Waterford, Michigan -- Oakland County's Emerging Sectors® business attraction and retention program generated new investment of nearly $194 million and created or retained more than 7,700 jobs through June, surpassing total investment and job creation in the county for all of 2009.
The figures were released today as part of the monthly Emerging Sectors Economic Development Activity report. Oakland County Executive L. Brooks Patterson was cautiously optimistic about the good news.
"It means we still have a long way to go but I'm certainly encouraged by it," Patterson said. "The light at the end of the tunnel is getting brighter."
In 2009, Emerging Sectors brought new investment of more than $191 million into the county while creating or retaining more than 3,200 jobs. So far in 2010, the program has generated investment of $193.9 million, created 5,929 new jobs and retained 1,836 jobs, and generated taxes of $4.9 million. There have been 18 successes - companies that are either new to Oakland County or have stayed here when they considered moving to another state or country.
Since 2004, when the program was first introduced, it is responsible for $1.5 billion of new investment, created 22,133 jobs while retaining another 8,724 jobs and generated nearly $40 million in taxes. The program has had 151 total successes.
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.
Four companies were added to the program in June:
- WABCO Reman Services, Rochester Hills, $6 million, 228 new jobs
- Direct Sourcing, Southfield, $2 million, 100 new jobs, 80 retained
- National Logistics Management, Southfield, $12 million, 163 new jobs, 100 retained
- Nexcess, Southfield, $4 million, 41 new jobs.
"I'm encouraged," Patterson said. "These companies can see the real opportunity in Oakland County."
Two more traditional companies announced substantial investment in June:
- EcoStore USA, Auburn Hills, $2.5 million, 30 new jobs, three retained jobs
- Witzenmann, Troy, $15.5 million, 105 new jobs, three retained jobs.