Michigan’s small business economy is improving, but has not fully rebounded since the 2020 COVID recession. That’s according to a new Small Business Association score card.
Some downfalls include the continued decline in Michigan’s labor force participation, a trend most likely continue.
Small Business Association CEO Brian Calley says their policymaking has been focused on keeping younger people in the state.
“The first order of business, if you want to grow, is the first step, shrinking,” Calley said. “So, that means retaining more of who you already have. So our young people that already live here, that already have roots and family here, or people that are here because they’re going to school, how many can we retain? And if we are retaining a higher percentage, then attraction becomes a much easier sell.”
The report card also shows that Michigan business ownership by women now surpasses the U.S. rate.
