The West Michigan Policy Forum was one of the first to report on the troubling trend of national companies that have decided to eliminate or significantly reduce operations in Michigan.
Now comes more disturbing news that the number of Fortune 500 companies in our state has dwindled again this year as well. It’s the second straight year we’ve seen a decrease in these top-tier companies, which are the 500 largest U.S, corporations as ranked by Fortune magazine based on their total revenue. The companies are highly sought after because they can employ thousands of people and have a positive reverberating effect on an entire region’s economy.
But over the last year, two companies have either left the state or endured such devastating financial hardships that they were taken off the list.
All job providers, including Fortune 500 companies, want to locate in states with business-friendly policies that have a robust infrastructure to help ensure success. And for the last eight years now, Michigan hasn’t been delivering.
Though the state budget continues to rise, and massive surpluses have been spent, our roads and infrastructure still aren’t fixed and our elected officials in Lansing are enacting public policies that discourage companies from locating or staying in Michigan.
In fact, since Gov. Gretchen Whitmer took office, the number of Fortune 500 companies in Michigan has been cut almost in half. A total of 30 Michigan companies were listed on the Fortune 500 in 2018 when the governor was first elected. That number now stands at 16 companies.
The sad reality is that the Michigan House and Senate have passed, and Governor Whitmer has signed, a series of anti-job, anti-worker policy measures into law that are hurting our state’s efforts to grow jobs and attract and keep economic development opportunities.
In particular, by signing legislation to repeal our state’s landmark right-to-work law, reinstate the antiquated prevailing wage law, and institute draconian, one-size-fits-all, energy mandates, Gov. Whitmer has effectively told job providers that Michigan is “Closed for Business.” This hurts Michigan families who depend on those jobs.
We’re going to continue to advocate for common-sense public policies that help create jobs and safeguard Michigan families. We hope you do the same. Please contact your state representatives and senators and tell them to start working for the people again.
