March 02, 2007
March 2, 2007
LANSING - Governor Jennifer M. Granholm said today that a report released this week shows Michigan's efforts to revitalize the economy are on the right track. The State New Economy Index, released by the Kauffman Foundation, ranks Michigan 19th in the nation in preparedness for the new global economy. Michigan has moved 15 spots in the ranking - up from 22nd in 2002 and 34th in 1999 - more than any other state.
"This study reinforces that by investing in our people, we're giving them and our state the tools for success in the future. Now more than ever is the time to put our economic plan into overdrive," Granholm said. "By diversifying our economy and investing in Michigan's citizens, we can grow and compete in today's global economy."
Granholm's economic plan is designed to diversify the economy, expand affordable college education and training to every student, put thousands of people to work improving Michigan's infrastructure, hold schools to higher standards, extend access to health care to every family, and grow our cities.
The goals Granholm has set and the accomplishments that have already occurred are in tandem with the 26 indicators used to establish the index rankings, such as:
- Workforce education. As Michigan's economy transforms to meet changing global demands, Granholm has called for the No Worker Left Behind program to provide the thousands of affected workers with the opportunities they need to acquire new skills to transition to the jobs of the new economy. In addition, this fall's college freshmen will be eligible for a $4,000 Michigan Promise scholarship, which the governor signed into law at the end of last year. This will give every Michigan child access to a college education or job training. Earlier last year, Granholm signed into law new rigorous high school curriculum standards to ensure our students are prepared for college.
- Foreign direct investment. Granholm is working to build a 21st century economy with more than 1,500 companies from 30 countries choosing to do business in Michigan, Granholm's jobs missions to Japan and Germany have resulted in more than $230 million in new investments and more than 1,100 new jobs for Michigan workers. Companies like Toyota, Nissan, Hyundai, and Bosch have invested hundreds of millions of dollars to expand or locate their state-of-the-art tech and engineering centers in the state. In addition, 14 companies opened the doors of their world headquarters in Michigan last year.
- Industry investment in R&D. Granholm's 21st Century Jobs Fund will invest more than $2 billion over 10 years in high-tech commercialization and R&D efforts. Last fall, the Jobs Fund awarded $135 million in grants and loans to 67 companies, nonprofits, research firms, and university ventures in the competitive-edge fields of life sciences, advanced manufacturing, alternative energy, and homeland security. Michigan universities and businesses are already investing more than $18 billion annually on research and development activities in the state. Currently, Michigan is home to 315 global automotive R&D, engineering, and tech centers with expenditures topping $10 billion annually - more than the other 49 states, Canada, and Mexico combined.
Michigan was also ranked number one in the nation for e-government, measuring how well state government has utilized digital technology.
"There is still much hard work to be done, but we have set in motion the right economic plan to transform Michigan's economy," Granholm said.
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