Recently. Gov. Gretchen Whitmer signed SB 844, a bipartisan bill securing resources to help Michigan grow, attract, and retain businesses bringing billions in investment and creating thousands of jobs to Michigan. The bill makes a substantial deposit into the state’s bipartisan Strategic Outreach Attraction Reserve (SOAR) fund, established last December, and includes resources for site development to create space for future business investment.
“I am proud to sign another bipartisan bill that will build on Michigan’s growing economic momentum, attract billions in investment, and create tens of thousands of good-paying jobs,” said Whitmer. “The bipartisan legislation will help us grow, attract, and retain businesses in Michigan, ensuring we can lead the future of mobility and electrification and bring supply chains of chips and batteries home to Michigan. Our work on economic development is a testament to what we are capable of when we work together. Let’s keep putting Michiganders first and moving our state forward.”
“These supplemental budgets invest part of our $7 billion surplus to support economic growth, create good jobs, help struggling students afford to go to college and support the mental health of invaluable first responders,” said Senator Jim Stamas (R-Midland). “Economic development is critical to our future. As our economy faces the challenges of high inflation, labor shortages and supply-chain issues, we must help our state remain competitive for long-term, high-wage jobs.
“We have taken another step today to keep growing Michigan’s economy and I am grateful to Governor Whitmer and bipartisan leaders in the legislature for prioritizing economic development,” said Senator Curtis Hertel (D-East Lansing). “Securing these funds will help us attract more jobs and investment to every region of the state.”
“When Michigan loses population, our state loses. Without growth, we lose,” said Senator Ken Horn (R-Frankenmuth). “Now more than ever, I am pleased to see critical investments being made in our people and our communities.”
“Creating the SOAR fund has been one of the country’s biggest economic success stories,” said Representative Matt Hall (R-Comstock Township). “Instead of watching jobs leave our state, we took action to bring good-paying manufacturing jobs back to Michigan. The next step is developing better sites around the state to bring in even more new jobs. That is why this plan is so important to our local economy and to Kalamazoo and Calhoun County especially. This budget is a strong investment right here in our community and show of faith in Southwest Michigan workers.”
“The Whitmer administration’s economic wins keep adding up for Michigan,” said Representative Rachel Hood (D-Grand Rapids). “I look forward to continuing our work to attract and retain the technology and manufacturing companies who will drive West Michigan’s economy in the 21st century. We’re ready!”
Creating Good-Paying Jobs and Attracting Business
To maintain the Michigan’s momentum attracting transformational projects, the bipartisan bill includes a significant deposit into the State’s Strategic Outreach and Attraction Reserve (SOAR) fund. This funding has the potential to create thousands of new, good-paying jobs in Michigan. Additionally, the supplemental includes:
· $496 million for future economic investments
· $350 million for site development statewide, including:
· Grants to regional and local economic development organizations
· Strategic site improvements
· Remediation and redevelopment for future projects
· $27 million for upgrades to secure an investment from Hemlock Semiconductor, bringing the supply chain of chips home from China to Michigan.
Bipartisan Economic Development In December 2021, Governor Whitmer signed bipartisan economic development legislation establishing the SOAR fund. Since then, the state has attracted three projects securing the future of mobility, electrification, and semiconductor chips in Michigan. · $7 billion from GM creating and retaining 5,000 jobs, the largest investment in GM’s history, building batteries and electric vehicles in Lansing and Orion Township. · $2 billion from Ford creating 3,200 jobs, shoring up internal combustion engine production and significantly expanding electric vehicle manufacturing at several Southeast Michigan facilities. · $375 million from Hemlock Semiconductor creating 175 jobs, bringing the supply chain of critical semiconductor chips home to Thomas Township.