Michigan Business Opportunities

Skyscrapers in downtown Detroit
Skyscrapers in downtown Detroit[1]

A Quick Glance at Michigan

Michigan, whose nickname is The Great Lakes State, first obtained its statehood in 1837. With a population of 9,895,622 people, Michigan is the ninth most populated state in the United States.

If you are considering starting your new business in Michigan, you might want to look into one of Michigan's top three most populous cities - Detroit, Grand Rapids or Warren and also in the state's capital of Lansing.

Top Industry

The largest industry in the state of Michigan is hospitals and nursing and residential care facilities.

  • The gross domestic product (GDP), of this industry, is roughly $16.7 billion and accounts for 3.6% of Michigan's GDP.
  • Hospitals and nursing and residential care facilities also employs 6.2% of Michigan's private workforce.

Small Businesses

In the United States, the more than 600,000 plus franchised small busineeses account for 40% of all retail sales and provide jobs for some 8 million people. According to the Small Business Administration (SBA), their standard definition of what constitutes as a small business includes a maximum of 500 employees or operations with and/or up to $7 million in revenue, depending on the industry.

  • There are 1.8 million small businesses, in the state, of Michigan.
  • Small businesses in Michigan, make up 36.8% of the state's private workforce.

State and Local Taxes

Listed below are the state and local taxes, for the state of Michigan, and how they rank against other states in the U.S.

State Tax Rate Avg. Local Tax Rate Combined Rate Combined Rank* Max Local Tax Rate
6% 0% 6% 38 n/a
*Combined Rank is rank from highest to lowest tax percentage

California has the highest state tax rate in the United States at 7.25%, but Lousinana has the highest combined tax rate, overall, at 9.98%. Delaware, Montana, New Hampshire and Oregon share the spot for lowest combined tax rates at 0%.

Additional Information

If you need additional information about how to start a business in Michigan, their official state page might be a good place to start. If you are looking to own your own established franchise in Michigan, we have collected a comprehensive list of companies that are actively looking to expand in Michigan, for you to explore.

References

  1. By Ritcheypro - Own work, Public Domain
  2. Census.gov
  3. Comparison between U.S. states and countries by GDP (nominal) from Wikipedia
  4. Largest Industry in Each State from 24/7 Wall St.
  5. Civilian Labor Force and Unemployment by State from the U.S. Bureau of Labor Statistics
  6. State and Local Sales Tax Rates in 2017 from the Tax Foundation

City and County Level

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