Detroit City Wire

Business Leaders for Michigan (BLM) has released its 2024 Benchmarking Report, ranking Michigan 27th in the nation based on key indicators of economic prosperity. The report highlights improvements in workforce participation, GDP growth, and business creation but emphasizes the need for further progress in population growth, household income, educational attainment, and talent attraction.

Jeff Donofrio, President and CEO of Business Leaders For Michigan, stated, "Michigan’s progress is encouraging and is something we can see and feel in communities around our state. To reach Top 10 though, we’ll need to focus on growth in population, high-wage job creation and education attainment." He added that moving from the middle to the top requires efforts to attract talent, improve education, foster innovation, and provide a competitive business climate.

Since 2009 when Michigan was ranked 49th, BLM has collaborated with various stakeholders to enhance the state's competitiveness. This includes improving economic development tools and expanding access to postsecondary education.

The report tracks eight metrics related to economic health and competitive position. It notes that if Michigan were performing like a Top 10 state, households would gain $6,400 in annual purchasing power. Additionally, there would be an increase of 325,000 individuals with degrees or certificates.

Top-performing states like Colorado and Texas serve as examples. Colorado benefits from a well-educated workforce attracting high-growth businesses while Texas offers a favorable business climate with significant labor force contributions.

BLM's reports provide strategies for building a resilient economy in Michigan. Donofrio emphasized the importance of leadership and unified effort: “Creating a future where every Michigander has a clear path to prosperity requires bold leadership and unified effort."