×

22. Michigan

The Great Lakes State is a sea of innovation and an inexpensive place to live. But environment and crime hurt quality of life.

Category
Score
2015 Rank
2014 Rank
Workforce 222 25 15
Cost of Doing Business 220 17 (Tie) 31
Infrastructure 186 26 16
Economy 175 29 28
Quality of Life 77 48 45
Technology & Innovation 176 8 14
Education 102 25 34
Business Friendliness 51 36 32
Cost of Living 66 7 17
Access to Capital 47 4 23
Overall 1322 22 26

Economic Profile

Governor: Rick Snyder, Republican

Population: 9,909,877

GDP growth: 1.9 percent

Unemployment rate (May 2015): 5.5 percent

Top corporate tax rate: 6 percent

Top individual income tax rate: 4.25 percent

Gasoline tax: 51 cents/gallon

Bond rating/outlook: Aa2/positive

Major private employer: Ford Motor Co.

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

FULL LIST: 2015 TOP STATES FOR BUSINESS

Latest Special Reports

  • Frontline insights and unique views on key issues and challenges facing today’s CFOs.

  • The latest CNBC Fed Survey.

  • Net/Net promo

    Examining how top companies promote and manage innovation, leverage rapid change and use technology to grow exponentially.