Michigan Experiencing Unprecedented Economic Growth

“The Michigan economy is bigger than it’s ever been,” according to Charles Ballard, an economist at Michigan State University.

A recent article in Bridge Magazine shows impressive stats for the state as a whole, as well as several metropolitan areas. In fact, since 2009, Michigan has been the nation’s seventh-fastest-growing economy.

When compared to 50 Midwestern and industrial regions, Grand Rapids ranked second in fastest GDP growth since 2009 (29.2 percent), while Midland is third (27 percent) and Detroit is seventh (20.6 percent.)

University of Michigan economist Don Grimes attributes much of this success to legislative reforms that cut business taxes. Experts agree now is the time to expand and diversify the types of businesses and industries to continue this positive trend.

Mike Wilkinson says, "Michigan is back with a bang!" With such a robust economy, the climate is ripe for entrepreneurship. In fact, the Small Business Association of Michigan reports the state ranks in the top ten for states for proprietor income growth (3rd), favorable business taxes (4th) and 5-year survival rate (10th), with the growth of new business owners taking the 11th spot.

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