Innovation & Job News

Southeast Michigan takes in lion's share of MEDC investment

Thursday, February 19, 2009

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Investment, Oakland County, Redevelopment, Wayne County

Southeast Michigan is walking away with most of the most from the latest round of investment announcements from the Michigan Economic Development Authority.

Metro Detroit took in $135.1 million of the $162 million earmarked for
investment. That money is expected to create about 1,359 jobs over the next decade. All at the cost of $15.8 million in tax credits granted by the Michigan Economic Growth Authority.

The biggest investments came from the largest firms, such as General Motors and BAE Systems. GM is setting up a lithium-ion battery factory and BAE Systems is setting up a technical center for engineers in Sterling Heights.

Among the other firms making investments in exchange for tax credits are:

McLaren Performance Technologies, $8.9 million invested for 34 jobs
Patrick Energy Services, $2.2 million invested for 90 jobs
RISS, $946,000 invested for 40 jobs
Global Tooling Systems, $17.2 million invested for 184 jobs
Michigan Brewing Company, $7 million invested for 161 jobs
GM, $43 million invested for 140 jobs
A new grocery store in Hazel Park, $11.9 invested for 250 jobs
BAE Systems, $44 million invested for 460 jobs

Since January 2005, the governor and the MEDC have announced the creation or retention of more than 310,500 jobs as a result of targeted assistance provided by the MEDC.

Source: Michigan Economic Development Corporation
Writer: Jon Zemke