The City of Farmington Hills has been recognized by the University of Michigan – Dearborn College of Business Center for Innovation Research (iLabs) for its work to create an inviting business environment and encourage entrepreneurial growth.
iLabs data from 277 communities from 54 counties across Michigan related to growth and investment metrics that impact the overall business climate in the community. As a top performer, Farmington Hills was named a Five Star Community.
The 2020 study examined five years’ worth of publicly available data relating to growth and investment factors impacting the business community. Communities were judged based on seven criteria: Real Commercial Property, Real Industrial Property, Personal Commercial Property, Personal Industrial Property, NonDepreciated and Depreciated Governmental Assets, and Non-Homestead Tax Rates.
These factors were benchmarked against data for the State of Michigan. Farmington Hills outperformed the average state comparison trend in each category.
“We’re proud to be recognized for our work in maintaining a strong tax base,” Economic Development Director Samantha Seimer said in a press release. “The City has made growth and diversification a priority and it’s paying off. We’re passionate about the future of Farmington Hills and it shows in all we do to encourage business development and a strong community.”
The annual eCities research project uses data supplied by the participants, as well as public records, to determine which cities encourage entrepreneurial activity, economic growth, and job creation.