State of the Year Award
Business Facilities magazine recently announced their State of the Year Award. The award is based on data submitted by states on their five largest projects, measured by total capital investment and by creation of new jobs. The winner for 2008 was Michigan.
Surprised? I was. With all the publicity of the Big Three and the perils they face, who would have thought that Michigan would come out on top? Fortunately for Michigan, there are many industries and jobs that aren’t directly linked to the automotive industry that have propelled the state to the top.
While one project is directly linked to the automotive industry (a $838-million investment by General Motors to develop and produce the Chevrolet Volt, their new electric car), the others involved petrochemicals, finance, clinical research and insurance. In all, companies planned to make a $13.8-billion investment in the State of Michigan in 2008, and create nearly 10,000 new jobs.
Finishing in second place was the State of Montana, with over $8.5-billion in investment, creating some 5,000 new jobs. Most of Montana’s new projects revolved around the multifaceted energy industry, including a coal-to-liquid facility, a crude oil pipeline, a coal mine and two new wind power companies.
The magazine also noted that on a regional basis, the South dominated the competition, with strong entries coming from Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, Tennessee and Virginia.
To read the complete Business Facilities, click here.
Hopefully these new projects will help lead our country to an improved economy.
While the national media often focuses upon the dire outcomes of plant closings, jobs lost and financial turmoil, there are companies that are expanding. We’re seeing it every day in our work at Agracel.