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.