The twelfth annual Michigan Entrepreneurship Score Card – 2016 Edition was released this week and reports continued positive growth in the state’s entrepreneurial economy. The Entrepreneurial Change Index which measures the direction and momentum of growth ranks Michigan 12 out of the 50 states, up from 42 ten years ago.
Officials from MiQuest and the Small Business Association of Michigan have been invited to present the report’s findings to members of the House and Senate Commerce committees.
Among the insights from the Score Card:
– Michigan’s entrepreneurial climate has experienced exceptional gains since 2009, when Michigan ranked among the bottom states for key metrics such as Growth in Establishments Gaining Jobs and Export Growth. Michigan now ranks in the top 10 states for several growth-related metrics, with especially notable improvements in export-related metrics. Michigan’s top rankings include:
- Growth in Establishments Creating Jobs – #10
- Small Business Payroll Growth – #10
- 5-year Establishment Survival Rate – #9
- Industry Research & Development – #5
- Proprietor Income Per Proprietor Growth – #3
- Private Lending to Small Business − #2
- Foreign Business Employment Growth – #8
– Michigan’s Quality of Life metrics point to several strengths conducive to economic mobility and tech growth, including ranking #5 in Home Ownership.
A full copy of the report can be read here.
MiQuest’s President Diane Durance said, “The Score Card rankings mirror what we’ve been hearing from entrepreneurs – businesses are growing and hitting new levels of sales, there’s a high demand for technical talent, and there’s increasing enthusiasm about the quality of life and opportunities in Michigan’s urban centers.”
The scorecard is sponsored by Clark Hill, Consumers Energy, Crain’s Detroit Business, DTE Energy Foundation, Michigan Municipal League, Michigan State Housing Development Authority, Presidents Council – State Universities of Michigan, Small Business Association of Michigan, and Varnum LLP.
Chris Hackbarth is the League’s director of state affairs. He can be reached at 517-908-0304