A guide to help you understand the ins and outs of business in Michigan
Michigan is one of the states that is on the northern border of the US and in the Midwestern region. This state’s capital is Lansing, its largest city is Detroit, and it also has a large coastline with four of the five Great Lakes. Michigan is one of the larger states in the US by both land mass (11th largest) and population (10thmost). In 2019 Michigan’s gross domestic product was $536,888,000,000.
The top industries in Michigan are manufacturing, medical device technology, technology, engineering, design and development, and professional services. With 73% of the country’s total of automotive and mobility research and development, Michigan is leader in the US. Michigan has the highest concentration of engineers and designers in the US. Furthermore, the state also makes up 19% of all US auto production, which is the most in the country.
In 2019, Michigan imported $95,643 from Qatar. Its top imports are: Special classification provisions Soaps, waxes, polishes, candles, dental preps, etc. Nuclear reactors, boilers, machinery, etc. In 2019, Michigan exported $68,201,845 to Qatar with its top exports being: Vehicles, except railways and tramways, and parts Nuclear reactors, boilers, machinery, etc. Furniture, bedding, lamps, etc.
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Michigan’s corporate income tax rate is 6% across the board. The state’s seven free trade zones are located in Sault Ste. Marie, Battle Creek, Detroit, Flint, Grand Rapids, Port Huron, and Lansing. Some of Michigan’s 31 total incentive programs include the InvestMichigan! Growth Capital Program, Energy Efficiency and Renewable Energy Loans for Michigan Businesses, and Pollution Control Tax Exemptions are some of those incentive programs.