Lansing, Michigan (WJRT) – Michigan has an additional $873 million available to attract jobs and economic development projects.

Gov. Gretchen Whitmer signed into law Tuesday a bill that would use some of Michigan’s $7 billion budget surplus to attract new businesses, prepare sites for future development and expand Hemlock Semiconductor in Saginaw County. .

“The bipartisan legislation will help grow, attract and retain businesses in Michigan, lead the future of mobility and electrification, and allow the chip and battery supply chain to be brought back to Michigan.” .”

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The measure requires funds to be deposited in Michigan’s new SOAR fund for the following spending priorities:

  • $496 million in incentives to attract new businesses and projects to Michigan.
  • $350 million to prepare the site for development, including grants to local economic development agencies, site improvements, and cleanup activities.
  • Hemlock Semiconductor of Saginaw County invested $375 million and $27 million to complete an economic incentive package to create 170 new jobs manufacturing microchip materials.

Midland Republican Senator Jim Stamus said, “Economic development is critical to our future. We need to help them stay competitive globally, in high-paying jobs.”

Hemlock Semiconductor Plans $375 Million Expansion in Saginaw County

Hemlock Semiconductor announced an expansion project in September to increase its US supply capacity to microchip makers. The company produces ultra-pure silicon used in the manufacturing process of microchips.

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