Michigan’strategy aggressive strategy to diversify the economy and attract investment to our state has resulted in eight job-creating projects announced this week, generating more than 6,300 new jobs, retaining another 8,586 and bringing more than $349.5 million in new investment to communities across the state.
The projects include Magna Seating’s $18 million investment in a former Chrysler facility in Highland Park that will create 1,414 new jobs; Quicken Loans’ $240 million investment in relocating its headquarters to downtown Detroit, creating and retaining nearly 9,000 jobs; Ventra Ionia’s $42 million investment to acquire four former Meridian Automotive facilities in Ionia, Fowlerville and two in Kentwood, retaining 3,126 jobs; and an innovative brownfield redevelopment project in Whitehall that will transform the former Muskegon County Whitehall-Montague wastewater treatment plant into an alternative energy-powered facility.
The Michigan Economic Growth Authority (MEGA) credits have been an enormously successful tool in creating jobs and diversifying Michigan’s economy despite a national recession. But we’re tapped out. Without legislative action to raise the cap on the number of credits we can award, numerous projects in the pipeline will be jeopardized. Many neighboring states have modeled economic development programs after the MEGA credits. For instance, Indiana, Ohio, Illinois and Kentucky have similar programs but lower job requirements. Without raising the cap on MEGA credits, the playing field will be skewed in favor of our competitors at a time when our state can least afford it.
The expansions announced today demonstrate that the MEGA credits are working and businesses across a wide spectrum of sectors are choosing Michigan over other states for new growth opportunities. These are the types of projects that will transform our economy and create good-paying jobs for our workers.
Comments on this entry are closed.