With so many engineers, the Wolverine State features advanced brain power. But K-12 education is an issue.
Economic Profile
Governor: Gretchen Whitmer, Democrat
Population: 9,966,555
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GDP growth (Q1 2021): 7.6%
Unemployment rate (May 2021): 5%
Top corporate tax rate: 6%
Money Report
Top individual income tax rate: 4.25%
Gasoline tax: 41.98 cents/gallon
Bond rating (Moody's/S&P): Aa1, stable/AA, stable
Major private employers: Ford Motor Co., The Dow Chemical Company
Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence
This page has been updated to reflect that S&P upgraded Michigan's credit outlook to stable on July 7, 2021. The upgrade does not affect Michigan's Top States ranking or score.
