December 12, 2005
LANSING – Governor Jennifer M. Granholm today visited Dow Corning Corporation’s Healthcare Industries Materials Site (HIMS) to discuss the impact of the $2 billion job creation package she signed into law last month. Under the plan, which the Governor first called for in her State of the State Address last January, Michigan will invest nearly $1.5 billion dollars to grow thousands of jobs in four key growth areas: life sciences, advanced manufacturing, alternative energy, and homeland security. The state’s investment is expected to leverage an additional billion dollars or more in private investment.
“Michigan already has a strong presence in the life sciences industry as evidenced by the outstanding work being done here in the Saginaw area,” said Granholm. “By investing billions in these high growth industries we can build on our existing strengths, diversify our economy, and create thousands of new, good-paying jobs.”
The Governor’s jobs plan will capitalize on the best research and commercialization opportunities in the four key growth areas in order to create good-paying, high-tech jobs that can’t be outsourced. In addition, the bills will create:
• up to $450 million through the Venture Capital Investment fund to help start-up companies succeed;
• new tax incentives to encourage investors to make and keep their investment dollars here in Michigan;
• an improved business climate with lower fees and less red tape for new businesses in Michigan;
• new incentives to encourage life sciences companies to use Michigan suppliers and services.
After touring the facility, the Governor spoke with area high school and college students about the exciting opportunities available once they complete their degrees. The Governor noted that the state is already home to more than 577 life sciences companies, including more than 100 which have located in Michigan since the state first began focusing on the industry in 2000. Michigan-based life sciences firms employ more than 22,000 people and have nearly $5 billion in annual revenue.
“Michigan was built on innovation, and this $2 billion investment will ensure that the next generation of innovation will occur right here,” Granholm said. “This investment will make Michigan a hot-bed of entrepreneurialism by providing the capital to help small start-up companies and high-tech firms turn their great ideas into medical cures, clean energy, and technological advancement in manufacturing and defense.”
Dow Corning built its Healthcare Industries Material Site in 1964 to produce silicon materials for the healthcare industry. HIMS is the only Dow Corning site focused solely on heathcare-related products. HIMS produces a variety of healthcare products including pharmaceutical tubing, pacemaker leads, drug-delivery patches (nicotine patches), ports and IV sets, home diagnostic kits for renal patients, antigas antifoams, and other pharmaceutical products.
The job creation package that became law last month is just one part of Granholm’s 5-point economic plan. The Governor has also proposed legislation to restructure business taxes in Michigan in order to keep jobs here; fast-forward public infrastructure projects, including road projects and nursing home improvement to create thousands of jobs today; match unemployed citizens with businesses that need workers right now; and make college accessible to all.
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