Bold reforms pay off as Michigan ranks 2nd in Bloomberg study of states' economic health
November 02, 2011
Sara Wurfel, Governor's Office
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Terry Stanton, Department of Treasury
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LANSING, Mich. - Michigan's economic health is second-best in the nation, according to a prominent national ranking released today that validates the state's bold reforms.
Gov. Rick Snyder said the Bloomberg Economic Evaluation of States shows that Michigan's strategy for regaining its economic vigor is on track. Bloomberg, a respected global leader in business and financial information, released its first-ever economic health evaluation during a conference in New York City.
"Michiganders are pulling together to do what's best for our state and the results are paying off," Snyder said. "With the courage and leadership of our legislative partners, we've taken aggressive steps to get Michigan's fiscal house in order, create a fairer tax structure and put families back to work. The fact that our shared accomplishments are recognized by one of the country's premier financial information providers should reinforce our commitment to keep driving forward. Let's continue with our reinvention of Michigan so future rankings have us as No. 1."
The Bloomberg analysis considers important indicators such as personal income, tax revenue, employment and housing prices. This pure analysis of data has placed Michigan at the upper echelon on the ranking, second only to North Dakota, which is experiencing an economic boom fueled by oil exploration.
"This is good news and it shows that Michigan is ripe for economic growth," said Mike Finney, president & CEO of the Michigan Economic Development Corp. "We have strong corporations headquartered in our state and we have created an environment for new entrepreneurs to succeed. This has propelled Michigan toward the top of the Bloomberg ranking."
By lowering businesses taxes, eliminating the Michigan Business Tax and removing other barriers to growth, Michigan is leaping from one of the bottom tax climates in the nation to a more competitive position.
"Our new tax structure is simple, fair and efficient and gives Michigan businesses a clear picture of their tax liability," said State Treasurer Andy Dillon. "The Corporate Income Tax promises a new level of economic certainty for the business community and makes Michigan an attractive environment for growth."
Michigan's budget, approved by the Legislature and signed by Snyder, puts Michigan on a strong footing that provides fiscal stability now and into the future. It eliminated one-time fixes and overspending, paid down future liabilities and sends a strong signal to job providers that Michigan is open for business.
"Having unbiased outside validation from a respected financial leader like Bloomberg is important," said State Budget Director John Nixon. "We've made tough decisions in getting our budget into long-term structural balance, and this is a sign that those decisions have been good for Michigan's economic health and future growth.
For more information, visit http://www.michigan.gov/documents/snyder/bloomberg_367747_7.pdf.