The Detroit News is highlighting ideas from various groups to promote discussion on reform, restructuring government and the economy.
Idea 16: Conduct annual benchmarking reports to measure Michigan's business costs and level of competitiveness.
Why: The best companies know how they stack up against their competition so they can create plans to beat the competition and then track progress. Michigan is average to below average in nearly every measure of economic performance and competitiveness. Business CEOs and site location consultants from around the country view Michigan's business climate as among the worst of all states. Companies pay on average 3-4 percent more on state and local taxes in Michigan than the states we most often compete against for manufacturing or knowledge jobs. For Michigan to be a "Top 10" state in job and economic growth, it must lower its cost of doing business.
Benefit: Conducting annual benchmarking reports will help policy makers understand the challenges facing Michigan and the policy changes needed to make Michigan more competitive with other regions of the country and world. They also will help determine the progress being made toward becoming a "Top Ten" state for job and economic growth.
How: State elected officials could hire one or more private-sector firms to conduct the annual benchmarking reports or partner with the private sector to do so.
Obstacle: Elected leaders must be willing not only to conduct such a benchmarking study, but to take the research and data and make good policy decisions that make Michigan more competitive.
Source: Business Leaders for Michigan
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