Michigan Manufacturing Growth

In the recent State of the State address, Governor Rick Snyder said, “Michigan ranks number one in the nation for total manufacturing jobs created a two hundred percent growth of new manufacturing jobs in the past six years, with more than 116,000 jobs created”. 

In a presentation given at the Economic Forecast Forum held in January of this year, through the Michigan Chamber Foundation and the Michigan Bankers Association, “Global Reflation and the Trump Swerve”, kicked off the discussion at the annual event.

Reflation defined can mean; An increase in economic activity and prices, An increase in the supply of money and credit designed to cause such an increase. Swerve used as a verb is defined as to change or cause to change direction abruptly. Used as a noun it means an abrupt change of direction. It seems hopeful this strategy will encourage new business and jobs despite an increase in doing business.

Snyder also said, “In the State of the State address, I talked about how we now have a clear path toward our future – a future that includes more good-paying jobs and outstanding career opportunities for all Michiganders. Our expanding labor force demonstrates that Michigan’s residents are more confident in the state’s growing economy.

“The last jobs report of 2016 showed that our workforce is now growing at its fastest rate in 17 years. We will celebrate that, especially as we work to grow our population to more than 10 million people by the end of 2020. We can achieve that goal because people from all over the world recognize that Michigan is the place to be. More people are seeing new opportunities in Michigan and industry growth. This includes residents who are finding great ways to advance their careers and former residents who can come home to be with their families because of jobs being created. Working together, we will continue our efforts to make this state an even better place to live, work, and play for everyone.”

In Huron Township, MI the Local Development Finance Authority exists to provide public improvements necessary or desirable to facilitate, promote and sustain industrial development within the established district. The group is hopeful with the forecasts that the manufacturing firms will continue to consider Huron Township to build and expand their businesses.

The Local Development Financing Act (LDFA), allows eligible entities to establish area boundaries, create and implement a development plan, acquire and dispose of interest in real and personal property, issue bonds and use tax increment financing to fund public infrastructure improvements for eligible property.  The tool is designed to promote industry  growth and job creation.  The group has used these tools to support companies in manufacturing, agricultural processing, and high technology operations.

Huron Township LDFA is home to many other successful  manufacturing businesses with space to grow new companies! Recently the group has developed a new LDFA2 district with many opportunities for new business.

 

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