Michigan No. 3 state in the nation for major new corporate facilities and expansions
LANSING – Site Selection magazine, whose business rankings are regarded as the industry scorecard by corporate site selection and real estate analysts, has named Michigan the No. 3 state in the nation for major new corporate facilities and expansions in 2008. Michigan jumped four spots ahead of its 2007 ranking.
“Despite challenging economic times, Michigan continues to be a leader in job creation and new corporate investment,” Granholm said. “Our comprehensive economic plan and the incentives we have put in place are drawing global recognition, because they are producing results.”
Site Selectionalso recognized Detroit-Warren-Livonia metro area as the No. 5 metro area with a population of 1 million or more for new and expanded corporate facilities; Grand Rapids-Wyoming as the No. 6 metro area with a population of between 200,000 to 1 million; Jackson as the No. 6 and Muskegon-North Shores as the No. 8 metro area with populations between 50,000 and 200,000; and Adrian as the No. 10 micropolitan metro area.
Site Selection’s Governor’s Cup is awarded annually to the state with the most new and expanded corporate facilities. The publication verified nearly 300 qualifying projects in Michigan as part of the competition. To qualify, new facilities and expansions included in the analyses must meet at least one of three criteria: involve a capital investment of at least $1 million, create at least 50 new jobs, or add at least 20,000 square feet of new floor area.
Major expansion projects announced in 2008 include: Marathon Oil in Detroit, North American Bancard in Troy, General Dynamics Land Systems in Sterling Heights, Brose Jefferson in Warren, United Solar Ovonic in Battle Creek, Sequenom in Grand Rapids, Hemlock Semiconductor in Thomas Township, and Consolidated Biscuit in Tecumseh.
Granholm pointed to the comprehensive steps Michigan has taken to grow the economy and compete for new jobs and investment, including:
The nation’s most aggressive film incentives, spurring more than 70 film productions and generating $430 million in economic activity;
The first-in-the-nation advanced battery credits, making sure the batteries that will power electric cars are made in Michigan. Last month, Ford and GM received a combined $222 million in refundable credits for pack engineering, integration and assembly, vehicle engineering, and advanced battery technologies;
A comprehensive Renewable Portfolio Standard, enacted last year, encouraging companies like Mariah Power, Global Wind Systems and Cascade Swift Turbine to locate or expand in Michigan;
New and improved economic development tools, leading to the best six months ever (August 2008-January 2009) for the Michigan Economic Development Corporation (MEDC): 55,000 jobs and $4.7 billion of investment announced by 84 companies.
“This recognition proves that Michigan’s competitive business climate and outstanding workforce make our state a top location for new corporate expansions,” MEDC President and CEO James C. Epolito said. “Companies are eager to invest in Michigan because we’re taking the steps needed to be competitive, especially in today’s high-tech economy.”
Site Selection magazine provides expansion planning information to 45,000 executives of fast-growing firms in 117 countries. The Governor’s Cup rankings are available online at www.siteselection.com.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.