New businesses are emerging all across Southeast Michigan. Entrepreneurs and big companies and small are bring more work and innovation to our region.
Oakland County’s Emerging Sectors business and attraction and retention program reached $2 billion of new investment while creating or retaining almost 40,000 jobs in the county. In 2012, it saw more than $156 million in investment, which created 1,700 jobs and retained 3,400 jobs, particularly in information technology and advanced electronics.
“It’s an incredible milestone to reach $2 billion in investment during the ravages of the worst recession we’ve seen since the Great Depression,” Patterson says.
The program was created back in 2004 to diversify Oakland County’s economy. Since the Emerging Sectors has attracted new investment of $2.07 billion from 230 companies that were either new to Oakland County or stayed there when they considered moving to another state or country.
In addition, the investment has generated more than $52 million in taxes, created about 27,400 jobs and retained another 12,700 jobs. There were 35 successes in 2012, the third most since the program began. The peak year was 2010 with 46 successes.
A strong January helped the program top the $2 billion mark. Five projects that month totaled more than $106 million in investment. They were:
- DENSO International America, Southfield, $45.7 million investment, 176 new jobs. Sector: advanced electronics
- Rigaku Innovative Technologies, Auburn Hills, $55.7 investment, 27 new jobs, and 47 retained jobs. Sector: advanced electronics
- 123Net, Southfield, $4.3 million investment, 27 new jobs, and 15 retained jobs. Sector: communications and information technologies
- AET USA, Inc., Troy, $20,000, 4 new jobs. Sector: communications and information technology
- FlexPro, LLC, Commerce Township, $527,000, 5 new jobs and 9 retained jobs. Sector: Medical Main Street
Oakland County’s Medical Main Street®, which covers life sciences and health care, had the largest Emerging Sectors investment, totaling $851 million. Alternative energy has more than $391 million of investment and communications and information technology rounds out the top three with investment of more than $266 million.
“Our work is not done,” says Deputy County Executive Matt Gibb. “We’ll continue to push for the next billion dollars in investment.”