This includes seven basic factors: innovation resources, human investment, globalization and vitality, business costs, quality of life, financial resources and infrastructure.
Michigan's highest scores came in the areas of quality of life, globalization and business vitality and innovation resources.
"We have been benchmarking ourselves against the competition since 1993," says Doug Rothwell, the president and CEO of the Michigan Economic Development Corp. "This regular monitoring has lead to cutting edge initiatives such as Renaissance Zones, SmartZones and the LinkMichigan initiative that have helped us stay ahead in the competitive game of economic development."
Over the past 10 years, Michigan's advantages over states like North Carolina, Texas, Maryland and California have grown significantly for a variety of reasons, Rothwell says.
In addition to innovations like the creation of the Michigan Life Sciences Corridor, the report pointed to worker productivity and research and development investment as contributors to Michigan's increased competitiveness.
"Michigan has demonstrated that it can be a competitive force with states throughout the nation," says Anthony F. Earley Jr., chairman and chief executive officer of DTE Energy and chairman of the Michigan Business Roundtable. "Yet, as Michigan businesses strive every day to remain competitive, so should our state. This study offers an opportunity to take an objective look at our strengths and weaknesses."
The study revealed high business costs continue to be Michigan's greatest competitive weakness, ranking 42nd of all 50 states, due largely to the Single Business Tax and high health care costs.
Leaders from across the state are evaluating the benchmarking report at today's Michigan Competitiveness Conference in Lansing. They will use the report to create priorities for enhancing Michigan's competitive edge. The plans eventually will be submitted to the next governor and legislature as a blueprint for action.
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