Oakland County Medical Main Street now $61M program; 45,000 jobs to come

A now 3-year-old Anderson Economic Group study called for the health-care and life science sector to be the fastest-growing in Oakland County, prompting it to create the Medical Main Street program to encourage investment. That prediction is beginning to ring true today.

The Oakland County Medical Main Street program scored investments totaling $34.8 million from five companies either moving or expanding in the county in the first quarter of this year. This contributed to the creation or retention of more than 1,000 jobs. Fifteen companies have put $61 million into Medical Main Street since it was founded in 2008, a trend Oakland County officials expect to continue as the economy rebounds.

"We're seeing this accelerating," says David Schreiber, chief strategist for Oakland County Economic Development. "This is trending upward."

Among the recent investments are $3.7 million (162 new jobs) from Ascendant MDx for a new clinical laboratory for diagnostic tests in Farmington Hills and $28 million (640 new jobs) from health-care info tech provider CareTech Solutions to complete the second phase of its expansion project.

Oakland County already had a strong base in the health-care and life sciences industries. The 2008 study shows approximately 93,000 jobs at about 4,300 life science and medical facilities there. About 45,000 more positions are expected over the next 10 years.

Source: David Schreiber, chief strategist for Oakland County Economic Development
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Oakland County Medical Main Street now $61M program; 45,000 jobs to come

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