Huntington Bank, DTE Energy, Consumers Energy plan $2.5B investment in Michigan businesses
(This story has been updated, and the headline has been updated to reflect the exact figure of the planned investment.)
MACKINAC ISLAND — Columbus, Ohio-based Huntington Bank plans to boost its lending to small- and mid-sized Michigan businesses by $2 billion over the next four years, while Michigan's two biggest utilities said they'd collectively spend $500 million more for Michigan-made products and services over the next five years.
The announcements were coordinated to promote Pure Michigan Business Connect, a new initiative created by Gov. Rick Snyder and Michigan Economic Development Corp. to encourage companies to spend more in Michigan.
Huntington Bank CEO Steve Steinour speaks to reporters today on the porch of the Grand Hotel on Mackinac Island. Gov. Rick Snyder is pictured over his right shoulder and Michigan Economic Development Corp. Michael Finney is seen over Steinour's left shoulder.
Nathan Bomey | AnnArbor.com
DTE Energy and Consumers Energy said they would increase their spending on Michigan-made products and services by $250 million apiece over the next five years.
Huntington Bank CEO Steve Steinour said his company views Michigan as an investment opportunity.
"What a change in the business atmosphere that’s occurred here over the last five months in Michigan. It’s remarkable to see," Steinour said. "The governor, his administration, the legislature (have) gone about taking bold steps quickly to encourage business investment and expansion. They’re changing the future of the economy, the prospects here in Michigan in a very short period of time.
He added: "We want to be part of Michigan as a growth story and to be part of this exciting economic recovery and expansion that’s going on here. We hope to help create many, many more jobs, opportunities for families across the state."
DTE Energy CEO Gerry Anderson said his utility currently spends about $1.2 billion on products and services every year, and about 40 percent of that is spent with Michigan companies. After boosting Michigan-based spending by $50 million per year for the next five years, about 60 percent of DTE's spending will be done in Michigan, he said.
"I want to be clear that companies can’t afford to make this a charitable activity, but if you look hard in the state, you can find companies that can compete on cost and quality," Anderson said. "It sometimes takes more work to search those companies out and connect them to your business, but we learned over the past couple of years that it can be done."
Contact AnnArbor.com's Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter or subscribe to AnnArbor.com's newsletters.
Comments
frozenhotchocolate
Fri, Jun 3, 2011 : 7:29 a.m.
Huntington Bank. more good news out of Columbus this week. And I thought Rick Snyder would sink the state. C'mon people, be happy that we don't have the gov they have in Florida.
David Briegel
Sat, Jun 4, 2011 : 1:03 a.m.
Yeah, our bozo is better than their bozo!
jchoi
Fri, Jun 3, 2011 : 4:10 a.m.
Hey DTE, I'm glad to hear that you and others are investing in Michigan and for that I thank you... HOWEVER can you do some spring cleaning within your organization and make your organization more efficient? Your left hand doesn't know what your right hand is doing and vice versa... as a small business owner, I shouldn't have to deal with multiple departments, groups and people on the phone for over three hours to request a work order for my business... and to top that, it seems your departments don't communicate... the same departments that needs to work together to get things done... have you heard of technology? Other major companies are using it and making themselves efficient... how about you guys give it a try??
Tom Whitaker
Fri, Jun 3, 2011 : 1:34 p.m.
BAM! Right on jchoi! In my professional and personal life, I have never dealt with an organization as unorganized as DTE! The stories I could tell... If DTE was a truly private enterprise with competition, they would have gone bankrupt many years ago.
Mike K
Fri, Jun 3, 2011 : 1:16 a.m.
Good stuff. Can't wait for those who want to see Snyder (and Michigan) fail have to say. Politics and ideology are far more important that initiative to many... sadly................
David Briegel
Thu, Jun 2, 2011 : 11:18 p.m.
Maybe we can get SPARK and MEDC to verify these numbers. Look at that photo. Our future is in their hands. Feelin' good? gene, like Bear, at least some of the time! And, do you mean those at the top that pay such a small amount of tax? And if you can identify one single 4th generation welfare recipient, I'll bet the authorities would love to talk to you. Of course, that mythology can be difficult to substantiate. Obviously Mark Twain knew more about banksters than any of us mere mortals!
treetowncartel
Fri, Jun 3, 2011 : 3:31 a.m.
No, I'm not feeling good, it looks like a Malox moment.
Bear
Thu, Jun 2, 2011 : 10:49 p.m.
Gene your statements smack of bigotry and prejudice. As far as banks go Mark Twain once said A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.
genetracy
Thu, Jun 2, 2011 : 9:38 p.m.
Profits are "ill gotten gains"? I suppose you would support just handing the money to Michigan's fourth generation of welfare recipients?
leaguebus
Fri, Jun 3, 2011 : 6:32 p.m.
Another great "them thats got" statement. When there are no jobs for the middle classes, how do the poor keep from starving. Move them to Mexico and get them into the drug trade?
leaguebus
Fri, Jun 3, 2011 : 6:28 p.m.
Michigan has had the 17th best business climate in the country. Our business climate is higher that any state around us except Indiana. All of a sudden some Ohio based bank who's state has a lower business climate than Michigan for years, wakes up and decides to "invest" in Michigan because things are so much better now that the TeaPublicans are in power. Go back to Ohio. This is politics at its best and slickest.
treetowncartel
Fri, Jun 3, 2011 : 3:30 a.m.
Do you understand the terms monopoly, market share & competition in relation the the Sherman Anti Trust Act?
snapshot
Fri, Jun 3, 2011 : 3:15 a.m.
Hey genetracy do you mean the UAW and auto workers, the public employees feeding at the public troth, or the poor folks denyed an opportunity of an unaffordable education because they were forced to attend K-12 schools manned by incompetant and uncaring teachers in districts that were penalized with restricted funding?
genetracy
Fri, Jun 3, 2011 : 1:23 a.m.
Where is the bigotry? I point out a Great Society program that has been proven to be a miserable failure. I was born in Michigan and have lived in five states since. Michigan is the most anti-business state of the six. Is it any wonder businesses in Michigan close or relocate to another state? People in Ann Arbor live in a city supported by the university are separted from the blee color class of the rest of the state. If giving tax breaks to busniesses create jobs, then so be it. It beats endlessly printing welfare checks.
treetowncartel
Thu, Jun 2, 2011 : 8:20 p.m.
Kudos to Huntington bank for seeing the possibility for some market share increases here. I might add, it is nice to see two of the states biggest monopolies givning back some of their ill gotten gains. Now , lets keep an eye on the legislation and executive orders coming down the pike and see if this really doesn't have any incentives tied to it.