Bloomfield Hills businessman Scott Zack Michigan delves into the continued growth witnessed in industries across Michigan.
From engineering and manufacturing to the rapidly emerging space technology sector, Michigan continues to enjoy explosive business growth. Outperforming much of the rest of the nation, Great Lakes State native Scott Zack takes a closer look at the figures.
“Dozens of America’s fastest-growing companies are now based right here in the Great Lakes State,” reveals entrepreneur Scott Zack Michigan, speaking from his office in Bloomfield Hills, Michigan. Considerable growth, he says, has persisted even in light of complex and unprecedented circumstances stemming from the ongoing global pandemic.
Zack’s point is perfectly demonstrated in Inc. Magazine’s most recent Inc. 5000 rankings. The latest list features a total of 79 businesses from Michigan. “These include companies in industries ranging from engineering and manufacturing to cutting-edge space technology,” adds the renowned businessman.
Of course, Michigan has long been known primarily as a leader within the automotive sector. More recently, though, the state has grown increasingly central to a variety of other emerging industries. Among these is automation. Manufacturing also remains famously well-represented, particularly in and around Detroit.
“Grand Rapids, too, continues to emerge as a leader in all manner of different industries,” Scott Zack Michigan goes on to point out. Much the same is true of cities as far north as Petoskey, the expert suggests.
According to reports, Michigan currently ranks first in the Midwest for its appeal to aerospace manufacturing businesses. Not only that, but it’s also among the top four states nationwide on the same basis. Only Washington, Georgia, and California rank higher.
Two other industries contributing significantly toward Michigan’s burgeoning business climate are insurance and corporate services. Professional services, in particular, represent another standout industry currently emerging in Michigan.
Figures show that the sector has grown twice as fast as anywhere else nationwide in the past few years. “Over the same period, employment in Michigan has also increased by 16 percent,” adds Metro Detroit-based entrepreneur Zack, “which is twice the rate of the rest of the country.”
Michigan’s Scott Zack showcases America’s place at the forefront of aerospace
Top-ranked in the Midwest for its appeal to aerospace manufacturing businesses, Michigan continues to lead this immensely lucrative sector in the region. However, alongside Washington, Georgia, and California, Michigan’s efforts have helped to drive the U.S. as a whole to the forefront of aerospace globally, Scott Zack Michigan reports.
“The U.S. remains the global aerospace manufacturing industry leader, with sales now worth around $250 billion annually,” he explains. As a nation, the United States heads up the space worldwide, well ahead of Canada in second place.
Third through fifth, meanwhile, in terms of attractiveness to aerospace manufacturing businesses, are Singapore, the U.K., and Australia. America maintains dominance largely thanks to its impressive GDP, Zack notes. “The same goes for our strong domestic transportation infrastructure as well,” adds the Michigan-based entrepreneur, wrapping up.