Top States for Business

16. Michigan

Benkrut | Istock | Getty Images

Michigan Score and Ranking

CATEGORY  2022 SCORE  2022 RANK 2021 RANK  2022 GRADE 
WORKFORCE2152628C
INFRASTRUCTURE2121918C+
COST OF DOING BUSINESS227916A
ECONOMY1782124C
LIFE, HEALTH & INCLUSION1502928D+
TECHNOLOGY & INNOVATION151156B
BUSINESS FRIENDLINESS1162025C+
EDUCATION872742C+
ACCESS TO CAPITAL331120B-
COST OF LIVING391211A-
OVERALL14081611

Economic Profile

Governor: Gretchen Whitmer, Democrat

Population: 10,050,811

GDP growth (Q1 2022): 0.1%

Unemployment rate (May 2022): 4.3%

Top corporate tax rate: 6%

Top individual income tax rate: 4.25%

Gasoline tax: 45.17 cents/gallon

Bond rating (Moody's/S&P): Aa1, stable/AA, stable

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 (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

This page has been updated to reflect that S&P upgraded Michigan's credit outlook to stable on July 7, 2021. The upgrade does not affect Michigan's Top States ranking or score.