Following the challenges of 2020, Michigan showed it is equipped to move mountains and become a place of Pure Opportunity in 2021 and beyond. This year was marked by a time of resurgence for Michigan as the MEDC collaborated with a broad group of stakeholders to create an economy where everyone is visible, participating, and thriving, and made strategic investments in our economy and economic development toolkit to benefit our friends, neighbors and the small businesses they have created. In fact, over the past five years, global companies have invested $11.8 billion in projects throughout the state, creating 36,400 jobs here in Michigan. In addition, MEDC remained laser-focused on providing access to capital, entrepreneurial support, B2B matchmaking opportunities, and international growth so that even the smallest Michigan businesses received major support.

When lawmakers recently passed legislation creating a new $1 billion incentives package to lure more businesses and jobs to Michigan, they ensured that the MEDC had more of the tools it needs to be responsive and competitive when new economic opportunities come calling. But it can’t be the only tool in the state’s efforts to increase prosperity for all Michigan residents. Glenn Stevens Jr., executive director of MICHauto, and Britany Affolter-Caine, executive director of Michigan’s University Research Corridor, discuss another successful strategy to ensure Michigan’s long-term competitiveness and economic prosperity.

Governor Gretchen Whitmer announced last week tax credits up to $9,600 to help employers and small business owners hire Michiganders for good-paying jobs to help fill labor shortages and grow the economy. The governor is encouraging employers to apply for the Work Opportunity Tax Credit, prioritizing funding for veterans and returning citizens, to ensure that the state continues its strong job growth. With the Work Opportunity Tax Credit, employers who hire from certain targeted groups can earn tax credits from $2,400 to $9,600 for each employee hired. Generally, the credit is 40 percent of qualified wages paid to individuals who work 400 hours or more in their first year of employment.

The Michigan Department of Labor and Economic Opportunity has awarded more than $2 million in grants to nine programs to help employers fill their talent needs. These programs connect adult education participants in the state directly with employers by linking adult education, career, and technical skills, and workforce development. Programs receiving funding will work with the Michigan Works! network to identify a cohort of participants who are most prepared to successfully enter the workforce. Students will receive technical training in a wide variety of areas, including construction trades, healthcare, information technology, machining, robotics, and welding.

The Michigan Business Report will be going on a hiatus while MEDC operations are closed from December 23-31. We are excited to continue sending you the business news and resources you’ve come to expect at the beginning of January 2022.

Michigan Economic Development Corporation helps to connect businesses to new resources, meet new partners and access the additional capital they need from the start. If your business needs support to reach its new potential, the MEDC is available to help. Visit michiganbusiness.org/pure-partnership to find customized business assistance.

Access COVID-19 resources for businesses and communities by visiting michiganbusiness.org/covid19. Read more about programs supporting economic recovery for Michigan businesses by visiting michiganbusiness.org/covid19response.