Advocacy News – June 3, 2022
Last week, members of the Michigan Chamber sat down with the Director of the Michigan Economic Development Corporation (MEDC), Quentin Messer Jr. The member-exclusive event was a unique opportunity to hear from the state’s leading economic development expert about the status of business attraction in the Great Lakes States.
Economic development has been an increasingly large conversation in Michigan once Ford announced expansion in Kentucky and Tennessee, and, in response, the Michigan Legislature agreed to approximately $666 million for General Motors and LG for electric vehicle and battery production in the state. The events ignited a new conversation in Michigan surrounding how to get and keep businesses here, and the possibility of incentives bringing Michigan to the table of business attraction and retention.
Whether you participated, or were not able to attend, keep reading for some key takeaways:
- The Reality: Michigan has lost a Congressional seat every census since 1973. Population in Michigan is a key component, and we need to focus on opportunities to bring people here.
- A Championship Economy: To build a thriving economy, Michigan must follow key strategies: consistency, winning in our own backyard and building out our physical and knowledge infrastructure (roads, bridges, schools, colleges). Improving our talent production is the most important component in attracting businesses and to do that entities looking to expand, or even stay, crave a consistent environment. They look for states that are innovative, successful and provide great infrastructure to all individuals and families to ensure current and future employees would want to work there.
- MEDC’s Six Strategic Focus Areas: To ensure Michigan climbs the ranks nationally in attracting people and businesses, MEDC has added two new pillars committed to focusing on marketing the state and supporting small businesses. Since October 2020, MEDC has assisted small businesses with $73.7 million in funding. The other four focus areas are: attract, retain and grow businesses; support and grow Michigan talent; develop attractive places to live; and accelerate high-tech innovation.
- The Small Business Component: Attracting transformational projects here through economic development in Michigan not only impacts larger entities, but small businesses feel the impact of these projects as they provide capital, management, customer, and talent needs of smaller businesses.
For more information, questions or a link to the recording, please contact Leah Robinson at lrobinson@michamber.com.