LANSING, Mich. (WLNS) — Governor Gretchen Whitmer held a press conference at the Mackinac Policy Conference announcing her economic agenda today.
With her $2.1billion MI New Economy plan she hopes to assist with growing Michigan’s middle class, supporting small businesses and investing in communities to boost the state’s economic progress, that was effected from the COVID-19 pandemic.
“I am laser-focused on tackling these big, structural challenges by growing Michigan’s economy, creating good-paying jobs and building industries of the future. The MI New Economy plan is a good 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.”Governor, Gretchen Whitmer
The MI New Economy plan has three pillars. Each pillar has a target focus. This helps state officials track their progress overtime.
Pillar one is focused on growing the middle class. There are three goals that Whitmer highlighted: The first goal is for 60 percent of adults with a postsecondary credential by 2030. The second goal is to lift 100,000 families out of working poverty during the next five years. Lastly, the third goal is to provide access to low or no cost childcare for 150,000 more families by 2024.
Pillar two is focused on supporting small businesses. Whitmer laid out, to continue with economic development, Michigan needs to create and grow more Main Street businesses. Pillar two also consists of three primary goals. The first goal is to be the top 10 state for small business job growth and revenue growth from 2022 to 2026. The second goal is to be the top 10 state for household income growth during the next five years. Lastly, the third goal is to be the top 10 state for growth in venture capital funding over the next five years.
Pillar three is focused on building strong communities. Two goals are highlighted under this pillar. The first goal is to have 100 percent access to high-speed internet and 95 percent adoption by households during the next five years, while continually investing in higher quality access. The second goal is to have 75,000 new or rehabilitated housing units in five years.
“This plan will result in better jobs, better skills, more people re-entering the labor force and more people staying and moving to Michigan. It will result in a new economy, a better economy, one that expands economic opportunity and prosperity for all.”Lt. Governor Garlin Gilchrist II
The MI New Economy plan will address some of the state’s largest economic challenges.
“Michigan cannot achieve a prosperous, equitable economy without vibrant communities. Investments in core assets like housing and broadband internet are essential to making our state more attractive both to existing residents and the entrepreneurs and workforce of the future. On behalf of hundreds of community-based organizations, we stand ready to help achieve this MI New Economy vision.”Luke Forrest, Executive Director, Community Economic Development Association of Michigan (CEDAM)