Executive Summary

mi new economy logoAfter the once-in-a-century pandemic, Michigan's economy is poised for a once-in-a-generation comeback. Under Governor Whitmer's leadership unemployment is down, surpluses are up, and thanks to the help of President Biden and the American Rescue Plan, Michigan is poised to exit the COVID-19 pandemic by making transformational investments that will leave the state even stronger than when we entered it.

To create a clear vision for our state's future, Governor Whitmer has announced MI New Economy, her vision for a stronger, more resilient, and more equitable State of Michigan. MI New Economy is the Governor's plan to address the structural challenges the state was facing prior to COVID - challenges that intensified during the pandemic. The plan recognizes that a strong economy isn't only about creating jobs, it requires a focus on our state's people and communities as well. That's why MI New Economy has three pillars, with a number of specific and ambitious goals that will help us track progress in our effort to build a stronger and more resilient Michigan.

Download the MI New Economy Plan presentation. 

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Pillar 1: Grow the Middle Class - No economic vision for the state can be complete if it doesn't focus on eliminating poverty and lifting families into the middle class.

  • Goal: 60% of adults with a postsecondary credential by 2030
  • Goal: Lift 100,000 families out of working poverty during the next five years (FY22-FY26)
  • Goal: Provide access to low or no cost childcare for 150,000 more families by 2024

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Pillar 2: Support Small Business - To supplement the great economic development work our state already does, Michigan needs a focus on creating and growing more Main Street businesses.

  • Goal: Top ten state for small business job growth and revenue growth from 2022 to 2026
  • Goal: Top ten state for household income growth during the next five years (FY22-FY26)
  • Goal: Top ten state for growth in venture capital funding over the next five years (2022-2026)

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Pillar 3: Build Strong Communities - Michigan's residents deserve to live in vibrant communities with the kinds of services and amenities associated with a high standard of living.

  • Goal: 100% access to high-speed internet and 95% adoption by households during the next five years - while continually investing in higher quality access (FY22-FY26)
  • Goal: 75,000 new or rehabilitated housing units in five years (FY22-FY26)