Gov. Whitmer lays out three pillars in MI New Economy plan
This plan hopes to grow the middle class, support small businesses and invest in communities
MACKINAC ISLAND, Mich. (WJRT) - Gov. Whitmer detailed out her economic agenda on Tuesday at the Mackinac Policy Conference on Mackinac Island.
State official’s have said that this economic plan will include the unveiling of three pillars for the $2.1 billion MI New Economy plan.
“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,” said Gov. Gretchen Whitmer. “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.”
The plan is said to have already recognized that a strong economy isn’t only about creating jobs, but that it also requires a focus on the people and communities.
The three pillars are said to be specific goals that will keep state officials on track of progress. They were laid out at Tuesday’s conference:
Pillar 1: Grow the Middle Class - No economic vision for the state can be complete if it doesn’t focus on eliminating poverty and lifting families into the middle class.
· Goal: 60% of adults with a postsecondary credential by 2030
· Goal: Lift 100,000 families out of working poverty during the next five years (FY22-FY26)
· Goal: Provide access to low or no cost childcare for 150,000 more families by 2024
Pillar 2: Support Small Business - To supplement the great economic development work our state already does, Michigan needs a focus on creating and growing more Main Street businesses.
· Goal: Top 10 state for small business job growth and revenue growth from 2022 to 2026
· Goal: Top 10 state for household income growth during the next five years (FY22-FY26)
· Goal: Top 10 state for growth in venture capital funding over the next five years (2022-2026)
Pillar 3: Build Strong Communities - Michigan’s residents deserve to live in vibrant communities with the kinds of services and amenities associated with a high standard of living.
· Goal: 100% access to high-speed internet and 95% adoption by households during the next five years, while continually investing in higher quality access (FY22-FY26)
· Goal: 75,000 new or rehabilitated housing units in five years (FY22-FY26)
“This plan will result in better jobs, better skills, more people re-entering the labor force and more people staying – and moving to – Michigan,” Lt. Governor Garlin Gilchrist II. “It will result in a new economy, a better economy, one that expands economic opportunity and prosperity for all.”
The goal of this new economic plan is to help grow Michigan’s middle class, support small businesses and invest in communities.
“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,” said Luke Forrest, Executive Director, Community Economic Development Association of Michigan.
Forrest said that he and his association stand ready to help the governor achieve this new MI New Economy vision.
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