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

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