MiMfg Magazine April 2019 | Page 21

April 2019 Michigan Makes National Top 10 for Economic Development Projects Economic development projects have become a reliable way to attract new businesses into Michigan while encouraging existing brands to reinvest in their local communities. The 2018 Governor’s Cup rankings, through Site Selection magazine, saw Michigan move up two spots to ninth overall in the national list of most economic development projects, underlining the continued strength of the state’s business climate. “There is no doubt that Michigan is a home for economic opportunity, and today’s rankings are a testament to the business climate and growth opportunities available for businesses and communities in our state,” said Jeff Mason, Michigan Economic Development Corporation CEO. “From international companies deciding to invest in Michigan to entrepreneurs accessing the tools they need to grow, Michigan offers an ideal environment to do business.” Over the past year, Michigan has also been recognized as a “Top MiMfg Magazine State for Business” by CNBC, a top five “Global Best to Invest” by Site Selection magazine, a top three ranking for tech job growth by CompTIA and jumped nine spots in the ranking of “Best States to do Business” by Chief Executive magazine. New Soo Lock Estimates 1,100 New Regional Jobs Along with the anticipated surge in transportation of raw materials and manufactured goods, the creation of a new Soo Lock could add more than 1,000 jobs to Sault Ste. Marie, according to InvestUP, a private sector-led economic development organization focused on driving economic growth in the Upper Peninsula. Approximately $922 million was authorized by Congress in late 2018 to construct a new lock in the system, allowing greater travel for freighters between Lake Superior and Lake Huron. The MMA-supported project would add to the existing Poe Lock which currently is the only lock capable of handling larger vessels. “If you look at the impact total, that’s 1,120 jobs over eight years,” says Maureen Mahoney, project manager with the U.S. Army Corps of Engineers. “We estimate at the peak of construction there will be 250 workers on site.” Continued investment in the region’s transportation capabilities is essential as the U.S. Department of Homeland Security estimated a six-month closure to the Poe Lock during shipping season could temporarily reduce gross domestic product by $1.1 trillion and result in the loss of more than 10 million U.S. jobs. 6 21