At the Mackinac Policy Conference this week, Governor Gretchen Whitmer detailed her economic agenda, including unveiling the three pillars of her $2.1 billion MI New Economy plan to support Michigan’s small businesses, grow the middle class, and invest in communities. This plan utilizes the historic influx of federal resources to make critical, long-term investments in small businesses, families and communities. This includes investing in Michigan’s workforce along with place-based Main Street businesses, high-growth startups, microenterprises and industry innovations to power Michigan’s economy to new highs.
After the once-in-a-century pandemic, Michigan’s economy is poised for a once-in-a-generation comeback. Under Governor Whitmer’s leadership unemployment is down, surpluses are up, and thanks to the help of President Biden and the American Rescue Plan, Michigan is poised to exit the COVID-19 pandemic by making transformational investments that will leave the state even stronger than when we entered it.
To create a clear vision for our state’s future, Governor Whitmer has announced MI New Economy, her vision for a stronger, more resilient, and more equitable State of Michigan. MI New Economy is the Governor’s plan to address the structural challenges the state was facing prior to COVID – challenges that intensified during the pandemic. The plan recognizes that a strong economy isn’t only about creating jobs, it requires a focus on our state’s people and communities as well. That’s why MI New Economy has three pillars, with a number of specific and ambitious goals that will help us track progress in our effort to build a stronger and more resilient Michigan.
- 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 ten state for small business job growth and revenue growth from 2022 to 2026
- Goal: Top ten state for household income growth during the next five years (FY22-FY26)
- Goal: Top ten state for growth in venture capital funding over the next five years (2022-2026)