$2.1 billion invested in new economy plan to grow Michigan’s middle class
LANSING, Mich. (WILX) - Today at the Mackinac Policy Conference, Gov. Whitmer detailed her economic agenda, including the unveiling of the three pillars of her bold $2.1 billion MI New Economy plan to grow Michigan’s middle class, support small businesses and invest in communities.
“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,” said Gov. Gretchen Whitmer
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)
“It will result in a new economy, a better economy, one that expands economic opportunity and prosperity for all,” said Lt. Governor Garlin Gilchrist II.
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