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Governor Gretchen Whitmer unveiled her $ 2.1 billion new economy plan for MI on Tuesday at the Mackinac policy conference.
The new plan aims to grow Michigan’s middle class, support small businesses and invest in communities.
“I’m focusing on the laser to meet these great structural challenges by growing Michigan’s economy, creating well-paying jobs and building the industries of the future,” said Governor Gretchen Whitmer. “The MI New Economy plan is a great start, and I look forward to working with key partners, the legislature and anyone who wants to put Michigan’s families, communities and small businesses first as we make these investments. . “
The three pillars of Governor Whitmer MI New Economy Plan are:
Pillar 1: Develop the middle class – No economic vision of the State can be complete if it does not focus on the elimination of poverty and the integration of families into the middle class.
- Target: 60% of adults with a post-secondary diploma by 2030
- Goal: lift 100,000 families out of working poverty over the next five years (FY22-FY26)
- Objective: Provide access to low-cost or free childcare services to 150,000 additional families by 2024
Pillar 2: Support small businesses – To complement the great economic development work our state is already doing, Michigan needs to focus on creating and growing more businesses on Main Street.
- Target: Top 10 States for Small Business Job Growth and Revenue Growth from 2022 to 2026
- Target: Top 10 States for Household Income Growth Over the Next Five Years (FY22-FY26)
- Target: Top 10 states for growth in venture capital funding over the next five years (2022-2026)
Pillar 3: Building strong communities – Michigan residents deserve to live in vibrant communities with the types of services and amenities associated with a high standard of living.
- Goal: 100% high-speed Internet access and 95% household adoption over the next five years, while continuously investing in better quality access (FY22-FY26)
- Objective: 75,000 new or rehabilitated housing units in five years (FY22-FY26)
“This plan will translate into better jobs, better skills, more people re-entering the workforce and more people staying and moving to Michigan,” said Lt. Gov. Garlin Gilchrist II. “The result will be a new economy, a better economy, an economy that expands economic opportunities and prosperity for all. “
According to the governor, the pillars of the plan relate to the following points:
- There are too many jobs that don’t pay enough – over a million households live in working poverty.
- Too many Michiganders are forced to delay life-saving medical procedures and car repairs, skip prescription refills and meals, and make incredibly difficult choices to meet their basic needs.
- In 2019, before the pandemic, 38% of households were not earning enough to make ends meet, and an additional 10% are at the limit.
- There are not enough workers to fill the vacancies. Our unemployment rate is below the national average, but our participation in the labor market has been lagging for a decade.
- Today, it stands at 59%, or 42nd in the country. At the turn of the century, it was 68.8% and has fallen since.
- There are not enough Michiganders with the skills to fill highly skilled jobs. We need to meet our goal of 60 by 30 to increase incomes and improve long-term outcomes for working families.
- There is not enough entrepreneurship in Michigan. For several years, we have had below-average job growth for microenterprises and second-stage businesses.
- Housing is inaccessible or unaffordable in many communities. High-speed internet connection is lacking in some areas and we face an above-average shortage of tenants and potential landlords.
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