26. Michigan

The Great Lakes State has made solid improvements as its industries have recovered. The state is re-emerging as a leader in innovation, and offers a quality workforce.

Category
Score
2014 Rank
2013 Rank
Cost of Doing Business 215 31 33
Workforce 176 15 15
Quality of Life 82 45 43
Infrastructure & Transportation 207 16 25
Economy 213 28 26
Education 65 34 32
Technology & Innovation 219 14 12
Business Friendliness 83 32 32
Cost of Living 34 17 18
Access to Capital 14 23 (Tie) 23
Overall 1308 26 29

Economic Profile

Governor: Rick Snyder, Republican

Population: 9,895,622

GDP growth: 2.0 percent

Unemployment rate (May 2014): 7.4 percent

Top corporate tax rate: 6 percent

Top individual income tax rate: 4.25 percent

Gasoline tax: 60 cents/gallon

Bond rating/outlook: Aa2/positive

Major private employer: Spectrum Health Systems

Economic profile sources: Federation of Tax Administrators, American Petroleum Institute, Moody's Investor Service, Bureau of Economic Analysis, Bureau of Labor Statistics, Crain's Detroit Business

From the Governors

Latest Special Reports

  • Financial Advisor

    CNBC looks at how technology, product development, succession plans and client relations impact financial advisory firms.

  • Waitress tablet

    Trailblazers leveraging the power of technology and innovation to grow their business—and disrupt the competition.

  • Is an active twist on passive investing the right portfolio move? An inside look at the rise of ETF strategists.