State officials met today with local business, workforce development and community leaders in Marquette to discuss the ways Michigan can achieve the goals laid out in Gov. Whitmer’s MI New Economy Plan. The event is the first of a series, designed to bring stakeholders together to discuss a comprehensive strategy to utilize American Rescue Plan funds to support small businesses, grow the middle class and invest in our communities.
“We continue to build momentum on our economic recovery and our commitment to carrying out the governor’s economic vision that tackles structural challenges to grow Michigan’s economy, create good-paying jobs and build industries of the future,” said Susan Corbin, director of the Michigan Department of Labor and Economic Opportunity (LEO). “These conversations will be critical in guiding our efforts. By working together and hearing from a diverse set of voices throughout the state, we can continue to jumpstart the economy and build Michigan back better.”
The goal of these events is to share the governor’s vision with key stakeholders and thought leaders and highlight local projects that demonstrate how the MI New Economy plan can move the state’s economy forward.
The Marquette stop of the tour included presentations from LEO and Invest UP, and an open discussion with other local leaders to highlight their initiatives – current and on the horizon – that align with the MI New Economy plan.
“Even in the wake of a global pandemic, there is plenty of reason for optimism as we continue building a stronger economy than ever before,” said Invest UP Chief Executive Officer Marty Fittante. “I know I speak on behalf of Upper Peninsula businesses and institutions in saying that we are so grateful Director Corbin took the time on behalf of the Governor to not only come up and detail the Governor’s MI New Economy proposal but, as importantly, listen to what we believe are the necessary priories for the U.P. to accelerate economic growth and recovery. We look forward to continuing to work with Gov. Whitmer, her team and the legislature on a plan that provides transformative opportunity for not only the Upper Peninsula but the entire State.”
Last month, Gov. Whitmer detailed her economic agenda, including the unveiling of the three pillars of her $2.1 billion MI New Economy plan with specific and ambitious goals that will help state officials track progress on efforts to build a stronger and more resilient Michigan. The governor’s vision features three central pillars focused on economic development, workforce and community investment.
Pillar 1: Grow the Middle Class – No economic vision for the state can be complete if it doesn’t focus on eliminating poverty and lifting families into the middle class.
- Goal: 60% of adults with a postsecondary credential by 2030
- Goal: Lift 100,000 families out of working poverty during the next five years (FY22-FY26)
- Goal: Provide access to low or no cost childcare for 150,000 more families by 2024
Pillar 2: Support Small Business – To supplement the great economic development work our state already does, Michigan needs a focus on creating and growing more Main Street businesses.
- Goal: Top 10 state for small business job growth and revenue growth from 2022 to 2026
- Goal: Top 10 state for household income growth during the next five years (FY22-FY26)
- Goal: Top 10 state for growth in venture capital funding over the next five years (2022-2026)
Pillar 3: Build Strong Communities – Michigan’s residents deserve to live in vibrant communities with the kinds of services and amenities associated with a high standard of living.
- Goal: 100% access to high-speed internet and 95% adoption by households during the next five years, while continually investing in higher quality access (FY22-FY26)
- Goal: 75,000 new or rehabilitated housing units in five years (FY22-FY26)
Additional stops of the MI New Economy Tour are being planned for many communities across Michigan.
To learn more about the MI New Economy plan, the state’s economic and workforce challenges and successes the state has seen to date, visit www.michigan.gov/MINewEconomy.
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