March 24, 2005
Corporate Expansions, Small Tech and Entrepreneurial Prowess Recognized
LANSING – Michigan is leading the nation in new corporate facilities and expansions, advancing to the forefront of micro- and nanotechnology development and commercialization and being recognized for its innovation in encouraging entrepreneurship, according to three separate rankings and awards that were recently announced.
According to Governor Jennifer M. Granholm, the recognitions demonstrate how effectively Michigan is growing its advanced manufacturing base while also diversifying into new, high-tech industry sectors.
“These rankings and awards underscore that we are doing an excellent job of encouraging the ‘heavy hitter’ corporate investments while also helping entrepreneurs bring the latest technology innovations to market,” Granholm said. “Through SmartZones, the Technology Tri-Corridor, and other initiatives, Michigan is establishing itself as a leader in the new industry sectors forming the foundation of the high-tech economy of the 21st century.”
The three rankings and awards recently announced:
• March 3: Site Selection magazine announced that Michigan was second in the nation for new corporate facilities and expansions in 2004 and remains the national leader after eight years of tracking. The ranking is based on the number of new projects with at least $1 million in investment, 20,000 or more square feet of new construction or that create 50 or more new jobs. (Retail and residential construction projects do not qualify.)
• March 8: Michigan’s SmartZone program wins the national “Best Practice” award for regional economic development initiatives by the U.S. Small Business Administration. The program was recognized for outstanding innovation in creating a collaboration between the State of Michigan, local communities, businesses, universities, and private firms to create new technology clusters in the state.
• March 14: Small Times magazine announces that Michigan is ranked fifth in the U.S. for small tech development, further validating the state’s claims as a small tech industry leader. The term “small tech,” in its common use, includes the development and applications of microelectromechanical systems (MEMS), microsystems, and nanotechnology. Michigan had an exceptionally strong showing in the category of venture capital devoted to small tech, advancing to third in the nation from last year’s ranking of ninth.
Since taking office in 2003, Governor Granholm has consistently pressed for state resources to be applied to develop new technologies that will result in a more diversified economy and the new jobs needed in that economy. The Technology Tri-Corridor initiative has provided key funding for micro- and nanotechnology research and commercialization, while the Michigan Venture Fund is expected to open up $150 million in new venture capital for the targeted Tri-Corridor sectors of life sciences, advanced automotive technology, and homeland security.
Michigan SmartZones and the Technology Tri-Corridor are administered by the Michigan Economic Development Corporation. According to MEDC President and CEO Don Jakeway, the rankings are positive results from the Governor’s and MEDC’s efforts to diversify Michigan’s economy.
“The fact that Michigan is the only state to make the top five in all three rankings shows that Michigan’s economy is not a one-trick pony,” he said. “Being attractive to manufacturers, researchers, and entrepreneurs alike signals a strong business climate and economic vitality.”
The Michigan Economic Development Corporation, a partnership between the State and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life. For more information about the MEDC, visit the Web site at www.michigan.org.
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