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On today’s Business Beat, Jeff discusses a recent CNBC study on the best states to base a business, and it ranked Michigan as one of the top, at number 11.
Tune in to the Business Beat, below, to learn more about how Michigan ranks in states to base a business and what its best/worst metrics are:
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Good morning, Paul!
Good news to start off our week: CNBC has just completed its annual study of the country’s best states to base a small business, and Michigan ranked among the best in the nation at attracting and fostering business ownership and operations. And this year, Michigan comes in at number 11 of all 50 states.
What does this mean, and how has the study conducted? Well, to rank the top 50 states for business, CNBC scored all 50 states on 85 different metrics and 10 categories, ranging from access to capital to the cost of doing business to the cost of living, and states can earn a maximum of 2,500 points across 10 categories. Michigan scored in the 2021 study 1,421 points.
But most encouraging is that just two years ago, we came in at number 24 on this study, so moving to number 11 this year is a huge move upward for us, putting us in reach of perhaps a top 10 ranking next year. What categories do we do best in? Well, technology and innovation resources as well as cost of living. Our vast engineering talent in our region was seen as uniquely beneficial to businesses, and the category with the lowest score for us, unfortunately, well, it’s education. It seems we have much room for improvement in this most important category.
So, what are the top five states, according to CNBC, to base a business? Well, for the second consecutive year, Virginia earned the distinction as the top state for business. Rounding out the top five states: North Carolina, Utah, Texas and Tennessee, respectively. Maryland was the fastest mover upward while Oregon saw the biggest decline. Coming in at last? Well, it’s the beautiful state of Alaska. So, big upward move for our beloved state of Michigan, Paul.
Now, the Buckeye State came in just one spot above. Look out, Ohio. Given our strong move upward this year, we’re coming for you next year.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.