Michigan’s economic health is
second-best in the nation, according to a prominent national ranking released
Bloomberg, a respected global
leader in business and financial information, released its first-ever economic
health evaluation during a conference in New York City. The Bloomberg analysis
considered important indicators such as personal income, tax revenue,
employment and housing prices.
This pure analysis of data has
placed Michigan at the top echelon on the ranking, second only to North Dakota,
which is experiencing an economic boom fueled by oil exploration.
Gov. Rick Snyder said the
Bloomberg Economic Evaluation of States shows that Michigan’s strategy for
regaining its economic vigor is on track.
“Michiganders are pulling together
to do what’s best for our state and the results are paying off,” Snyder said.
“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.”
Michigan’s budget, approved by the
Legislature and signed by Snyder, put 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.
“This is good news and it shows
that Michigan is ripe for economic growth,” said Mike Finney, president 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. The nearly $1.8 billion reduction in business taxes
promises a new level of economic certainty for businesses and makes Michigan an
attractive environment for growth.
Earlier this year, Fitch
Ratings also took note of Michigan’s progress. This balanced
budget based on solid financial principles helped move Fitch’s outlook for
Michigan to “positive,” another sign that Michigan is on the right path and
that our fiscally sound environment is ripe for economic growth.
The Detroit Free
reported that from October 2010 through September 2011, $689 million in
small-business loans went to businesses in a variety of industries in Michigan.
During that time frame, lenders made 2,063 of the most popular type of SBA
loans, called 7(a) loans, up 47 percent from the 1,406 loans worth $386 million
in fiscal 2010.