The Detroit region offers companies of all sizes and all industries one of the best business climates in the nation.
The region is home to 9 of Michigan’s 18 Fortune 500 companies which generated a combined revenue of over $427 billion in 2022. The Detroit region also offers low cost of living compared to other peer regions. In addition, Michigan ranks 11th among states for overall tax climate.
Fortune 500 Companies
| Rank | Company | HQ City | 2022 Revenue ($M) |
| 19 | Ford Motor Company | Dearborn | $158,057 |
| 21 | General Motors | Detroit | $156,735 |
| 147 | Penske Automotive Group | Bloomfield Hills | $27,815 |
| 189 | Lear Corporation | Southfield | $20,892 |
| 212 | DTE Energy | Detroit | $19,228 |
| 262 | BorgWarner | Auburn Hills | $15,801 |
| 338 | Aly Financial | Detroit | $10,690 |
| 429 | Autoliv | Auburn Hills | $8,842 |
| 436 | Masco | Livonia | $8,860 |
Largest Private Firms
| Rank | Company | HQ City | 2022 Revenue ($M) |
| 1 | Penske Corp. | Bloomfield Hills | $41,000 |
| 2 | Barton Malow Holdings LLC | Southfield | $4,814 |
| 3 | Ilitch Holdings Inc. | Detroit | $4,400 |
| 4 | Lineage Logistics LLC | Novi | $4,000 |
| 5 | Moroun Family Holdings | Warren | $3,940 |
| 6 | Plastipak Holdings Inc. | Plymouth | $3,874 |
| 7 | Wallbridge | Detroit | $3,603 |
| 8 | H.W. Kaufman Group Inc./Burns & Wilcox | Farmington Hills | $3,200 |
| 9 | Piston Group | Southfield | $3,181 |
| 10 | LaFontaine Automotive Group | Highland | $2,463 |
Cost of Living
According to the Council for Community and Economic Research (C2ER), the Detroit region’s cost of living is 102.1 Compared with other major metropolitan areas throughout the United States, the Detroit Region ranks 14th among other peer regions in terms of affordability.
Cost Of Living Index For Select Metro Areas, 2023 Average Data
| Rank | Metro Area | Index |
| 1 | St. Louis, MO | 88.9 |
| 2 | Cleveland, OH | 91.4 |
| 3 | Indianapolis, IN | 92.1 |
| 4 | Minneapolis, MN | 93.3 |
| 5 | Tampa, FL | 96.2 |
| 6 | Charlotte, NC | 96.5 |
| 7 | Pittsburgh, PA | 98.0 |
| 8 | Atlanta, GA | 98.3 |
| 9 | Nashville, TN | 98.8 |
| 10 | Austin, TX | 98.9 |
| 11 | Baltimore, MD | 100.7 |
| 12 | Phoenix, AZ | 101.9 |
| 13 | Dallas, TX | 102.1 |
| 14 | Detroit, MI | 102.1 |
| 15 | Denver, CO | 110.3 |
| 16 | Chicago, IL | 113.4 |
| 17 | Portland, OR | 120.2 |
| 18 | Seattle, WA | 144.6 |
| 19 | Boston, MA | 146.5 |
| 20 | San Francisco, CA | 170.0 |
Taxes
According to The Tax Foundation’s State Business Tax Climate Index, Michigan ranked 11th among states for overall tax climate. The Index is designed to show how well states structure their tax systems. Michigan also ranked 20th for its corporate tax, 12th for individual income taxes, 12th for sales taxes, and 26th in the property tax category.
Michigan Personal Income Tax Rate: 4.25%
Michigan Corporate Income Tax Rate: 6.0%
2024 State Business Tax Climate Index
| State | Overall Rank | Corporate Tax Rank | Individual Income Tax Rank | Sales Tax Rank | Property Tax Rank | Unemployment Insurance Tax Rank |
| Michigan | 11 | 20 | 12 | 12 | 26 | 7 |
| Missouri | 12 | 3 | 20 | 30 | 9 | 3 |
| Texas | 13 | 46 | 7 | 37 | 39 | 8 |
| Washington | 35 | 37 | 8 | 49 | 25 | 19 |
| Wisconsin | 27 | 31 | 38 | 7 | 15 | 31 |
| Georgia | 32 | 9 | 35 | 28 | 28 | 34 |
| Massachusetts | 46 | 36 | 44 | 14 | 47 | 50 |
| Illinois | 37 | 43 | 14 | 39 | 45 | 42 |
| Ohio | 36 | 39 | 40 | 36 | 5 | 12 |
| Minnesota | 44 | 47 | 42 | 31 | 32 | 31 |
Learn about the region’s economics, workforce and talent, industry clusters and more.
For additional information, contact the Data and Research team.
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