Michigan, for some odd reason, has never diversified its economy. The fact that its an expensive place to do business isn't a good enough reason, as Washington State has the highest corporate income tax in the nation, yet (miraculously) the economy around here is very strong. If Boeing ever decide to move operations abroad, however...
Michigan, for some odd reason, has never diversified its economy. The fact that its an expensive place to do business isn't a good enough reason, as Washington State has the highest corporate income tax in the nation, yet (miraculously) the economy around here is very strong.
Washington State has Microsoft. It's the GM(Circa 1950's) of the 90's. What's the last new revolutionary product that came out of Michigan? I suspect it's either a car or an appliance from West Michigan(also struggling economicwise, not as much with tourism though).
We also have the combination of economic liberalism, dwindling auto market share(Toyota/Honda), one of the highest union states in the country, terrible taxes, and amazing dependency on the auto industry. (1 in 3? if you include suppliers and those which do business with the Big 3
Other than that, tourism is our other major industry, and much of that is related to the auto industry since most of the tourism is from us Michiganders going "Up North".
The only thing keeping the economy going in Washington State is taxes which are funding every feel good program. If you love the economy in Washington State it means you also love taxes.