Michigan is becoming a global leader in auto manufacturing and mobility solutions. The state has managed to attract numerous investments in this sector in recent times. Moreover, these massive investments have created multiple job opportunities across the state.
Role of Michigan Economic Development Corporation
The Michigan Economic Development Corporation announced new projects and business expansions in key industries. These industries include auto manufacturing, electric vehicle testing and the semiconductor supply chain. The state has reserved a $1 billion of state funds to attract large investments. Gov. Gretchen Whitmer created this fund when the state lost out on an $11.4 billion investment from Ford Motors. However, the results of this fund came out to be significantly positive. Not only it has attracted new investment from big companies but has also created job opportunities within the state.
GM Motors invested $7 billion in Michigan
Hence, General Motors was the first to jump in and utilize the state economic incentive fund. The auto giant invested a $7 billion at their four manufacturing sites in Michigan. In addition, the GM is planning to add 3,000 new jobs at their facilities in Michigan. Gov. Whitmer termed the program as a significant boost in opening doors for new investment. “We will continue building on our leadership in mobility and electrification solutions by supporting business growth in our communities. Our economy is growing and thanks to projects like these, we will keep moving Michigan forward.” Whitmer said in her statement.
Other Investments and affiliated jobs
In addition, Axiom Engineered Systems opened their first U.S. facility in St. Clair County. The company added more than 200 jobs in Michigan. Similarly, LG Energy Solutions has also pledged to $1.7 billion in Michigan to setup a battery manufacturing plant. Subsequently, energy company will create 1,200 new jobs by 2025 in Michigan. Calumet Electronics Corporation will become one of few manufacturers in the U.S. producing components needed in semiconductors. The company received funding to expand their existing manufacturing facility. Currently, the company is employing 300 people. Moreover, this investment will create 80 manufacturing and engineering jobs.
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