May 09, 2005
May 9, 2005
State Highly Attractive to Companies According to Publication
LANSING – Michigan’s economic development efforts tied with Georgia as the nation’s second-most competitive state for business attraction and growth, according to Site Selection magazine in its May 2005 issue. The magazine recognizes the accomplishments of state economic development agencies.
“From day one, our goal has been to make Michigan a great place to locate and grow businesses,” Governor Jennifer M. Granholm said today. “Changes in technology innovations and workforce patterns compel us to evolve our economy to meet the challenges and opportunities of the 21st century. While I am pleased to have the Michigan Economic Development Corporation (MEDC) and our state recognized as the second most competitive in the nation, our sights are still set on becoming the most competitive state in the nation.”
The annual ranking weighs states according to an indexing system based on 10 criteria. Categories include per capita jobs and investment numbers for 2004 and over time, the number of top large and small cities in Site Selection’s 2004 rankings, rates of growth in new and expanded facilities, and placement in the magazine’s annual business climate survey. The top 20 states in the 10 categories were awarded points according to how they ranked. Alabama was ranked first with 123 points; Michigan and Georgia followed closely with 108 points each. Michigan was not ranked among the Top Ten in last year’s report.
“Site Selection is a well respected publication used as a tool by site consultants worldwide,” MEDC President and CEO Don Jakeway said. “We are extremely proud of this high ranking, and with the help of the Governor’s Jobs for Michigan Fund and other bold initiatives, I expect Michigan will continue to effectively compete for new corporate investments and jobs.”
The Jobs for Michigan Fund initiative will allow the state treasurer to issue $2 billion in bonds over the next decade to provide a substantial and stable source of funding for research and commercialization efforts in targeted high-tech, high-growth industries. Targeted industries include life sciences, alternative energies, advanced automotive manufacturing and materials, and homeland security and defense. The constitutional amendment to place the Jobs for Michigan Fund before voters in November, along with the enabling legislation, was introduced in the State Legislature last week.
In addition to the Jobs for Tomorrow Fund, Granholm’s plan to restart and reshape Michigan’s 21st century economy includes:
• the Michigan Jobs and Investment Act, the first significant restructuring of the Single Business Tax in 30 years that will cut taxes for three out of four businesses in Michigan;
• Jobs Today, a three-year plan to rebuild Michigan’s infrastructure and create tens of thousands of jobs;
• the MiOpportunity Partnership to train unemployed workers for the unfilled positions in our state, including 30,000 this year; and,
• the New Merit Scholarship to ensure that every child in Michigan has the opportunity to attend college by guaranteeing $4,000 scholarships to students who complete two years of college or equivalent training or certification program.
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 their web site at www.michigan.org.
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