Southeast Michigan takes in lion's share of MEDC investment

metromode, 2/19/2009

Southeast Michigan is walking away with most of the most from the latest round of investment announcements from the Michigan Economic Development Authority.

Metro Detroit took in $135.1 million of the $162 million earmarked for
investment. That money is expected to create about 1,359 jobs over the next decade. All at the cost of $15.8 million in tax credits granted by the Michigan Economic Growth Authority.

The biggest investments came from the largest firms, such as General Motors and BAE Systems. GM is setting up a lithium-ion battery factory and BAE Systems is setting up a technical center for engineers in Sterling Heights.

Among the other firms making investments in exchange for tax credits are:

McLaren Performance Technologies, $8.9 million invested for 34 jobs
Patrick Energy Services, $2.2 million invested for 90 jobs
RISS, $946,000 invested for 40 jobs
Global Tooling Systems, $17.2 million invested for 184 jobs
Michigan Brewing Company, $7 million invested for 161 jobs
GM, $43 million invested for 140 jobs
A new grocery store in Hazel Park, $11.9 invested for 250 jobs
BAE Systems, $44 million invested for 460 jobs

Since January 2005, the governor and the MEDC have announced the creation or retention of more than 310,500 jobs as a result of targeted assistance provided by the MEDC.

Source: Michigan Economic Development Corporation
Writer: Jon Zemke