What’s in the Budget to Grow Michigan’s Economy 

by | Jul 10, 2023 | Regional News

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FOR IMMEDIATE RELEASE 

July 10, 2023

Contact: [email protected]

 

What’s in the Budget to Grow Michigan’s Economy

 

LANSING, Mich – Governor Whitmer has worked with legislators to pass a balanced, bipartisan state budget for Fiscal Year 2024 focused on growing the economy, lowering costs, delivering on kitchen-table issues, and helping anyone “Make it in Michigan.”

 

The budget delivers on several priorities in the ‘Make it in Michigan’ plan, from the first steps towards Pre-K for All and bold expansions of workforce development programs to sustainable resources to build more housing, community development projects, and manufacturing facilities, and funds to help attract cutting-edge investments creating good-paying jobs.

 

“I want every person, business, and community to know that they can make it in Michigan,” said Governor Whitmer. “Right now, we have the economic momentum, with 82,000 jobs added year over year, unemployment below 4% for only the third period since the 1970s, and more than $16 billion of investment and 16,000 jobs secured with our bipartisan economic development tools. The recent, bipartisan budget will build on this momentum with several more investments to win more projects, invest in people, and revitalize places. With our comprehensive ‘Make it in Michigan’ budget and cohesive strategy, we will keep moving Michigan forward and building a bright future together.”

 

Governor Whitmer and the Legislature are focused on helping anyone ‘Make it in Michigan.’ This comprehensive vision for economic development is focused on bringing projects home, investing in people from preschool through postsecondary, and revitalizing places to make them more attractive to live, work, and invest. Over the last 18 months, the state’s powerful bipartisan economic development tools have helped bring home over $16 billion of projects and secure 16,000 jobs building electric vehicles, batteries, semiconductors, and clean energy. Earlier this year, the governor signed bipartisan legislation making record investments in housing, community revitalization, and blight elimination.

 

“Traverse Connect is thrilled to see continued investment in talent development programs like Michigan Reconnect in this budget, along with new incentives for research and development to help keep our state on the cutting edge of freshwater innovation,” said Warren Call, President and CEO of Traverse Connect.

 

“As we stand at the cusp of the most transformative time in the history of manufacturing, there is perhaps nothing more impactful to the future success and prosperity of Michigan and its citizens than a thriving manufacturing sector.  And there is nothing more critical to a thriving manufacturing sector than a robust and skilled workforce,” said John J. Walsh, President & CEO of the Michigan Manufacturers Association (MMA). “Funding for programs like Going PRO Talent Fund, Michigan Reconnect will serve to expand and bolster Michigan’s manufacturing talent base to attract and maintain manufacturing capital investment and high-paying careers. The budget leverages federal dollars to support growth in manufacturing for semiconductors, hydrogen hubs, and clean manufacturing. Increased focus on infrastructure supports the growth of commerce.  Increased funding on permitting in EGLE will help move new investment into production faster. In addition, the creation of a much-needed Research & Development tax credit will keep Michigan manufacturers on the leading edge of innovation.”

 

Fiscal Year 2024 Investments to ‘Make It in Michigan’

 

Projects

  • $500 million for the Make it in Michigan Fund to continue competing with other states and nations to bring home advanced manufacturing projects.
  • $350 million for the Make it in Michigan Competitiveness Fund to win federal resources from the Bipartisan Infrastructure Law, the CHIPS and Sciences Act, and the Inflation Reduction Act.
  • Michigan is set to receive over $1.5 billion (4th highest in the nation) through the Broadband Equity, Access, and Deployment (BEAD) Program to expand high-speed internet access to over 200,000 Michiganders in unserved and underserved areas across the state.

 

People

  • Taking the first steps towards offering Pre-K for All with a $72.6 million of the Great Start Readiness Program (GSRP) free preschool program for up to 5,600 kids. $230 million to expand GSRP to 5 days a week and open new classrooms.
  • $70 million to temporarily lower the age for Michigan Reconnect—tuition-free associate degrees or skills training—from 25 to 21, expanding eligibility to 350,000 people.
  • Funding the recently established Growing Michigan Together Council so they can focus on growing our population and economy while protecting our natural resources.

 

Places

  • $50 million in sustainable, recurring funding for the Housing and Community Development Fund to build thousands of housing units, house thousands of families, and support thousands of jobs. Builds on $150 million investment in the fund earlier this year.
  • $50 million in sustainable, recurring funding for Revitalization and Placemaking Grants, used to make communities more attractive places to live and work by building housing, parks, and beautifying other places. This builds on $100 million investment in the program earlier this year.
  • A 5% increase in revenue sharing to help counties, cities, villages, and townships improve quality of life for residents. Additional, dedicated funds for local public safety initiatives.