Governor Snyder has raised the budget for economic development in the state of Michigan.
The budget for economic development focuses on sectors such as supporting entrepreneurs, tourism, providing business incentives and increasing the amount of employment for the youth.
The Economic Development Corporation of Michigan will be ultimately handling the strategy and the implementation of the economic development proposals. The 2013 budget for the Economic Development Corporation has been raised $20 million dollars so that $195 million dollars will be utilized and distributed. $25 million dollars will be allocated towards the expansion of tourism while $25 million dollars will be used to support entrepreneurs.
The brand new focus that has been included in economic development is the expansion of youth jobs. The President of the Economic Development Corporation pinpoints that increasing the amount of youth jobs has been a missed opportunity for decades and the program will be implemented in the beginning of October.
Governor Snyder also wants to increase the amount of funds that would go towards culture and the arts as $1.4 million would be expanded to $5 million dollars. Michael Finney who is the President of the Economic Development Corporation elaborates on the importance of culture and art as there is an ArtPrize in Grand Rapids and the Art Fair in the region of Ann Arbor.
Michael Finney wants to expand the art sector because it brings in new talent which can ultimately be beneficial to the business community. Several programs that focus on tax credit were cut out last year and the money is left for brand new businesses that want to develop and grow in the state of Michigan. Many people were critical of the tax credit cut but it was eventually replaced by a program that is incentive based.
Overall, the increase of the budget is a positive economic sign for development in the state of Michigan.