Tuesday, August 26, 2003
Success Key Basis for Expanding Corridor Initiative
The Michigan Economic Development Corporation released a new strategic study today that shows the Michigan’s Life Sciences Corridor is growing rapidly in recent years in terms of employment, sales and new companies. Michigan is number one in the nation for the addition of new life sciences companies between 1999 and 2002, according to the study.
This success of the Michigan Life Sciences Corridor is a key reason for expanding the initiative to help encourage similar growth in the homeland security and advanced automotive industries. The new Technology Tri-Corridor will allow the state to build on its life sciences success, while nurturing the two additions to the corridor.
“The Michigan Life Sciences Corridor has become a national model for successful growth and development,” said Governor Jennifer M. Granholm. “The Technology Tri-Corridor will build on that achievement, further cementing Michigan’s emerging technology leadership.”
According to the study, Michigan’s life sciences industry boasts 31,777 employees, 542 companies and $4.8 billion in annual sales in 2002. These figures represent increases of 27 percent, 32 percent and 165 percent, respectively, over 1999. As a result, Michigan’s life sciences industry exceeded the overall growth rate of the United States life sciences industry over the three-year period.
The MEDC’s purpose for the study was to evaluate Michigan’s life sciences industry, identify its strengths and challenges and develop strategic recommendations for growth. Both empirical data and conversations with industry, academic, government and investment community leaders were used in evaluating the industry and formulating recommendations for future growth.
The study is the first comprehensive evaluation of Michigan’s life sciences industry since the Life Sciences Corridor initiative was created in 1999.
The new Technology Tri-Corridor is administered by the Michigan Economic Development Corporation. The MEDC is currently working to establish guidelines for the new program. The new life sciences study can be viewed on the MEDC Web site at www.medc.michigan.org/lifescience.
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.
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