Michigan earned the 13th best state for business, the fourth best state economic development agency, and two international honors for redevelopment projects.
Michigan continues to be recognized as home to the projects and location opportunities that make the state a premier place to live, work and do business.
In Area Development's 2023 Best States for Business, Michigan moved up to 13th overall and ranked 2nd in industrial. water availability and top 10 ranking A cooperative and responsive state government. At the annual conference of the International Economic Development Council (IEDC), the International Development Council (DCI) named Michigan Economic Development Corporation (MEDC) #4. Best-in-class state economic development agency. Also at this conference, IEDC awarded his two MEDC-supported projects with Gold and Silver awards. Real estate redevelopment/reuse.
“The Michigan team is proud to be recognized for our work with businesses, employees and entrepreneurs to continue attracting and retaining business investment to maintain long-term economic resilience across both peninsulas. We encourage everyone to join Michigan as we build on our state's tradition of innovation and problem-solving to build even more vibrant communities.” Quentin L. Messer Jr., MEDC CEO. “We are always working hard to increase opportunities for our people and businesses. This recognition recognizes that, while significant work remains, everyone can succeed in Michigan and should be considered.” We are showing the world that.”
Best state for business
Area Development asked location consultants to find companies that perform best in more than 10 categories when making site selection decisions. Michigan earned its No. 13 ranking thanks to its manufacturing heritage and strong economic toolkit. Enhancing the state's attractiveness and supporting critical development is at the core of the “Make It in Michigan” economic strategy, which has already brought more than $16 billion in projects to the country and is expanding the state's portfolio of electric vehicles (EVs), batteries, semiconductors, 16,000 jobs in clean energy production. .
These cutting-edge industries play a critical role in Michigan's economic future and rely heavily on public services, including access to water. Michigan ranks second in water availability because the state has miles of freshwater coastline and central lakes and rivers, and has spent billions of dollars to improve its water infrastructure. This is due to the fact that
Michigan ranks No. 10 as the most collaborative and responsive state government thanks to its whole-of-government approach to winning projects. Team Michigan is helping businesses and We earned this ranking because of our focus on empowering developers.
Michigan Receives High Ratings at IEDC Annual Conference
The chorus for Michigan's success grew louder this week at the IEDC 2023 Annual Conference. MEDC was recognized for its central role in Team Michigan's strategy to provide services and support to businesses and communities. #4 Best-in-Class State Economic Development Agency. The rankings were released by DCI, an economic development and tourism marketing leader, after conducting an independent survey of location consultants.
Also at the conference, two MEDC-supported projects received IEDC's Excellence in Economic Development Award, which recognizes the world's best economic development programs and partnerships. The Book Tower project brought home a gold medal and the Merrill High School project brought home a silver medal. Real estate redevelopment/reuse award. The award recognizes innovative projects that create jobs, increase a community's tax base and promote economic development.
Regeneration of the historic Book Tower
The historic Book Tower was once a symbol of Detroit's elegant architecture and stood as the city's tallest structure when it was built in 1916. Almost 90 years later, this dilapidated building had been vacant for nearly a decade and had become a symbol of decline.
To restore it to its former glory, the Book Tower and three surrounding sites were combined into one project, making it one of the largest adaptive reuse projects in Michigan and the first to employ a transformative brownfield plan. I did. The building now stands as a shining example of how a city can embrace its storied history and use it as a driver of economic development well into the future.
“These groundbreaking developments are milestones that represent a new era of confident hope, optimism and growth for Detroit,” Dan Gilbert, founder and chairman of developer Bedrock, said when the project was approved. stated. “This process has been an outstanding example of collaboration between multiple levels of government and private industry, unlocking billions of dollars in investment and having a transformative impact on Detroit, the region, and the entire state of Michigan.”
The project's $300 million investment will include 229 new residential units, 117 hotel rooms with access to a lounge and fitness center, approximately 40,000 square feet of office space, two restaurants, a pub, and a rooftop bar. was constructed.
Preserve Merrill High School for the Community
The Old Merrill High School was built in 1937 and served the community for more than 60 years before it became vacant and unusable. Financing to convert the building into residential housing will be difficult due to relatively low market rents in the area.
MEDC and the Michigan Strategic Fund will provide support through two Michigan Community Revitalization Program Awards and a Brownfield Tax Increment Financing Program to not only preserve places of significance to the community but also to restore rural areas while locating old schools. The aim was to locate much-needed housing units. Build on tax rolls and positively impact municipal budgets.
The Merrill High School project renovated the building to create a high-rise residential development in the heart of Merrill Village. His 17,449-square-foot redevelopment project will be the area's first major renovation. Within weeks of the ribbon cutting and open house, the entire project was fully available for rent.
Michigan keeps winning
Earlier this year, the Regional Development Department awarded MEDC a Silver Shovel in its annual Shovel Awards, which recognize the greatest successes in new job creation and business capital investment. MEDC received this award for facilitating Our Next Energy's announcement that the company will stay in its home state and build its first battery manufacturing campus.
It's not just area development that is attracting attention. Business Facilities' 19th annual ranking report ranks Michigan among the top states in the nation for investment in the auto manufacturing and EV industries, citing existing and projected capital investment and job creation.
Also this year, CNBC named Michigan among the top 10 states for doing business, thanks to strong job growth, advanced manufacturing leadership and low costs of doing business and living. Additionally, Newsweek reports that Michigan is home to the next Silicon Valley for auto technology and innovation, and Climate Power's report says it will grow in jobs and invest in clean energy investment projects after the 2022 Inflation Control Act. He said Michigan is ranked No. 2 in the nation.
In addition to this honor, MEDC's Redevelopment Ready Communities Resiliency Toolkit was recognized in July. Resilience and Sustainability Planning Excellence Award. The recognition was awarded by the Michigan Planning Association, the state chapter of the American Planning Association, for the toolkit's holistic approach that goes beyond just environmental sustainability to represent the state's changing needs.
This wealth of business opportunity, combined with Michigan's redevelopment projects, supports the growth of vibrant, diverse and resilient communities that attract and retain talent to local communities. These efforts maintain Michigan's cities, towns, and villages as top destinations for livability and leisure.
- Detroit was recognized as one of the top 50 travel destinations around the world in Time magazine's 2022 World's Greatest Places.
- Grand Rapids was ranked #1 Best Place to Raise a Family in 2022 by Rocket Homes and BestPlaces.net.
- Ann Arbor was ranked #2 on Livability magazine's 2021 Top 100 Best Places to Live in America.
- Traverse City was named to Condé Nast Traveler's 2020 list of America's Most Beautiful Towns.
To learn more about why businesses choose to invest and grow in Michigan, visit www.michiganbusiness.org/why-michigan.
To learn more about building vibrant, sustainable, and unique places across the state, visit www.miplace.org.
About Michigan Economic Development Corporation (MEDC)
The Michigan Economic Development Corporation is the marketing arm of the state of Michigan and a leading advocate for business development, job awareness and community development focused on growing Michigan's economy. For more information about MEDC and its efforts, please visit www.MichiganBusiness.org. For Puremichigan® tourism information, start your journey at www.michigan.org. Join the conversation on Facebook Instagram LinkedIn. twitter.