Site Selection

JUL 2015

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A S I T E S E L E C T I O N I N V E S T M E N T P R O F I L E : M I C H I G A N JULY 2015 35 he reinvention of Michigan's business climate is arguably the biggest economic development story in the U.S. since the turnaround of New Orleans following the Hurricane Katrina disaster of 2005. If that sounds like an ambitious statement, consider the evidence: • Michigan leads the nation with 89,888 new manufacturing jobs since 2009, according to the U.S. Bureau of Economic Analysis. • Added nearly 400,000 jobs in Michigan since 2010, according to the Michigan Bureau of Labor Market Information and Strategic Initiatives, resulting in the state's unemployment rate plummeting from 15.2 percent in June 2009 to 5.5 percent in May 2015. • For the past three consecutive years, Michigan has ranked among the top seven states for major new corporate facilities and expansions, according to Site Selection. • The Michigan Business Tax, described by many business leaders as a "job killer," has been replaced by the Michigan Corporate Income Tax; and the elimination of the personal property tax has been estimated to reduce taxes on Michigan businesses by $500 million a year, according to the Detroit Regional Chamber. • Workers' comp rates have dropped nearly 28 percent since 2011, giving Michigan retools its economic development strategy to make talent development job one. T INVESTMENT PROFILE: MICHIGAN b y R O N S T A R N E R r o n . s t a r n e r @ s i t e s e l e c t i o n . c o m The Detroit skyline keeps changing, as a furry of construction adds hundreds of thousands of square feet of new offce and industrial space to the city, along with thousands of new housing units. Photo courtesy of Detroit Regional Chamber A Comeback In the Making

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