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Michigan recognized for job growth, attracting international investment
March 21, 2014
Friday, March 21, 2014
LANSING, Mich.—Michigan has been recognized as a leader in attracting international investment.
The Organization for International Investment (OFII) today highlighted positive steps taken by Gov. Rick Snyder and the Legislature to attract global investment, including elimination of Michigan Business Tax, development of Michigan’s talented work force, and impressive results from a high priority on job creation.
“Today’s announcement is another sign of Michigan’s improving business climate and the good work we’ve done to reduce taxes, eliminate burdensome and unneeded regulations and by investing in talent enhancement programs,” Snyder said. “Investment in Michigan by overseas-based companies is growing and the results mean more and better jobs for people all across our state.”
The presentation took place at Robert Bosch Technical Center in Plymouth. Bosch is one of the largest North American automotive suppliers of precision components and systems, including electronics, and chassis and powertrain products. The company employs more than 2,800 people in Michigan.
“The growth of emerging markets is not surprising, but it underscores that American business and states can no longer sit on the sidelines while other countries actively promote themselves to prospective global employers,” said OFII President/CEO Nancy McLernon. “Michigan understands what it takes to work with businesses to attract foreign investment, insource jobs and build its economy.”
OFII represents U.S. operations of many of the world's leading global companies, which insource millions of American jobs. Insourcing is the opposite of outsourcing, or sending jobs out of the country. Insourcing relates to the creation and attraction of additional jobs to the U.S.
The Washington, D.C.-based nonprofit business association selected Michigan and the state of Washington to announce findings of its 2014 Insourcing Survey, an appraisal of responses from 100 top U.S. chief financial officers (CFOs). The survey reflects the executives’ growing confidence in the U.S. economy, and offers insight on how economic and regulatory policies can foster competition and help attract global investment.
OFII and PwC US cited Michigan for its creation of 255,000 jobs since December 2010 and as the state ranked first for recovering most from the Great Recession. Meanwhile, Washington is recognized for setting a new exports record earlier this year ($81.9 billion), and as a state that counts one in three jobs related to international trade.
Other highlights of the Michigan economy cited by OFII include:
- Michigan added twice as many insourcing new jobs (32,000) in 2011 compared to any other state.
- Michigan’s high-tech work force is fourth largest in U.S., and state ranks third for high-tech job growth
- Insourcing companies employ 248,000 Michigan workers, about 7 percent of state’s private-sector work force. (More than 60 percent of these jobs are in manufacturing.)
The Insourcing Survey examines six broad areas: historical trends/current overview, manufacturing, trade, U.S. competitiveness, how to level the playing field and role of states in fostering economic development. The findings reflect an optimistic view of the U.S. economy with 84 percent of respondents claiming the current business environment is stronger than last year. Further, nearly two-thirds claim they are likely to increase investment in U.S. within next 12 months.
A top priority for states, according to the survey, is to connect businesses with new customers. The Pure Michigan Connect program was created for that purpose. The public-private initiative assists Michigan companies in identifying growth opportunities, and presents a business-to-business network that helps employers expand their supply chain.
Visit www.ofii.org for more information.