New programs, $1 billion in funding will provide historic opportunity for economic growth across Michigan

Monday, Governor Gretchen Whitmer signed a package of bills vital to Michigan’s efforts to compete for, and win, transformational projects here in the state into law. These bipartisan programs provide the competitive and flexible economic development tools that will enable Team Michigan to land transformational business retention and attraction projects by complementing Michigan’s already undeniable strengths as a state, including the state’s heritage in manufacturing, world-class workforce, and Pure Michigan quality of life.

“Today, I signed a package of bills that will put Michiganders first and continue building on our economic momentum,” said Governor Gretchen Whitmer. “Thanks to the effective collaboration between legislative leadership, my administration, and community and business leaders, I signed bills that will back small businesses and empower Michigan to grow and attract billions in investment and create tens of thousands of good-paying jobs. Because both parties in the legislature came together, our state will be able to win huge, transformational projects and compete effectively for every dollar and every job for decades to come.”

Michigan added 145,000 jobs in 2021, including 67,000 in the last three months, rounding out seven straight months of job growth and bolstering economic momentum. Today’s legislation will empower Michigan to create tens of thousands more jobs with a number of projects in Michigan Economic Development Corporation’s pipeline that could deliver capital investment of more than $1 billion and more than 1,000 new jobs to the state.

At the bill signing, Governor Whitmer was joined by House Speaker Jason Wentworth and Senate Majority Leader Mike Shirkey, who were instrumental in the passage of these bills.

“Michigan is a great place to live, work, and raise a family. But our business climate is still holding us back from what we can be. Small businesses are struggling to fully reopen, large employers are picking other states for long-term investments, and far too many local workers are still on the sidelines. We need to step in and provide a shot in the arm that will lead to new opportunities for everyone. That is exactly what these bills do,” said House Speaker Jason Wentworth.

“With the actions, we are affirming today, we are not just demonstrating Michigan is ‘in the game,’ we are establishing our seat at the table, side by side with investors who recognize the value of Michigan and its unique assets,” said Senate Majority Leader Mike Shirkey. “Purposeful budgeted actions will now replace the uncertainty of mortgaged futures. This first significant step must be accompanied by a disciplined commitment to improving and leading in every category, and, most importantly, friendly to moms and dads and families.”

“Make no mistake: this is an important beginning,” said Quentin L. Messer, Jr., CEO of the Michigan Economic Development Corporation. “We appreciate the incredible diligence, hard work, and collaborative approach to position Michigan for large-scale investments that accelerate growth in high-paying jobs, retain large customers for our small businesses, and remain at the center of technological change for decades to come.”

Site Readiness supports business attraction efforts across regions

The Michigan Strategic Site Readiness program will allow Michigan to create investment-ready sites to attract and spur business growth in Michigan. Site availability and readiness have risen quickly as deciding factors for companies who are considering future investments and expansions. The program will provide grants, loans, and other economic assistance for the purpose of creating investment-ready sites to attract and promote investment in this state. As the MEDC works to win projects across multiple industries in both rural and urban areas, this program will ensure an increased inventory of sites, particularly large sites, to support projects today and in the coming years.

Michigan must create a new “home court” advantage

The Critical Industry Investment program will empower Michigan to make game-changing investments critical to closing deals, create and preserve qualified jobs, and bring significant capital investment into Michigan.

The bills signed into law today will fund these vital economic development efforts with a $1 billion appropriation, while also building on the work of the Whitmer Administration and MEDC over the past 18 months to ensure small businesses can thrive. They also create the vehicle by which funding for the site readiness program and critical industry investment fund will be authorized to the Michigan Strategic Fund for transformational projects.

Winning transformational projects in the state helps create opportunities for growth and success for small businesses, protects and grows jobs, leads to population growth, and builds more vibrant communities – and in turn, ensures that Michiganders all across the state have the best possible opportunity for economic growth for themselves and their families.

To learn more about why Michigan is a home for Pure Opportunity, visit michiganbusiness.org/pure-opportunity.

About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.