A brighter future may be at arm's reach for the state of Michigan, but this time, collaboration may rescue the state from a future of economic disaster.
On Thursday, Governor Jennifer Granholm announced a joint business venture between the state and Dow Chemical Company-Midland. "We want to make sure people know this is gona be a different Michigan at the end of this diversification effort, but we will be a sturdier economy than we were going in," the Governor said.
The Michigan Economic Growth Authority (MEGA) approved a Job Creation Tax Credit for the company that is expected to create more than 6,000 clean energy jobs. Dow will rake in more than $1 billion for projects intended to put hundreds back to work again.
"We've announced a 1.2 million watt hour facility in Midland that would employ up to eight-hundred people when fully operational," said Dow Kokam's Director of Public Affairs Kristina Schnepf.
Although the job outlook for the state is promising, the Governor said major changes take time. "We'd love to replace all those lost automotive jobs, but it takes a long time. Alternative energy is one aspect of it--it's not the only aspect," she said. The Governor acknowledged additional sectors that would likely revive the state's economy; areas such as homeland security and defense, advanced manufacturing, film, tourism, and small business were high priorities on her list. "We want people in Michigan to realize while we're very proud of our larger employers, but Dow at one point was started by a man who had a great idea," she said. The job creation state tax credit will extend 15 years, and will include projects targeting wind, solar, and advanced battery manufacturing.
