Michigan Legislature strengthens support of ‘Make It in Michigan’ economic development strategy in FY25 budget

The $82.5 billion bipartisan budget continues the state’s focus on People, Places and Projects to ensure everyone can “Make It in Michigan”

 

Today, the Michigan Legislature passed a balanced and bipartisan budget for fiscal year 2025 that further strengthens the state’s “Make It in Michigan” economic development strategy supporting People, Places and Projects.

The FY25 budget totals $82.5 billion, including a general fund total of $15 billion and a school aid budget total of $19 billion. Among the key investments include support for economic development initiatives for project attraction, placemaking and talent growth, all of which are key to the “Make It in Michigan” strategy, as well as investments to elevate the state’s innovation and entrepreneurship ecosystem.

“I am grateful to Governor Whitmer, the State Budget Office team and the Michigan Legislature for their collaboration and hard work to pass a budget that reflects and honors our commitment to the ‘Make It in Michigan’ economic development strategy’s focus on People, Places and Projects,” said Michigan Economic Development Corporation CEO Quentin L. Messer, Jr. “Whether it’s cultivating a culture that embraces talent, revitalizing our communities or attracting investment, we must continue to work together as Team Michigan to ensure everyone can truly ‘Make It in Michigan.”

"It will take all of us linking arms and leaning in with sharp elbows to reverse Michigan's population trends. Today, our state took a huge step towards that,” said Michigan’s Chief Growth Officer Hilary Doe. “I’m incredibly heartened and grateful to see some high priority items receive critical funding next year. We know that in order to retain current residents and attract young talent, we need great places, great opportunities and welcoming communities. Funding for these programs and initiatives will ensure we continue to build momentum statewide. Let's grow, Michigan.”

 

Investing in People, Places and Projects

Some highlights of the FY25 budget include:

• $500 million for the Strategic Outreach and Reserve (SOAR) Fund to continue attracting and retaining transformational investments stemming from federal policy encouraging domestic development in clean energy, semiconductors, and mobility, among other industries
• $60 million to establish an Innovation Fund to invest in scalable startups and help launch hundreds of new Michigan-based companies, creating thousands of jobs

• $50 million in continued funding for the Revitalization and Placemaking program, including support for a new program to implement transformational public space development projects that will increase the population by creating high-density, high-amenity, walkable, vibrant neighborhoods and business ownership opportunities for locals

• $10 million for Minority-Owned Business grants to continue the work of the Inclusive Entrepreneurship Support Grant program
• $15 million to the Pure Michigan campaign, on top of the $15 million in existing General Fund money for the program, to further attract visitors to the Great Lakes State, with the ability to receive up to $10 million in additional local and private revenue

 

To enhance support the state’s talent and workforce initiatives, investments in higher education and workforce development include:

• $45.5 million for Talent and Growth to support Michigan’s current and future workforce needs and population growth, including specialized economic assistance to businesses locating or expanding in Michigan to meet their talent and workforce needs, developing customized talent solutions to fill identified talent gaps and grow Michigan’s population

• $30 million investment to increase funding for the Michigan Achievement Scholarship, the state’s flagship scholarship program, providing a pathway to community college, tuition guaranteed

• $52 million to continue Michigan Reconnect, providing a tuition-free pathway to adult learners 25 and older 
• $20 million increase in the Tuition Incentive Program, which provides tuition support to lower income students in Michigan’s community colleges, public universities and private universities
• $14.5 million for the North American Indian Tuition Waiver, to provide tuition-free education to eligible Native Americans at Michigan public universities and community colleges 

See the full details of the FY25 here.

Learn more about why businesses are choosing to Make It in Michigan.

  

About Michigan Economic Development Corporation (MEDC)

The Michigan Economic Development Corporation is the state’s marketing arm and lead advocate for business development, job awareness and community development with the focus on growing Michigan’s economy. For more information on the MEDC and our initiatives, visit www.MichiganBusiness.org. For Pure Michigan® tourism information, your trip begins at www.michigan.org. Join the conversation on: Facebook Instagram LinkedIn, and Twitter.