Today, Michigan is claiming its rightful title as the best state in the country to start a business. It is no secret that the nation's economy has been hit hard. This has left many states scrambling to plump their meager coffers in some imaginative ways. No other state has so thoroughly reinvented itself, emerging on top, like Michigan.
Businesses continue to flock to the state for numerous reasons. In the list below, you will likely find a treasure trove of amenities that are applicable to nearly any business.
Shouldn't you be packing your bags now?
1. Solid Manufacturing Employees
Michigan has long been famed for its dedicated base of manufacturing employees, making it easy to find skilled workers in a number of industries.
2. Technological Workforce
While Michigan is known for its manufacturing sector, its workforce comprises so much more. The state is home to the fourth-largest concentration of high-tech employees.
3. Robust Job Creation
According to the Bureau of Labor Statistics, the state has created more than 400,000 jobs in the last five years alone.
4. Booming Economy
Incentives implemented by Governor Rick Snyder since 2011 have resulted in a growth rate that is the sixth strongest in the nation. Among other achievements, this has culminated in a Gross State Product of $433 billion as of November 2014.
5. A Sports Lover's Paradise
With major league ice hockey, football, baseball and basketball teams -- as well as a plethora of minor league and college team options -- Michigan provides the perfect place for a sport's fan to relax and unwind.
6. Strategic Location
Due to its prime location about midway between the shores of the country, Michigan is within a mere 500 miles from half of both the United States' and Canada's populations as well as their incomes.
7. Lake Michigan
With beaches, state parks and an array of islands, Lake Michigan provides plenty of opportunities for relaxation, entertainment and fun. It is also the location of numerous cities and provides a great deal of beauty for residents and visitors alike.
8. Business-Friendly Tax Structure
Michigan has a corporate income tax of only six percent, making it one of the lowest in the country. As of this writing, the state personal property tax is pending elimination. Should this occur, business owners stand to save even more on taxes.
9. Robust Economic Development Tools
Small and medium-sized businesses can take advantage of $100 million in loans for projects that revitalize areas, promote reusing buildings and sustainable development. Businesses can also use this money to help ensure that a deal is finalized.
10. Generous Financial Incentives and Assistance
An additional $170 million in additional assistance and incentives is also available to businesses within the state.
11. Vast Educational Opportunities
With 93 institutions of higher learning sprinkled throughout the state, Michigan provides a number of baccalaureate, research universities, master's universities and more to ensure that its workforce is fully trained.
12. 15 SmartZones Throughout the State
Scattered across the state, 15 business incubators and SmartZones are supported by an educational institution and exemplify Michigan's pro-business stance. Businesses that are new and emerging can enjoy business services such as market analysis, technology mining, networking events and more.
13. Pure Michigan Business Connect
In an effort to help their businesses, the business-friendly state of Michigan provides access to a database that can be used to procure new opportunities for growth, legal and web services and expand their connections.
14. Culture and Fun Abound
Throughout the state, towns and cities -- large and small -- provide festivals, parks and other spaces where celebrations can be enjoyed.
What do you love about running a business in this great state? Leave your thoughts over on our Facebook page!