By Matthew Dolan 

Two days after his ballot initiative to raise taxes lost decisively, Michigan Gov. Rick Snyder said late Thursday he doesn't plan to run for president in 2016.

Early Tuesday, in an interview before the votes had been counted, Mr. Snyder sounded a much more optimistic note about the possibility of a 2016 campaign, saying it would likely be several weeks before he decided whether to join a crowded Republican field.

He said at the time he saw an opening for a candidate with his track record and planned nationwide speaking stops promoting his accomplishments. But his campaign would have likely been far behind well-funded and organized rivals. Mr. Snyder was also not well-known among many voters in states with early primaries.

Mr. Snyder won re-election last year after helping to shore up Michigan's economy and guiding its largest city, Detroit, in and out of bankruptcy court.

A former president of Gateway Inc. and an ex-venture capitalist, Mr. Snyder has often criticized the pace of action in Washington and touted his own brand of problem solving.

But two-term GOP governor suffered a political setback on Tuesday when his bipartisan road-funding referendum failed dramatically, with only 20% of voters supporting the measure. The complicated effort aimed to raise $2.1 billion to fix roads via a sales-tax increase while also spending more on education and low-income tax relief. Mr. Snyder had said he would now consider alternative action after the measure was defeated Tuesday.

"I do not have plans to run for president in 2016. I will focus my attention on continuing Michigan's reinvention," he said in a statement Thursday.

"While too much of our political system is focused on partisan fights, Michigan has been using what I call "Relentless Positive Action" to solve problems. Michigan's comeback is the blueprint for job creation, balanced and drama-free budgets and effective, efficient, accountable government," he said.

Write to Matthew Dolan at matthew.dolan@wsj.com

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