Waterford, Michigan -- Oakland County Executive L. Brooks Patterson today announced the Emerging Sectors business attraction and retention program reached $2 billion of new investment while creating or retaining almost 40,000 jobs in the county.
Patterson made the announcement Thursday night during his State of the County address at Detroit Country Day School in Beverly Hills.
"It's an incredible milestone to reach $2 billion in investment during the ravages of the worst recession we've seen since the Great Depression," Patterson said.
Since 2004, when Patterson created the program to diversify Oakland County's economy, Emerging Sectors has attracted new investment of $2.07 billion from 230 successes - companies that are either new to Oakland County or stayed here when they considered moving to another state or country.
The investment has generated more than $52 million in taxes, created about 27,400 jobs and retained another 12,700 jobs. There were 35 successes in 2012, the third most since the program began. The peak year was 2010 with 46 successes.
The five projects in January, which totaled more than $106 million in investment, are:
- DENSO International America, Southfield, $45.7 million investment, 176 new jobs. Sector: advanced electronics
- Rigaku Innovative Technologies, Auburn Hills, $55.7 investment, 27 new jobs, and 47 retained jobs. Sector: advanced electronics
- 123Net, Southfield, $4.3 million investment, 27 new jobs, and 15 retained jobs. Sector: communications and information technologies
- AET USA, Inc., Troy, $20,000, 4 new jobs; Sector: communications and information technology
- FlexPro, LLC, Commerce Township, $527,000, 5 new jobs and 9 retained jobs. Sector: Medical Main Street
Patterson created the Emerging Sectors program 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's Medical Main Street®, which covers life sciences and health care, is responsible for the largest Emerging Sectors investment, totaling $851 million. Alternative energy has more than $391 million of investment and communications and information technology rounds out the top three with investment of more than $266 million.
Deputy County Executive Matt Gibb oversees the program and recently returned from Dubai where he promoted Medical Main Street at one of the largest life science trade shows in the world. He said Emerging Sectors is under constant review to ensure continued success.
"Our work is not done," Gibb said. "We'll continue to push for the next billion dollars in investment."