Michigan is 2nd in Nation in New Capital Investment
$6.5 Billion in Auto-Related Spending Key to State Ranking
As you know, we have been working hard to “go anywhere and do anything” to create jobs in Michigan. I’m pleased to share that our efforts are paying off. According to a recent study by Ernst & Young LLP, a major international accounting and consulting firm, Michigan attracted $6.5 billion in major corporate capital investments involving 213 projects and 32,474 new jobs last year – second only to Texas.
A key factor in the ranking was Michigan's success in attracting international investment which accounted for 21 percent of planned capital expenditures in Michigan, representing the third highest level of foreign investment in the nation.
The top five states, Texas, Michigan, Ohio, California and New York, attracted nearly 40 percent of total capital investment in the nation during 2004. Michigan's ranking puts us in the top tier of economic development heavyweights.
Michigan’s economic plan includes targeted initiatives to increase automotive manufacturing and R&D investments and jobs in the state. According to the report, "Michigan lives up to its reputation as the nation's automotive capital." Michigan attracted 45 percent of the total auto industry U.S. investment of $14.5 billion.
In 2004, Toyota, Nissan, and Hyundai headed the list of foreign-based automakers announcing North American technology center expansions in Michigan. Following my investment mission to Japan last July, ten Japan-based companies committed to expansions here, representing 630 jobs and $116 million in capital investments. In all, 43 international auto-related companies have entered Michigan or expanded operations here in the past year.
I was surprised by this.
So, the next time some Republican yahoo prattles on about how Michigan's economic climate is bad for business, tell them to stick it in their ear. You can also tell them this-
Michigan Ranked as 5th Small Business-Friendly State
Up from #6 on Index of Tax Burden, Regulatory Climate
Moving from sixth place last year, to fifth place this year, Michigan improved its ranking on the Small Business Survival Index 2005 compiled by the Washington, D.C.-based Small Business & Entrepreneurship Council (SBEC).
The SBE Council's annual ranking analyzes 26 major government-imposed or government-related costs affecting small businesses and entrepreneurs. This year's index is their 10th annual survey and has been revised and expanded to include four measures of health care regulation. The top five entrepreneur-friendly states under the Small Business Survival Index are South Dakota , Nevada, Wyoming, Washington, and Michigan. Details of the rankings are available at www.sbecouncil.org.
Growing Michigan's small businesses is a high priority in our plan to strengthen and diversify our economy. Of the 6,118 personal business visits made by Michigan Economic Development Corporation account managers in 2004, 70 percent of them were to companies with fewer than 100 employees. It is gratifying that our efforts to support a strong and vibrant small business sector have won this national recognition.
So there, Mr. Smarty-Pants DeVos. Fill all those temp jobs out at Amway yet?