Gov. Gretchen Whitmer has signed bipartisan legislation to streamline Renaissance Zones, a state program that incentivizes job growth and investment in areas of the state that need more of both across Michigan.
This change cuts red tape and incentivizes more businesses to utilize these low-cost zones, supporting regional economic development.
“To keep winning and leading the future of advanced manufacturing, we need stronger economic development tools to outcompete our neighbors,” said Whitmer. By consolidating the previously rigid categories of Renaissance Zones into one flexible category, we are lowering the cost of doing business and making it easier to invest and create jobs in regions of our state that have too often been left out or left behind.
Quentin Messer, Jr., CEO of the Michigan Economic Development Corporation, said Renaissance Zones are “an essential tool to drive investment in historically underinvested communities and promote equity and prosperity where residents, innovators, and entrepreneurs are often overlooked.
“Addressing opportunities today and in the future, this legislation will improve Team Michigan’s capacity to attract community transforming investments that help local communities thrive, further underscoring the power of the Make It In Michigan economic strategy focused Michigan’s people, places, and projects.”