Governor Unveils “MI New Economy”

Liz Gullett

Sep 24, 2021

This week, Governor Gretchen Whitmer announced her $2.1 billion economic plan to grow the middle class, support small businesses, and invest in communities. Named the “MI New Economy,” the plan focuses on three pillars, each of which has specific goals that will help state officials track progress on efforts to build a stronger and more resilient Michigan.

- Pillar 1: Grow 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
  - Goal: Provide access to low or no cost childcare for 150,000 more families by 2024
- Pillar 2: Support Small Business
  - 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
  - Goal: Top 10 state for growth in venture capital funding over the next five years
- Pillar 3: Build strong communities
  - Goal: 100% access to high-speed internet and 95% adoption by households during the next five years
  - Goal: 75,000 new or rehabilitated housing units in five years

The plan looks to address some of Michigan’s largest economic challenges, including the lack of enough workers to fill open jobs, unattainable or unaffordable housing in several communities, a lack of high-skill workers, among others.

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