WJR Business Beat

WJR Business Beat with Jeff Sloan: Michigan Ranks in New CNBC Study as a Top State to Base a Business (Episode 259)

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:

Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of the Detroit area can listen live HERE.

Are you an entrepreneur with a great story to share? If so, contact us at [email protected] and we’ll feature you on an upcoming segment of the WJR Business Beat!

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.

Total
6
Shares
Previous Article
franchisee

This Franchisee Shares How to Survive and Thrive During Tough Times

Next Article
business owner's policy

Business Owner's Policy: Why Your Startup Needs This Type of Insurance Now

Related Posts
Read More

WJR Business Beat: The Customer Is King (Episode 412)

On today's Business Beat, Jeff Sloan tells small businesses what they need to do to keep customers happy. Tune in below to learn more about the Raydiant survey results on what consumers want:     Tune in to News/Talk 760 AM WJR weekday mornings at 7:11 a.m. for the WJR Business Beat. Listeners outside of...
brand awareness
Read More

5 Ways Technology Can Improve Brand Awareness

Brand awareness is more important than ever. Without it, customers can’t differentiate between your business and the competition. As a result, whether they shop in-store or online, they may not remember your company after a purchase, even if they like the products you sell. Brand awareness is especially important for startups, which need to quickly...
digital marketing
Read More

How Digital Marketing Helps Startups Overcome Growth Challenges

Growing a startup is like running a marathon with random and unpredictable obstacles that pop up all of a sudden. Building your product, securing funding, hiring the right people and attracting high-quality leads are just a fragment of your responsibilities.    So, it takes a lot of work, resources, learning and risk-taking, and yet none of...