7. Michigan

An influx of capital makes the Wolverine State this year’s most improved, but quality of life needs a lift.

Top States Michigan
Source: George Kavallines
Category
Score
2016 Rank
2015 Rank
Workforce 207 29 25
Cost of Doing Business 228 12 17 (Tie)
Infrastructure 186 27 26
Economy 246 7 29
Quality of Life 152 32 (Tie) 48
Technology & Innovation 187 6 8
Education 114 19 25
Business Friendliness 61 30 (Tie) 36
Cost of Living 62 10 7
Access to Capital 47 4 4
Overall 1490 7 22

Economic Profile

Governor: Rick Snyder, Republican

Population: 9,922,576

GDP growth: 1.4 percent

Unemployment rate (May 2016): 4.7 percent

Top corporate tax rate: 6.0 percent

Top individual income tax rate: 4.25 percent

Gasoline tax: 49.91 cents/gallon

Bond rating/outlook: Aa1, stable

Major private employers: Ford Motor Co., The Dow Chemical Company

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute, Moody's Investor Service, S&P Global Market Intelligence

Latest Special Reports

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    In an era of rapid technological advances and demographic change, how do legacy companies adapt, innovate and evolve? CNBC Evolve features iconic global companies and executives who are embracing change and transforming for the future.

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  • Financial advisors stress that now is the time for investors to get serious about year-end financial planning checkup.