Michigan scores winning streak in big deals to attract businesses, far outpacing 2016
LANSING — Michigan is scoring some big economic development wins this year, a streak that has brought more jobs and investment with a new incentives program in the wings.
The state is outpacing the first eight months of 2016 when it comes to proposed job numbers and corporate spending for projects that won business growth incentives. The list of companies that said this year they plan to expand in Michigan includes a handful of Fortune 500 companies (Amazon, Lear, Kroger, Stryker) and household names (Penske, LG).
Crain’s analyzed the largest deals awarded business attraction incentives by the Michigan Strategic Fund board. The projects were included on strategic fund board meeting agendas, generally reserved for the largest projects.
ECONOMIC PROGRESS: BY THE NUMBERS
The economic development additions so far this year in Michigan, based on projects that have been approved by the Michigan Strategic Fund:
$4.3 billion – Total investment
$253.5 million – Total tax incentives awarded to lure that investment
5,970 – Total jobs created or preserved by the investments
Through August, Michigan has drawn at least $4.3 billion in investment and 6,700 jobs from roughly two dozen projects that received such incentives as…