Every year, Site Selection Magazine publishes a ranking of all 50 states across America based on a 10-point index of competitiveness criteria. The ranking, known as the Prosperity Cup, recognizes successful business recruitment and retention economic development efforts at a statewide level.
In 2019, Michigan was ranked at the No.3 position in the East North Central region and No. 10 when compared to all states. With the 2020 Prosperity Cup, not only did Michigan nudge it's way up to the No.2 spot for the East North Central region, but the state took a significant leap in the overall rankings to No.4 among the 50 states.
Site Selection Magazine uses the following criteria to decide final scores, which determine the competitiveness of each state:
- Total new and expanded facilities (2019)
- Total new and expanded facilities (2019) per 1 million population
- Total capital investment in new and expanded facilities per 1 million population (2019)
- Total new jobs created (2019)
- Total new jobs created (2019) per 1 million population
- Rank in the corporate real estate executive portion of the 2019 Site Selection Business Climate Ranking
- State tax climate as ranked by the Tax Foundation
- Performance in the Beacon Hill Institute's State Competitiveness Index
- Number of National Career Readiness Certificates per 1,000 residents aged 18-64, according to ACT-Workforce Development Division, administrator of the ACT Certified Work Ready Communities Initiative
With the state's upward movement in both the regional and overall Prosperity Cup rankings, Michigan is proving to be an increasingly strong competitor for business attraction and retention on a global scale.
2020 Prosperity Cup Top 10 States:
- North Carolina