Your current location

Analyzing your current
geographic location

Michigan is the only state to consist entirely of two peninsulas. The Lower Peninsula, to which the name Michigan was originally applied, is often dubbed "the mitten" by residents, owing to its shape. When asked where in Michigan one comes from, a resident of the Lower Peninsula may often point to the corresponding part of his or her hand. The Upper Peninsula (often referred to as The U.P.) is separated from the Lower Peninsula by the Straits of Mackinac, a five-mile (8 km)-wide channel that joins Lake Huron to Lake Michigan. The Upper Peninsula is economically important for tourism and natural resources.

The Bureau of Economic Analysis estimated Michigan's 2004 gross state product at $372 billion. Per capita personal income in 2003 was $31,178 and ranked twentieth in the nation. In May 2009, Michigan's unemployment rate rose to 14.1%, the highest in the nation during the recession.

Some of the major industries/products/services include automobiles, cereal products, information technology, aerospace, military equipment, copper, iron, and furniture. Michigan is the third leading grower of Christmas trees with 60,520 acres (245 km2) of land dedicated to Christmas tree farming. The beverage Vernors was invented in Michigan in 1866, sharing the title of oldest soft drink with Hires Root Beer. Faygo was founded in Detroit on November 4, 1907.

Michigan ranks fourth nationally in high tech employment with 568,000 high tech workers, which includes 70,000 in the automotive industry. Michigan typically ranks third or fourth in overall Research & development (R&D) expenditures in the United States. Its research and development, which includes automotive, comprises a higher percentage of the state's overall gross domestic product than for any other U.S. state. The state is an important source of engineering job opportunities. The domestic auto industry accounts directly and indirectly for one of every ten jobs in the U.S. Michigan ranked second nationally in new corporate facilities and expansions in 2004. From 1997 to 2004, Michigan was listed as the only state to top the 10,000 mark for the number of major new developments; however, the effects of the late 2000s recession have slowed the state's economy. In 2008, Michigan ranked third in a survey among the states for luring new business which measured capital investment and new job creation per one million population. In August 2009, Michigan and Detroit's auto industry received $1.36 B in grants from the U.S. Department of Energy for the manufacture of electric vehicle technologies which is expected to generate 6,800 immediate jobs and employ 40,000 in the state by 2020.

As leading research institutions, the University of Michigan, Michigan State University, Western Michigan University, and Wayne State University are important partners in the state's economy. Michigan's workforce is well-educated and highly skilled, making it attractive to companies. Michigan's infrastructure gives it a competitive edge; Michigan has 38 deep water ports. In 2007, Bank of America announced that it would commit $25 billion to community development in Michigan following its acquisition of LaSalle Bank in Troy.

Detroit Metropolitan Airport is one of the nation's most recently expanded and modernized airports with six major runways, and large aircraft maintenance facilities capable of servicing and repairing a Boeing 747. Michigan's schools and colleges rank among the nation's best. The state has maintained its early commitment to public education.

Hide state description

Browse Business Categories in Michigan