Wednesday, August 09, 2006
Michael Shore, MEDC
Automaker's Planned $1 Billion Investment to Secure 56,200 Direct and Indirect Jobs in State
Governor Jennifer M. Granholm and Michigan Economic Development Corporation President and CEO James C. Epolito today announced an incentive package approved by the MEDC to encourage Ford Motor Company to make new investments of up to $1 billion in Michigan facilities for flexible manufacturing and advanced powertrain technologies
If approved by the company, the project will retain a total of 56,200 Michigan jobs, including up to 13,740 jobs directly by Ford.
A University of Michigan economic analysis estimates that increased economic activity created by the investment would save an additional 42,460 indirect Michigan jobs in addition to the up to 13,740 retained directly by the company. The project is expected to generate more than $62 billion in personal income for Michigan workers over the life of the tax credit.
Ford Motor Company
Summary Estimates (All Estimates in 2006 Dollars)
|TOTAL JOBS RETAINED|
|NET POSITIVE STATE REVENUE IMPACT|
|Average Weekly Wage|
|Personal Income Generated Over Life of 20-Year Tax Credit Agreement|
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