Michigan's economic health is second in the nation, according to a prominent national ranking released Wednesday that validates the state's bold reforms.

Gov. Rick Snyder said the Bloomberg Economic Evaluation of States shows that Michigan's strategy for regaining its economic vigor is on track. Bloomberg, a respected global leader in business and financial information, released its first-ever economic health evaluation during a conference in New York City.

"Michiganders are pulling together to do what's best for our state and the results are paying off," Snyder said. "With the course and leadership of our legislative partners, we've taken aggressive steps to get Michigan's fiscal health back in order, create a fairer tax structure and put families back to work. The fact that our shared accomplishments are recognized by one of the country's premier financial information providers should reinforce our commitment to keep driving forward."

The Bloomberg analysis considers important indicators such as personal income, tax revenue, employment and housing prices. This pure analysis of data has placed Michigan in the upper echelon on the ranking, second only to North Dakota, which is experiencing an economic boom fueled by oil exploration.

Speaker of the House Jase Bolger echoed the Governor's statement saying "this is only the beginning. Michigan has its foot firmly placed on the accelerator and is racing to the head of the pack. WE grabbed a high ranking on the new Bloomberg economic indicator because the experts realize we aren't looking for overnight and fleeting improvement by chasing the latest fad or economic gimmick. We are making systematic changes that will result in long-term, sustainable success for Michigan's economy well into the future."