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Summer's Hottest Ecocomic News
by Lisa Diggs
We wait so long for summer here in Michigan that often we are too busy enjoying the fun it brings, to keep track of current events. Yet, this summer was ripe with some great economic news for Michigan. Here are a few highlights that may have escaped your attention during the sunshine season, or are so good they bear repeating.
The State of Michigan offered General Motors a $779 million tax credit over 20 years as part of an incentive package to make its new subcompact car in Orion Township. The credit is based on GM retaining 20,000 jobs at GM manufacturing facilities statewide. If GM retains fewer jobs than that, the amount of the credit drops. The minimum amount of manufacturing jobs that GM must retain statewide is 8,000. As a result, General Motors announced the new small cars will indeed be built in Michigan with final assembly taking place at the Lake Orion plant and stampings coming from the nearby Pontiac Metal Center, preserving 1,400 jobs!
The national Pure Michigan tourism campaign appears to be working. According to a survey by the Michigan Lodging & Tourism Association, out of those businesses that track their visitors’ points of origin, 59 percent reported an increase in out-of-state visitors versus last summer.
Vice President Joe Biden announced that Michigan companies are slated to get more than $1 billion in grants for electric vehicles! This means that our state will get the largest financial jolt from a $2.4 billion package of federal grant awards to develop next-generation electric vehicles and battery systems. The Obama administration says 11 Michigan manufacturers and research facilities will receive grants, which coupled with battery-related tax incentives offered by the State of Michigan, reenergizes the state’s place as a leader in an emerging and sustainable industry.
The University of Michigan also reported great grant-related success, saying its researchers have received $61.1 million in grants under the federal government's economic stimulus program. The university said it has received 159 in total so far, including 113 from the National Institutes of Health, to the tune of $21.1 million. This further positions Michigan as a leader in the seemingly recession-proof healthcare industry.
Wayne State University also reported success in securing grant money under the federal government's recovery program. The Detroit school has landed 32 research grants in all, totaling $17.9 million.
Federal authorities announced their intention to build a northern border data collection center in Michigan to fight cross-border crime. Authorities said the $30 million Operational Integration Center at Selfridge Air National Guard Base will open next May and is the first on the U.S./Canada border. This new investment is welcome news as military bases continue to be scrutinized for potential closure.
It was also reported that the U.S. Army Tacom Life Cycle Management Command could grow enough to sustain 9,800 Southeast Michigan employees by 2015 — including several thousand people off-base in areas surrounding the Detroit Arsenal in Warren. This according to its commanding officer, Maj. Gen. Scott West. While the commander’s assertion is only a projection, and subject to congressional approval, it does bode well for Michigan’s ongoing foray into the defense industry.
Edison issued two new requests for proposals with regard to renewable energy. The first seeks potential partners for the development of one or more Michigan-based wind farms that can produce up to 75 megawatts of new wind power. The second seeks long-term agreements to purchase capacity, energy or renewable energy credits associated with resources such as wind, solar, landfill gas and biomass.
The attention of the art world is being captured by Grand Rapids with its inaugural ArtPrize, competition. The event is designed to transform a three-mile district of downtown Grand Rapids into a gigantic exhibit with work from more than 1,000 artists — all vying for a top prize of $250,000. With a combined total of nearly $450,000 in funds to award, organizers say ArtPrize will distribute more money than any other art competition in the world.
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