Michigan has the 13th best economy in the country, according to a study published by the financial website WalletHub.
“The state's total value of exports per capita is among the top ten, and it has an almost [four percent] increase in the ratio of full-time to part-time jobs, the fifth highest in the country,” Jill Gonzalez, an analyst for WalletHub told The Center Square in an email.
“The state is drawing a large number of educated workers from abroad, and has one of the largest shares of STEM employees,” Gonzalez said. “Michigan stands out particularly in innovation potential. It has the eighth most independent inventor patents per capita, and some of the largest investment amounts for industry and non-industry research and development."
Michigan scored a 53.87 out of a total possible score of 100. The highest score was Washington with a 77.6 and the lowest was Alaska with a 28.49 ranking.
The study ranked each state on three categories, which were weighted equally and considered several different factors.
Michigan’s best category was its innovation potential, for which the state ranked fourth in the country. This category took into consideration entrepreneurial activity, the state’s share in high-tech industry and its share in STEM employment among other things.
For economic activity ranking, Michigan ranked 22nd and for economic health, the state fell outside of the top half, ranking 31.
Michigan faired better than its nearby states, most of which fell outside of the top half. Ohio ranked 36th in the country, Illinois ranked 33rd and Indiana ranked 28th. Wisconsin ranked just inside the top half at 23rd.