2022 Entrepreneurship Score Card
Key Takeaways
The economic conditions identified in this year’s scorecard include:
- Michigan economy holding up well in 2021-2022: Top category for three-month economic improvement in 7 of the last 9 months
- Michigan small businesses have been outperforming the U.S. since 2020 (measured in percent growth in businesses open and in business revenue)
- Spending and consumption have remained strong, along with exceptionally strong state sales tax collections
- New business starts have been notably robust since the second half of 2020 and the 5-year establishment survival rate of small businesses has begun to inch up.