Our Priorities
Accelerate our economy
Michigan has made significant advancements in business growth over the past dozen years. We are creating new businesses, adding jobs in the automotive sector and beyond, and building a strong foundation to continue our economic development.
Republicans and Democrats came together at the end of 2021 to create the bipartisan Strategic Outreach and Attraction Reserve Fund (SOAR) because they recognized the need for a tool to help the state be more competitive. Since its inception, it has delivered more than 12,000 jobs and over $20 billion in private investment. Having the SOAR fund in our toolbox allows Michigan to compete for new jobs and investments.
Even as we have made such strides, our growth is being outpaced by the U.S. average. We are losing ground to other states that have been working for decades to strengthen and diversify their economic competitiveness and create unique tools to win jobs.
Key National Metrics
34th
In Median Household Income
21st
In Net Business Creation
33rd
Poverty Rate
Why It Matters
Economic disruptions in Michigan and across the globe mean it’s even more critical that we focus on investments and actions that drive growth.
Michigan must grow incumbent industries and diversify our economy. As the auto industry rapidly transitions to autonomous and electric vehicles, the state needs to meet the shifting needs of automakers while also attracting and growing emerging industries such as life sciences, IT, professional and business services, and food processing.
Additional measures are required to strengthen Michigan’s competitiveness, including in workforce and talent development and customer service.
We must
act now
170k Michigan jobs at risk due to the EV transition - equal to the number of jobs in Lansing and Grand Rapids
46,000
Directly Impacted Jobs
123,000
Indirectly Impacted Jobs
170,000
Total Michigan Jobs at Risk
Recommendations to Accelerate Our Economy
Drive a consistent and competitive state economic development strategy across political terms
- Grow incumbent industries: Help Michigan companies overcome disruption and grow in the midst of economic uncertainty
- Win the EV transition
- Win the EV transition
- Diversify the economy: Cultivate emerging industries in sectors such as life sciences, IT, research and food processing
- Become a start-up and scale-up state: Ensure entrepreneurs can start and grow in our state
- Leverage our universities and corporate research and development capabilities to drive high growth entrepreneurship/innovation hubs and opportunities
- Ensure equitable access to venture capital, incubators and accelerators to improve scale-up activities
- Leverage our universities and corporate research and development capabilities to drive high growth entrepreneurship/innovation hubs and opportunities
- Grow and strengthen Michigan’s R&D sector: Secure Michigan’s position as a destination for research and development investment in existing and emerging sectors
- Organize for regional success: Support competitiveness of our regions through collaboration and funding for economic, education, and workforce development ecosystems
- Ensure sustainable funding: Prioritize consistent funding for economic development at a statewide level
- Drive regulatory reform: Expedite permit approvals to improve economic development
Become a leading state for business attraction and retention
- Provide best-in-class customer service, including quicker response times with a full suite of options to companies considering expansion
- Prepare prioritized sites for future opportunities: Develop a statewide industrial and commercial site development program
- Provide competitive incentives: Stay ahead of the competition with innovative, predictable, easy to navigate incentive packages for business retention and attraction
- Increase access to talent: Develop a statewide program to provide fast, flexible, customized training for companies moving to or expanding in the state
