Michigan’s economy is growing, second fastest in the nation. There are not many states where you can live, raise a family and build a business as easily and comfortably as you can in Michigan. Below are just 10 reasons why Michigan is a Land of Opportunity.
Cost of Living
Compared to other states and cities in the region, Michigan’s cost of living remains more affordable, all amenities included. A recent report by Demographia found that Detroit has the most affordable homes among 325 cities around the world! Housing is 383% more expensive in Boston than Lansing, and Chicago is 65% overall more expensive than Kalamazoo.
No other state in the nation provides the breadth and depth of entrepreneurial support to budding high growth companies like Michigan. The state provides volumes of support for entrepreneurs, at many levels. Economic organizations like the MEDC, SPARK, Automation Alley, Startup Zoo and TECH Town actively engage individuals, fostering the businesses of tomorrow.
Access to Capital
Michigan is the first state in the nation to be approved for federal small-business funding! On January 14, 2010, Michigan won approval of approximately $79.1 million in federal capital funding to support our state’s cutting-edge Capital Access, Michigan Collateral Support and Michigan Loan Participation programs, part of the Michigan Business Growth Fund (MBGF) efforts.
Whether it’s winter or summer; spring or fall; indoors or outdoors; or rural or metropolitan, Michigan offers a million things to see, taste, smell, hear and experience. Michigan is home to vineyards, historic communities, microbreweries, urban oases, nationally celebrated restaurants and the largest freshwater coast in the world. Plus, with more than 100,000 votes from the public, Michigan’s Sleeping Bear Dunes National Lakeshore was named the “most Beautiful Place in America” on ABC’s Good Morning America.
From kindergarten to college, Michigan’s educational system continually produces students that are ready to take on the world. In addition to the state’s 119 colleges and universities and 308 vocational and technical schools, Michigan has a strong K-12 system. Michigan ranks third in the number of engineering degrees awarded annually – with more than 6,500.
“The economic pain that has been felt in the state is obvious – and hard for an outsider to comprehend in its depth. It is clearly reflected in the state’s psyche. But equally apparent is the determination to plow on and overcome by finding new ways to create jobs and growth,” says Xconomy. Michigan economic developers and state officials continue to focus on how they can keep tearing down walls and building bridges with community efforts aimed at growing Michigan’s economy. In 2011 Newsweek/The Daily Beast ranked the state No. 1 in job growth. Currently, several employers project expanding workforces in 2012, including Chrysler, Gentex and Quicken Loans.
This state has one of the largest concentrations of R&D, engineers, research universities and talent. Michigan boasts an integrated IT network ripe for startups currently forming with the guidance and assistance of other established IT companies.
Resurgence of Manufacturing
As President Obama said January 27: “Michigan is all about making stuff. If there’s anybody that can teach us about manufacturing, it’s the great state of Michigan.” Michigan is redefining manufacturing in the 21st century, by implementing production efficiencies, and making domestic manufacturing competitive globally.
Arts and Culture
Michigan’s amazing quality of life extends far past our woods and our waters. Michigan boasts some of the nation’s most important institutions and cultural resources. The Detroit Institute of Arts, among the nation’s premiere art collections, is home to the world-famous Diego Rivera “Detroit Industry” fresco cycle. Frederick Meijer Gardens and Sculpture Park is the top tourist attraction in West Michigan. Michigan also offers renowned places to study art, including Interlochen Center for the Arts near Traverse City and Detroit’s College for Creative Studies.
Spirit of Michigan
Michiganders exude a welcoming, energetic, and creative spirit. Nowhere else can you have as much of a say and impact on where you live. The welcoming Michigan attitude can also be seen in our Global Michigan initiative. Global Michigan is a program geared to finding new ways to encourage more highly educated immigrants and former Michiganders with advanced degrees to come to Michigan to work and live.