Waterford, Michigan -- Oakland County Executive L. Brooks Patterson today announced the Emerging Sectors business attraction and retention program brought more than $191 million of new investment into Oakland County in 2009 while creating or retaining more than 3,200 jobs.
Since 2003, when the program was first being researched, Emerging Sectors has attracted new investment of almost $1.4 billion while creating 16,204 new jobs, retained 6,888 and generated nearly $35 million in taxes. The program counts 133 successes – companies that are either new to Oakland County or have stayed here when they considered moving to another state or country – as highlights. Thirty-three of the successes were in 2009. "The strategy we embarked on in 2003 was a winner," Patterson said. "The numbers speak for themselves: 133 companies and investment of nearly $1.4 billion. My intention in the coming year is to pour it on and focus our attention on the program. It's working and it's successful. The good news is it's successful. The bad news is it's going to take 20 years to diversify the economy."
Four companies were added to the program in December:
Azure Dynamics in Oak Park, $2.45 million, 40 jobs
Digital Media – Digitaleo in Troy, $200,000, three jobs
U.S. Farathane in Auburn Hills, $46.1 million, 1,018 jobs
International Bancard in Clawson, $2 million, 126 jobs
Patterson created the Emerging Sectors program in 2004 to help diversify Oakland County's economy and replace lost manufacturing jobs. It targets international companies that wish to expand their operations into North America as well as North American companies who see Oakland County as the right business location.
"Oakland County is an easy sell," Patterson said. "We have an outstanding quality of life, a well-educated and skilled work force and a fine educational system. We're a blessed county. These businesses can see the real opportunity in Oakland County."