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Michigan has always been a state that prides itself on its numerous business opportunities. It’s also popular for being progressive and looking to the future. But now, there is a sense that things have shifted, and new industries are emerging in Michigan. From automotive to online gaming, these industries are growing exponentially.
These five industries are only seeing constant growth, and it’ll be important for you to notice them.
1. Automotive
Michigan’s automotive industry has been on a roller coaster ride. Many people are jobless in the state. But despite these challenges, Michigan’s auto industry remains strong and continues to be one of its most important economic drivers.
Michigan is home to many automotive companies, including Ford Motor Company and General Motors. The state has been a leader in the auto industry for more than 100 years, with its first automotive company opening in 1899.
With more than 300 companies currently operating in Michigan, the automotive industry employs more than 200,000 people statewide. It represents about one-third of all manufacturing jobs in the state.
2. Information Technology
The IT industry is growing rapidly due to the need for software developers who can develop new products and applications for mobile devices and computers.
The demand for IT professionals keeps increasing dramatically over the past few years due to computer technology and networking capabilities advancements. The industry employs more than 135,000 people and will likely add more than 5,000 jobs by 2026.
3. Casino
The world’s oldest form of entertainment is gambling. People have been playing games for centuries, but many have moved from land-based casinos to the Internet. It offers more convenience, flexibility, and security than brick-and-mortar venues.
While casinos have been around for a long time, new casinos are opening up across Michigan every year. With some of the best online casinos in Michigan, the industry will continue to grow in the coming years. It will be good news for anyone looking for employment opportunities in this industry.
4. Manufacturing
Michigan has long been famous for its manufacturing sector, but there has been some decline due to outsourcing and automation over recent decades. However, manufacturing activity has been resurgent over the past decade. That’s due to foreign direct investment from companies like GM’s investments in its Orion factory or Toyota’s decision to build its Corolla sedan in Michigan instead of Mexico or Japan.
5. Healthcare
Healthcare is one of the largest industries in Michigan, accounting for more than $15 billion in annual economic output. The industry employs more than 290,000 people around the state and supports another 43,000 jobs indirectly through suppliers and vendors who provide goods and services to healthcare providers.
Healthcare providers offer a wide range of services, including emergency care facilities, residential treatment centers, and long-term care facilities.
Bottom Line
These five industries are only a sample of Michigan’s many thriving economic sectors. As this list depicts, the state is far more economically diverse than most people believe. There may be no other state with a more diversified economy.
