LANSING, Mich. (Michigan News Source) – Michigan’s overall economic status has dropped several levels as compared to other states, a recent report indicates. 

While Michigan has dropped from the 29th to the 31st position nationally within the last year, at one point in 2009 the state was ranked 49th overall.  Rankings are determined by factors such as business climate perception, business creation, gross domestic product per capita, labor force participation, median household income, net migration, and poverty. 

MORE NEWS: WMU Wins MAC Women’s Soccer Tournament

President and CEO of Business Leaders for Michigan (BLM), Jeff Donofrio, called on the state to invest more in its economy. 

“We’ve seen significant progress in Michigan’s rankings over the last decade, but as these numbers show, our competitors aren’t waiting for Michigan to catch up,” Donofrio said in a statement, “While Michigan improved in most individual metrics year over year, other states are growing faster and if we don’t act now, they will leave us in the dust. Michigan’s recent catalytic investments in economic development, talent and education haven’t been in place long enough for us to feel their full impact. We need to keep our foot on the pedal and continue our work to help Michiganders compete and win.” 

Business Leaders for Michigan have developed a plan called “Compete to Win: Michigan’s Path to Top 10,” and have projected that if the state were performing like a top ten state, it would be economically far more prosperous.  They suggest that there would be 312,000 more in the workforce, 58,000 more people would move to Michigan annually, and the annual income per household would rise $12,152.  Instead, the state has dropped behind states like Utah, Colorado, Texas, Arizona, Florida, Washington, Idaho, Tennessee, and New Hampshire.  Even Ohio has improved, moving from 33rd to 23rd in the 2022 report.  Dow President and Chief Financial Officer as well as chairman of Business Leaders for Michigan, Howard Ungerleider, has recognized some of Michigan’s successes while calling for long term improvement. 

“Michigan has made historic investments in the past year to make our state more competitive, and we must continue to stay focused on what it will take to become a Top 10 state,” Ungerleider said, “It is critical that we continue to have a consistent and long-term strategy – with bipartisan support from our policymakers – that improves economic development, K-12 education, post-secondary education and training, and the overall business climate.”

The BLM released the plan last May, outlining how the state could advance its position and grow in the many economic categories that it has lost ground in.