State of Michigan, JPMorganChase Convene Michigan Resiliency Summit to Build Economic Opportunity for High Growth Industries, Job Creators

DETROIT, Mich. – Today, roughly 150 CEOs, C-Suite leaders, innovation partners, and other public-sector leaders gathered at Newlab in Detroit for the Michigan Resiliency Summit. The summit addressed opportunities to support the growth of critical industries in Michigan and confront key supply chain gaps as part of JPMorganChase’s Security and Resiliency Initiative, a $1.5 trillion, 10-year plan to facilitate, finance, and invest in industries critical to national economic security and resiliency. The summit builds on Governor Whitmer’s work to bring home supply chains and expand economic opportunity, making Michigan a top 10 state for business three years in a row.

“Michigan is working hard to set our economy up to think, build, and lead the future,” said Governor Gretchen Whitmer. “Over the last seven and a half years, we’ve created tens of thousands of good-paying jobs, brought supply chains back home, and supported Michigan innovators as they grow their ideas. I’m proud to continue working with JPMorganChase in Detroit and help convene this important summit as we work together to grow our economy, secure the future, and compete to win on the global stage.”

“Michigan has the talent, industrial experience, and supplier strength to help lead America’s next phase of growth at scale — and Detroit is exactly the right place to convene leaders who can turn shared priorities into execution,” said Jay Horine, Head of JPMorganChase’s Security and Resiliency Initiative. “Through our Security and Resiliency Initiative, we’re committed to partnering for the long term — helping align capital, talent and innovation so Michigan companies can move faster from opportunity to production, strengthen critical supply chains, and deliver durable economic growth for communities across the state and across the country.”

Michigan is a national leader in reindustrialization, drawing on its manufacturing heritage, engineering talent, and innovation ecosystem to help rebuild and strengthen the industries critical to America's economic security and long-term competitiveness. This event highlighted those strengths and offered participants the opportunity to network with companies and financiers. Attendees also joined roundtable breakout sessions that brought together public and private industry leaders. It featured panel discussions on leveraging Michigan's industrial base to scale critical domestic supply chains. 

“Michigan’s strongest path to broad-based prosperity is an innovation economy that turns research, know-how and industrial capability into new products, growing companies and good jobs,” said Ben Marchionna, Chief Innovation Ecosystem Officer for the State of Michigan. “This summit is about building novel models for innovation-driven economic development, aligning public and private partners, capital and customers around critical industrial gaps, and creating new opportunities for employers, suppliers, skilled trades and small businesses across Michigan.” 

“JPMorganChase has been a major partner in Detroit's revitalization through its $200 million investment targeting workforce development, and supporting small businesses and neighborhood development, including affordable housing,” said Detroit Mayor Mary Sheffield. “Detroit and our residents have played a pivotal role in developing the products and supply chains that have changed the world for generations. It is the perfect location to start the conversation about how JPMorganChase can support the resiliency of our state and national economies.”

The discussions aimed to turn national investment priorities into concrete opportunities to retain existing Michigan jobs, create new, good-paying career pathways, and strengthen the industries that will define the state’s long-term economic competitiveness.

About Michigan’s Innovation Ecosystem

Michigan is uniquely positioned to advance the goals of the Security and Resiliency Initiative, with over 14,000 manufacturing firms, a high-tech high-growth startup ecosystem around the state, and strengths in autonomous, drone, maritime, robotics, advanced manufacturing and aerospace and defense sectors.

Since 2021, under Governor Whitmer’s leadership, state investments in entrepreneurship and innovation have catalyzed more than 15,800 jobs and formed more than 1,400 new high-tech companies in Michigan. For every $1 the state has invested, high-tech entrepreneurs have leveraged $85.56 in impact from other sources. Michigan is among the nation's leaders in research and development: 5th for economic value of research and 9th overall for research and development. 

About the J.P. Morgan Security and Resiliency Initiative (SRI)

The Security and Resiliency Initiative is a $1.5 trillion, 10-year plan to facilitate, finance and invest in industries critical to economic security and resiliency. As part of this initiative, the firm will make investments for an initial amount of $10 billion in select companies, primarily in the U.S., to help enhance their growth, spur innovation and accelerate strategic manufacturing.

SRI addresses key issues and opportunities to mitigate systemic shocks that threaten critical supply chains and economic stability, to accelerate innovation in strategic sectors to maintain global competitive dominance, and to invest in the defense industrial base to adapt to evolving threats and modern warfare. It includes a focus on five focus areas crucial to national security and economic resiliency:

• Supply Chain and Advanced Manufacturing
• Defense and Aerospace
• Energy Independence and Resilience
• Frontier and Strategic Technologies
• Pharma and Health Tech

Information about SRI is available at www.jpmorgan.com/about-us/security-and-resiliency

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.