Waterford Michigan -- Oakland County Executive L. Brooks Patterson today announced the Emerging Sectors business attraction and retention program brought nearly $223 million of new investment into Oakland County in 2011 while creating or retaining almost 4,500 jobs.
Since 2004, when the program began, Emerging Sectors has attracted new investment of almost $1.85 billion, created more than 26,000 new jobs, retained nearly 10,800 jobs and generated more than $47 million in taxes. The program counts 201 successes – companies that are either new to Oakland County or have stayed here when they considered moving to another state or country – as highlights. There were 40 successes in 2011, second only to 2010 when there were 48 successes in the program.
"University of Michigan economists George Fulton and Don Grimes have cited our Emerging Sectors program as the reason why Oakland County is beating the predictions of their economic model," said Patterson. "And Wall Street has taken notice too. Whenever they renew our AAA bond rating, they give us a stable outlook in part because of our efforts to diversify the economy through Emerging Sectors."
The most significant projects for the year include:
St. Joseph Mercy Oakland in Pontiac: $129 million expansion, 300 new jobs
Sunlogics Inc. in Rochester Hills: $25 million attraction, 200 new jobs
Summit Health in Novi: $11 million expansion, 252 new jobs, 30 retained 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.
"This program of diversification of Oakland County's economic base, which we started in 2004, will probably take 20 to 25 years to complete. And when it's done, while I can’t promise that Oakland County will be 'recession proof,' I can promise that Oakland County will be 'recession resistant,'" said Patterson.