Oakland County Executive L. Brooks Patterson has announced that four June investments in the Emerging Sectors business attraction program totaling $367 million have pushed the program to more $4 billion of total investment since its creation in 2004.
European advanced electronics companies Elektrobit and Autoliv Electronics America both contributed to last month’s investments, and will be located in Farmington Hills and Southfield business sectors, respectively. Aerospace company Williams international and communications/IT firm Cynerge Consulting will both join Pontiac’s business sector.
June’s additions have resulted in more than 1,700 new and retained jobs. Since 2004, Emerging Sectors has received total investment of $4.3 billion, resulting in 44,562 new jobs, and 29,920 retained jobs.
Patterson adds that the program has yielded average daily investment of $915,000 for 13 years.
“The Emerging Sectors program has been an incredible success. It has changed the face of Oakland County’s economy” says Patterson. “I wanted to wean us off our reliance on automotive, for which we paid such a heavy price during the Great Recession.”
Amongst other industries, the program relies on international electronics, healthcare, and IT companies looking to expand operations in North America, and North American companies considering Oakland County as an expansion opportunity.
Emerging Sectors has grown exponentially in recent years. In 2013, the program celebrated $2 billion in total investment since 2004. That number has since doubled to $4.3 billion.
The program’s most successful sectors have been health care/life science ($1.1 billion in total investment) and IT/communications ($801 million in total investment).