The National Science Foundation recently reported that Michigan is one of five states accounting for half of the research and development paid for and performed by companies in the United States in 2013. California, Massachusetts, Texas and Washington also made the list.
Research and development (R&D) is a tool for growing and improving businesses. Investopedia describes R&D as the “investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.”
Business R&D in Michigan is dominated by a single industry – and not surprisingly – automobile manufacturers. Washington’s R&D was dominated by software publishers, and the pharmaceutical industry accounted for about half of the R&D in New Jersey and Pennsylvania.
Overall, the high investment into business R&D in Michigan may be seen as sign of growing and improving businesses in Michigan.
