Tuesday, May 18, 2004
Michigan Wins $29.1 Million in Private Investment
Governor Jennifer M. Granholm announced today that Quicken Loans Inc., known locally as Rock Financial, plans to expand its Michigan operations in Troy, resulting in the creation of 1,200 new direct jobs and an additional 4,695 indirect jobs over the next four years. Assistance from the Michigan Economic Development Corporation convinced Quicken to locate the $29.1 million expansion in Michigan rather than Nevada.
"This is great news for Troy and the entire state," Granholm said. "Quicken Loans/Rock Financial is recognized as one of the nation's best employers to work for, and now there will be more Michgan workers enjoying that distinction as a result of this expansion. We appreciate the company's continued commitment to Michigan."
In her 2004 State of the State address, Governor Granholm announced a focused plan for achieving a powerhouse economy. So far this year, the Governor and the MEDC have announced the creation or retention of approximately 14,321 jobs as a result of targeted assistance provided by the MEDC.
The Quicken expansion was one of nine major expansions and relocations announced by Governor Granholm today. The projects are expected to create and retain total of 8,683 jobs for Michigan workers, including 2,866 directly by the nine companies.
The company had considered locating the expansion at a number of competing sites in Nevada. However, a Single Business Tax credit worth more than $29.6 million over the next four years offered by the MEDC convinced the company to stay and grow in Michigan.
"Quicken Loans/Rock Financial is one of the fastest growing, most technologically advanced mortgage lenders in the nation," said Bill Emerson, CEO. "This grant will enable us to continue our rapid growth, creating more than 1,000 new high quality jobs in Michigan."
The city of Troy will contribute $200,000 for roadwork, landscaping and lighting to facilitate the project.
A University of Michigan economic analysis estimates that 4,695 indirect Michigan jobs will be created as a result of increased economic activity associated with the expansion, in addition to the 1,200 jobs created directly by the company. The expansion is expected to result in the generation of more than $4 billion in personal income for Michigan workers over the life of the credit.
"This is an incredible amount of job creation," said MEDC President and CEO Don Jakeway. "We are glad to partner with Quicken Loans to help create these good jobs for Michigan's families and appreciate the company's continued presence in the state."
Quicken Loans/Rock Financial
(All estimates in 2004 dollars)
|TOTAL JOBS CREATED||5,895|
|NET POSITIVE STATE REVENUE IMPACT||$280,863,000|
|Personal Income Generated Over||$4,037,577,000|