Governor Granholm Announces Over 2,600 New Jobs

LANSING -- Governor Jennifer M. Granholm today announced that the Michigan Economic Development Corporation (MEDC) is helping nine companies grow in Michigan and is backing two brownfield redevelopment projects. Combined, the 11 projects are expected to create and retain 2,755 jobs (146 jobs retained) and generate over $177.8 million in new investment in the state.
 
"We are working the most aggressive economic plan in the nation to diversify and grow our economy and bring new jobs to Michigan," Granholm said. "The scope of these projects, including four IT companies choosing to expand in Michigan, shows that our plan to diversify the state's economy continues to produce results."

Two of the 11 projects are in Oakland County:

• Billhighway.com - The Web-based finance and accounting software provider that serves more than 1,450 organizations across North America, which has managed more than $1.6 billion in online transactions, plans to invest $5.7 million to expand operations in Troy to launch new programs. The project is expected to create 94 new jobs, including 43 directly by the company. The MEDC estimates that the increased economic activity created by the project will create an additional 51 indirect jobs. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit valued at $1.1 million over 10 years to encourage the company to expand in Michigan over competing sites in Texas, Kentucky and Washington, DC. To support the project, Oakland County will provide an estimated $25,000 in job-training funds.

• Magna Electronics - The manufacturer of electronic products for the auto industry plans to invest $20 million to expand operations in Rochester Hills to include products for electric and hybrid vehicles. The project is expected to create 201 new jobs, including 90 directly by the company. The MEDC estimates that increased economic activity created by the project will create an additional 111 indirect jobs. Based on the MEDC's recommendation, the MEGA board today approved a state tax credit valued at $3.4 million to help convince the company to expand in Michigan over a competing site in another state. The city of Rochester Hills is considering an eight-year abatement valued at $139,271 to support the project.