This benchmarking report provides an objective comparison of Michigan’s performance against the other 49 states across eight key metrics, using this data to identify the Top 10 and show where Michigan ranks. The data and insights provided in this report are a resource for Michigan’s business leaders and policymakers to identify performance strengths and opportunities and chart a collaborative and actionable course to reach the Top 10.

Business Leaders For Michigan has been benchmarking Michigan’s performance against Top 10 states for more than a decade.

In 2024, Michigan’s rank rose to 27th in the nation from 31st in 2022, the last time Business Leaders For Michigan published a benchmarking report. Significant three-year growth in labor force participation, along with modest improvement in GDP, have contributed to Michigan’s overall ranking increase. Business creation is a strength that carries over from 2023, with Michigan hovering just outside the Top 10 in the current and growth rankings.

Even with encouraging three-year growth in labor force participation, Michigan remains below the national average. As Michigan experiences growth, other states are not standing still. To climb into the Top 10, Michigan must perform well above the national average to compete.

Four states— Arizona, Connecticut, Virginia and Washington—ascended into the Top 10, with Delaware, Idaho, New Hampshire and South Dakota dropping out. The following report identifies the 2024 Top 10 and how Michigan stacks up.

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Michigan’s Progress to Top 10

Talent That Differentiates
The state has taken steps to close the talent gap, with the goal of having 60% of working-age adults earn a credential or college degree by 2030.

Innovation Changing the World
Our members are transforming Michigan’s innovation ecosystem and business landscape.

Solutions to Get Us to the Top
Michigan’s aging population and slow growth rates pose ongoing challenges, and global disruptions continue to add uncertainty for businesses and individuals.