Monday, February 14, 2005
"The MEDC works daily to foster a business climate where high-tech businesses are able to flourish," MEDC President and CEO Don Jakeway said. "These awards further attest to the success of our initiatives and our ability to attract and retain jobs for Michigan residents."
The magazine's economic achievement awards annually recognize the leading economic development agencies across the country and around the world.
Gold, silver and bronze prizes were awarded in three categories: state-level, regional and public/private partnerships. The criteria used to select winning projects were innovation, effectiveness and pro-business impact. Innovation describes how original the program or effort is. Effectiveness measures the results, including numbers such as jobs created and dollars invested. Pro-business impact measures the lasting positive effects on the economic development climate in the community as a result of the program or effort.
The MEDC won with the Technology Tri-Corridor in the State Programs category. The Tri-Corridor is administered by the MEDC, and funds research and commercialization efforts in the life sciences, homeland security and advanced automotive technologies industry sectors. The Tri-Corridor is built on the successful model of the Michigan Life Sciences Corridor. Between 2000 and 2004, the Life Sciences Corridor and Tri-Corridor have allocated more than $196 million through 143 awards. As a result, Michigan has one of the nation's fastest-growing life sciences industries, with nearly 100 new life sciences companies added within the past five years.
The MEDC also won in the Public/Private Partnerships category for its work to convince Ford to expand Focus automobile production at is Wayne Assembly plant. The successful effort led to a $583 million investment by Ford and the retention of more than 11,000 Michigan jobs.
"Our panel of ten esteemed judges saw the Technology Tri-Corridor project and the Ford retention project as successful examples of efforts that were innovative, effective and likely to open the doors to more investment from other sources," said Karim Khan, editor-in-chief, Business Facilities magazine.
Formerly known as the Economic Development Achievement Awards, this year represents the 12th year of the Business Facilities Economic Development Awards. Business Facilities was established in 1968 as a national site selection magazine. The magazine provides monthly news and resource information for more than 40,000 corporate executives responsible for the expansion or relocation of their companies.
Details of the awards are currently available on the Business Facilities Web site at www.businessfacilities.com/bf_04_12_edawards.asp.
The Michigan Economic Development Corporation, a partnership between the state and local communities, promotes smart economic growth by developing strategies and providing services to create and retain good jobs and a high quality of life.