Gov. Whitmer signed a bipartisan economic development bill that state leaders hope will strengthen the economy. | Michigan.gov
Gov. Whitmer signed a bipartisan economic development bill that state leaders hope will strengthen the economy. | Michigan.gov
A bipartisan bill recently signed by Gov. Gretchen Whitmer (D-MI) that will help the state secure investment opportunities and more economic growth.
According to a news release issued by the state government, Senate Bill 844 will help fund the state’s bipartisan Strategic Outreach Attraction Reserve (SOAR) endowment, which was created in December of 2021.
“These supplemental budgets invest part of our $7 billion surplus to support economic growth, create good jobs, help struggling students afford to go to college and support the mental health of invaluable first responders," said Sen. Jim Stamas (R-Midland). “Economic development is critical to our future. As our economy faces the challenges of high inflation, labor shortages and supply-chain issues, we must help our state remain competitive for long-term, high-wage jobs."
The SOAR fund will seek to provide assets for property development to entice businesses to construct their projects.
“Today, I am proud to sign another bipartisan bill that will build on Michigan’s growing economic momentum, attract billions in investment, and create tens of thousands of good-paying jobs,” said Whitmer. “The bipartisan legislation will help us grow, attract, and retain businesses in Michigan, ensuring we can lead the future of mobility and electrification and bring supply chains of chips and batteries home to Michigan. Our work on economic development is a testament to what we are capable of when we work together. Let’s keep putting Michiganders first and moving our state forward.”
The provision earmarks $496 million for future economic investments, $350 million for site development statewide and $27 million for China-based chip manufacturer Hemlock Semiconductor to develop a facility in the state.
"The Whitmer administration's economic wins keep adding up for Michigan,” said Representative Rachel Hood (D-Grand Rapids). “I look forward to continuing our work to attract and retain the technology and manufacturing companies who will drive West Michigan's economy in the 21st century. We're ready!"
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