A broad coalition of job creators, economic development professionals and industry leaders from across the state today praised the Michigan House of Representatives, Michigan Senate and Gov. Whitmer Administration for proactively appropriating $1 billion in a new economic development fund. The allocation of funding addresses two of the main solutions offered by the Winning Michigan Jobs coalition, making it possible to assemble and develop more sites and offer more competitive incentives to attract new jobs and investment.
“One of the biggest concerns we hear from potential investors is that Michigan is a state without a consistent, collaborative approach to economic development,” said Jennifer Owens, CEO of Lakeshore Advantage. “This is the start of a new approach. Our state’s leaders coming to quick, bipartisan agreement on how to deepen our strategic reserves is exactly the type of action that will change both our economic development foundation and our state’s perception.”
Kevin Johnson, CEO of the Detroit Economic Growth Corporation, said: “The funding agreed to is a down payment on Michigan’s future. We are showing future investors that Michigan is serious about attracting new jobs for our state’s people and ensuring our future is more prosperous than our past.”
“Michigan has to be ready to establish new jobs in all of our communities, and proactively investing in that preparedness is certain to make us more competitive than we have been previously against other states,” said Henry Wolf, Director of Government Relations at Traverse Connect and the Northern Michigan Chamber Alliance.
The Strategic Outreach and Attraction Reserve Fund will be created with this initial $1 billion bipartisan appropriation. Funding under the bills would be for gap financing, closing deals or other economic assistance for job creation and capital projects.
Winning Michigan Jobs is a group of regional and state leaders formed to provide a comprehensive, consistent, competitive economic development strategy. More information and a complete list of coalition members is available at www.WinningMichiganJobs.com.
