Tuesday, February 14, 2006
Michael Shore, MEDC
Company Invests $75 Million in Manufacturing Capacity
Governor Jennifer M. Granholm announced today that BioPort Corporation will expand its facility in Lansing, retaining 952 Michigan jobs, including up to 322 directly by the company. The Governor recently signed legislation allowing the Michigan Economic Development Corporation to offer incentives to BioPort to expand in Michigan rather than a competing site in Maryland.
A University of Michigan economic analysis estimates that increased economic activity generated by the expansion will retain an additional 677 indirect Michigan jobs, in addition to the 322 retained directly by the company. The project is expected to secure more than $579 million in personal income for Michigan workers over the life of the tax credit.
Based in Lansing since 1998, BioPort is the only FDA- approved manufacturer of the anthrax vaccine in the United States. The company has contracts with the U.S. Department of Defense and the U.S. Department of Health and Human Services to supply the vaccine.
The expansion is one of three economic development projects the Governor announced today. In all, they are expected to create and retain a total of 1,172 Michigan jobs.
In her 2005 State of the State address, Granholm emphasized the importance of making Michigan a global economic powerhouse in the 21st century. Since January 2005, the Governor and the MEDC have announced the creation or retention of more than 67,000 jobs as a result of targeted assistance provided by the MEDC.
(All estimates in 2006 dollars)
|TOTAL JOBS RETAINED|
|NET RETAINED STATE REVENUE IMPACT|
|Average Weekly Wage|
|Personal Income Retained Over Life of 10-Year Tax Credit Agreement|