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Michigan Score and Ranking
| CATEGORY | 2024 SCORE | 2024 RANK | 2023 RANK | 2024 GRADE |
|---|---|---|---|---|
| INFRASTRUCTURE | 228 | 24 | 26 | B |
| WORKFORCE | 209 | 18 | 24 | C- |
| ECONOMY | 149 | 38 | 29 | D |
| QUALITY OF LIFE | 180 | 24 | 24 | C |
| COST OF DOING BUSINESS | 189 | 12 | 6 | A- |
| TECHNOLOGY & INNOVATION | 179 | 9 | 12 | A- |
| BUSINESS FRIENDLINESS | 166 | 8 | 15 | B |
| EDUCATION | 50 | 41 | 36 | C |
| ACCESS TO CAPITAL | 49 | 15 | 10 | B- |
| COST OF LIVING | 44 | 3 | 7 | A+ |
| OVERALL | 1443 | 9 | 10 |
Economic Profile
Governor: Gretchen Whitmer, Democrat
Population: 10,037,261
GDP growth (Q1 2024): 1.8%
Unemployment rate (May 2024): 3.9%
Top corporate tax rate: 6%
Top individual income tax rate: 4.25
Gasoline tax: 63.57 cents/gallon
Bond rating (Moody's/S&P): Aa1, Stable/AA, Stable
Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (including 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence
