recession in 2009, Michigan ranks as the ninth most competitive economy in the country.
“This study offers the most detailed and honest assessment of our state's economy,” said economist and study co-author Timothy Nash, senior vice president of strategic and corporate alliances and the director of the McNair Center at Northwood University. “Michigan has led the Great Lakes Region in average GDP growth since the end of The Great Recession, ranking sixth nationally.”
Michigan showed strong signs of growth since The Great Recession, Nash noted. The ranking of 21st uses economic data from 1998 until 2016.
“When looking at the general macroeconomic environment in Michigan, the ranking jumped to seventh in 2017 study from No. 48 in the 2012 study,” Nash said. “In fact, Michigan ranks ninth in overall competitiveness since 2009 with real GDP growth ranking sixth and per capita wage growth ranking third nationally over the same period”.
“Since the study began, the overall United States economy has shown underwhelming performance,” said Keith Pretty, co-author, president and CEO of Northwood University. “This study and others, however, show Michigan remains on a strong growth trajectory”.
New in the 2017 study is a look at the Michigan and U.S. automobile industries. The resurgence of the automobile industry in Michigan has clearly contributed to GDP growth. In 2016, the U.S. automobile industry reached an all-time record high for automobiles sold, at more than 17.5 million, with 2017 sales on pace to challenge that number. The auto industry remains the state's biggest economic driver.
“Michigan's economy has been on a path of strong recovery and growth,” said Bob Thomas, executive director of the Michigan Chamber Foundation. “We are optimistic that Michigan can become an overall top 15 state by 2020.”
Rich Studley, president and CEO of the Michigan Chamber of Commerce, also highlighted the importance of tax climate, an indicator of how a state's tax laws affect economic performance.
“We are pleased to see Michigan's improvement in state business tax climate, where we now rank second in the Great Lakes Bay Region, and twelfth overall,” he said. “We are also pleased to see that Michigan's corporate tax environment is now ranked eighth best nationally by The Tax Foundation”.
The full study is available via the Northwood University McNair Center for the Advancement of Free Enterprise and Entrepreneurship at http://www.northwood.edu/mcnair/mcnair-projects.
ABOUT THE MCNAIR CENTER FOR THE ADVANCEMENT OF FREE ENTERPRISE AND ENTREPRENEURSHIP
The McNair Center for the Advancement of Free Enterprise and Entrepreneurship at Northwood University is a leading economic think tank generating information focused on the study, advocacy and expansion of the market-process and the creation and cultivation of entrepreneurs. The McNair Center aims to generate knowledge and understanding of the importance and value of entrepreneurship in a free and competitive economy, and the impact entrepreneurs have beyond transactions on the progress and prosperity of society as a whole. It was dedicated in July 2015 and funded by a generous gift from the Robert and Janice McNair Foundation.
ABOUT NORTHWOOD UNIVERSITY
Northwood University is committed to the most personal attention to prepare students for success in their careers and in their communities; it promotes critical thinking skills, personal effectiveness, and the importance of ethics, individual freedom and responsibility.
Private, nonprofit, and accredited, Northwood University specializes in managerial and entrepreneurial education at two full-service, residential campuses located in southern Florida and mid-Michigan. Adult Degree Programs are available in seven states with many course delivery options including online. The DeVos Graduate School offers accelerated, evening and weekend programming in Michigan, Texas and Florida. The Alden B. Dow Center for Creativity and Enterprise provides system-wide expertise in family enterprise, entrepreneurship, creativity and innovation, and new business development. International education is offered through study abroad and in Program Centers in Switzerland, China and Sri Lanka.
ABOUT MICHIGAN CHAMBER FOUNDATION
The Michigan Chamber Foundation was organized in 1985 as a 501(c)3 charitable foundation to: plan and conduct nonpartisan public education programs; establish and operate a leadership institute to help current and future leaders make a positive impact on Michigan's future; and conduct nonpartisan research and distribute policy studies on key business climate issues in Michigan.
SOURCE Northwood University
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