Whitmer: Michigan now a top state for small business revenue growth

On Tuesday, Michigan Governor Gretchen Whitmer highlighted new small business data indicating Michigan’s continued economic growth. According to Opportunity Insight’s Track the Recovery, January 2022 saw small business revenue in Michigan increase by 24% compared to January 2020, while the nation experienced a 6.9% increase over the same period. According to the Bureau of Labor Market Information and Strategic Initiatives, Michigan ranks tenth in small business revenue growth over the last two years. 

“Small businesses are the backbone of our economy and they continue to create jobs and get things done,” said Whitmer. “The data continues to show that small businesses are at the forefront of driving innovation, jobs and economic growth in our state. I’m committed to getting small businesses the support they need to retain and recruit more workers and expand operations so we can keep this momentum going and see even better numbers in the future.”

This latest positive data closely follows the recent announcement that Michigan had the fastest small business job growth in 23 years and that 150,000 new small business applications were filed in 2021, 59% more than in 2019. Whitmer also recently announced that the state has been approved for up to $236,990,950 in State Small Business Credit Initiative funding from the U.S. Department of Treasury.?

More than 900,000 small businesses employ 1.9 million people. COVID-19 impacted small businesses nationally and here in Michigan. Whitmer, through her MI New Economy plan is setting a goal for Michigan’s small businesses to build on this momentum and have Top 10 growth during the next five years.