New Michigan Economy To Be Based On Economic Diversification, Job Creation And Education
In her final State of the State address, Governor Jennifer M. Granholm today said her administration has set the foundation for a new Michigan economy by diversifying and creating jobs, educating people to fill and create jobs, and helping people transition from the old economy to the new. Work on these priorities continues, she said.
“Step by step, we have been making it happen,” Granholm said. “We have purposefully laid the foundation for Michigan’s new economy, steadily building each of six new sectors.
“Where the old Michigan economy was all about autos and manufacturing, the new Michigan economy is much broader: clean energy, life sciences, homeland security and defense, advanced-manufacturing, film and tourism. We have steadily focused on the unique attributes that give us a competitive advantage. No state has the skilled workforce we do. Nobody has the capacity and the manufacturing know-how we have. Nobody has the natural resources we have. Combine that with our great universities and colleges, and we’re using these unique assets to attract new companies and whole new industries.”
Members of next year’s Legislature will have new ideas and new plans, Granholm said, but a course has been set.
“Democrats, Republicans and independents alike will have to confront this truth: We cannot turn back,” Granholm said. “This plan – diversifying, educating, protecting people – this is the path forward.”
To continue moving forward, the governor said next steps include passing a balanced budget that helps create jobs; further reforming government to make it more efficient, less costly, and more focused on job-creation and education; and continuing to grow jobs in Michigan.
The governor said she’ll present her comprehensive proposal for the 2011 fiscal year budget next week, but did touch on a few areas.
“My budget for the year ahead will restore the Michigan Promise scholarship, identify a creative way to pay for it, and give it a new focus – keeping our young people in Michigan when they earn their degrees,” Granholm said. “And we have to draw the line against additional education cuts in the year ahead.”
The governor also called on the legislature to follow the recommendations of the bipartisan Transportation Funding Task Force for investing in roads and infrastructure, and said the state will gain $2 billion in federal road funds over the next four years if it can provide a 20 percent match.
“Without the match, we lose the federal funds and 10,000 construction jobs each year going forward,” Granholm said.
She also said the award-winning Pure Michigan tourism campaign should continue, noting that for every dollar invested in the ads, Michigan gets back $2.23 in state tax revenues from tourists spending money here.
To further advance economic diversification, job-creation, education, and protection of Michigan citizens, the governor called for:
- fighting hard for Michigan’s fair share of federal funding so that the state can invest in jobs and education. The governor thanked the Obama administration and supportive members of Congress on behalf of the 42,000 Michigan citizens who now have jobs through Recovery Act funding.
- making more than $40 million available for business start-ups through a Michigan Small Business Financing Alliance created by the Granholm administration and the Michigan Credit Union League. About 2,100 new businesses are expected to benefit from $43 million in credit union loans.
- improving access to capital for small businesses by asking the Legislature to approve a new income tax credit for investment in small businesses and asking Washington to give small and medium-sized auto suppliers greater access to capital so they can diversify.
- training 1,000 prospective entrepreneurs in 12 small business assistance centers across the state through a nationally-recognized training program.
- opening 10 new learning labs in the metro Detroit area to provide tutoring and computer-assisted learning to adults to help them succeed in technical training.
- transforming abandoned auto factories into new job-creating enterprises through a state-local partnership called Project Phoenix.
- demolishing or refurbishing 5,000 blighted homes and buildings this year through a $223 million grant from the Department of Housing and Urban Development.
- constructing a 21st century health-care information system in Michigan, with federal assistance, that will improve patient care and reduce costs.
“For me, it comes down to this: to fight every day for the jobs the people of Michigan want and need,” Granholm said. “And help them make the difficult, often painful transition from an old economy that’s disappearing, to a new economy that’s only just beginning to emerge.”
Topics: advanced manufacturing, autos, cars, clean energy, colleges, competitive advantage, computer assisted learning, Congress, construction, defense, Department of Housing and Urban Development, Detroit, diversifying, economic development, economic diversification, economic growth, economic recovery, Economy, educating, education, employment, energy, envrionment, film, Foundation, Governance, government, Governor Jennifer M. Granholm, health care, Health Care, health care information system, Homeland Security, infrastructure, job creation, jobs, life sciences, manufacturing, Michigan, Michigan Small Business Financing Alliance, monitor, natural resources, new economy, news, old economy, patient care, Project Phoenix, protecting people, recovery act, renewable energy, roads, State of the State, technical training, tourism, Transportation Funding Task Force, U.S., United States, universities, vehicles
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