Michigan's economy is among those that were badly hit by the 2008 financial recession. Its biggest impact was felt in the automotive industry. Since then, the economy has gradually recovered and this is made possible by the businesses that help support the economy. Where it was once dismal, there is now a positive outlook that comes with the business landscape of the state.
The increased focus by the government on small businesses has really helped to entice investors. This has led to increased employment opportunities and the rise in median incomes in the state. Therefore, this has led to a steady economic growth for Michigan with a per capita income of 89% from that of the national average. It is now the 17th largest economy in the country.
In terms of business space, this has also attracted potential business owners to the state since it is known for its low rental prices. The low cost of living in the state is attractive so more people are moving to Michigan, which in turn provides you with a massive pool of potential skilled employees.
One of the challenges that business owners will face when starting or expanding a business in Michigan is the lack of access to capital. In particular, access to venture capital is very limited. It is important to keep in mind for those planning to start a business here because you might want to find investors and other source of funding. For business insurance related info please refer to our more in depth article.
At the request of our visitors we've included the below local insurance contacts for most cities in Michigan. The first step to finding affordable auto insurance in the state of Michigan is to obtain quotes from multiple insurance companies. The rates offered in these quotes will differ, depending on your age, driving history, and how much coverage you want. Whether you're a first-time car owner or just looking to reduce your monthly premiums by finding a cheap policy, you've come to the right place. These contacts can help you compare low cost policies so you can find the most affordable car insurance coverage in the state of Michigan. For additional information on traffic laws or driving schools please navigate to your respective state using the map. And for manufactured home insurance, please refer to the respective article.
The name Michigan comes from the Ojibwe (indigenous language in North America) word mishigami, which translates to "large lake" or "large water". This is because the state sits in the Great Lakes region of North America. It is also the only state in the country that touches four of the five Great Lakes. It is home to more than 10 million people, making it the 10th most populated state in the country.
It became a popular immigration destination in the late 19th and early 20th century, as many immigrants from European countries flocked to the state, especially from Finland, Macedonia, and Netherlands.
Although the state has a pretty diverse economy, it was commonly known as the country's primary center for automotive industry, which drove the economy of the state in the early years of 20th century. As a matter of fact, it is home to three of United States' biggest automobile companies namely General Motors (GM), Ford, and Stellantis (better known as Chrysler) North-America.
Michigan is also dubbed as "The Great Beer State" as it ranks 5th in the country when it comes to having the most number of breweries and brew pubs.
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