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Coulter Presents Balanced Budget to Oakland County Commission

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Press Release
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Oakland County Executive David Coulter

PONTIAC – Oakland County Executive Dave Coulter presented his balanced three-year budget recommendation to the Board of Commissioners Thursday evening at the Board of Commissioners Auditorium in Pontiac. His message focused on key initiatives that will move Oakland County forward such as improving access to healthcare, building a post-pandemic workforce, criminal justice reform, and cyber security. Click this link for details on these initiatives.

“While we’re still dealing with the impact of COVID-19, with some remote work continuing and vaccination campaigns ongoing, it’s also time to look to the future, dealing with both the lingering acute needs of our businesses and residents as well as addressing the chronic problems that we knew were there before the pandemic, but have been exacerbated in the past 16 months,” Coulter said.

Coulter’s budget recommendation is transparent, fiscally responsible, and realistic and provides a stable spending plan for the county. Coulter’s fiscal goals include a structurally balanced budget that will no longer require the use of the county’s $242 million fund balance to balance the budget in the coming years.

“Despite the impression that we’re flush with revenue from federal COVID-19 relief money and a healthy fund balance, this is an austere and realistic budget that represents a true spending plan based only on the level of revenue that can be expected to come into the county in the long-term,” Coulter said.

Oakland County’s economy is on the road to recovery from the challenges of the COVID-19 pandemic.

“The county’s economy is rebounding, too, with Oakland recovering about 60 percent of the roughly 150,000 jobs lost due to COVID. And some businesses have emerged from COVID-19 stronger and more nimble,” Coulter said.

While optimistic about the direction Oakland County is headed from the height of the pandemic, the county executive said that the county is not in the clear yet.

“We’re so close to getting 70 percent of our residents vaccinated… and there’s a palpable sense that things are going to be okay and back to the new normal, soon. But the Delta variant, which has caused case numbers to rise in recent weeks, makes it clear that we’re not done with COVID yet,” he said.

Coulter also commended the Board of Commissioners for their unity throughout the pandemic. “Finally, this board has shown remarkable unity when it comes to dealing with this pandemic. You unanimously approved our spending plan for the CARES money we got from the federal government last year. And right before the Fourth of July, you again unanimously approved our first batch of $27.5 million in funding proposals for the American Rescue Plan dollars we got this summer.” Budget hearings begin Wednesday, July 28 and continue through Wednesday, Aug. 25. The full board is scheduled to vote on the budget on Sept. 29. Click here to view the recommended budget.

Genisys Credit Union Celebrates New Belleville Branch with Ribbon Cutting Ceremony

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Press Release
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BELLEVILLE – Genisys Credit Union celebrated the grand opening of their new branch in Belleville July 21 with a ribbon cutting ceremony. The branch is located at 10444 Belleville Rd., between I-94 and Tyler Rd. Genisys extends their thank you to the Belleville Area Chamber of Commerce for assisting with the opening. 

“We are elated to be joining the Belleville and Van Buren Township communities with a new location that will allow us to continue to serve our current members and welcome in future members,” said Jackie Buchanan, President and CEO of Genisys Credit Union. 

The team at Genisys is excited to help you achieve your financial goals with personalized services, competitive rates, and unparalleled products like Genius Checking, which pays an annual percentage yield (APY) of 4.07% and offers reward points on debit card transactions. For those 18 and under, Genisys offers a High Yield Youth Savings, which lets their youngest members learn the importance of financial wellness and savings while earning an APY of 5.12%. 

In addition, the credit union has a mission to support community organizations to help grow the success and vibrancy of the area. They’ve been proud to partner with the Belleville Area Chamber of Commerce and the Belleville Central Business Community to support various events like Lake Fest, the Farmers Market, Taste of Belleville, Chamber Chat, News & Networking with the Chamber of Commerce and more.

The team at Genisys looks forward to continuing their dedication and commitment to service excellence by helping families and businesses manage their finances in a trustworthy, convenient, and economical manner while sustaining efforts to give back to their local communities.

Beaumont Health Announces Changes to Leadership Team

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Press Release
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Three Beaumont Health leaders have announced they will leave the health system. The organization is beginning a thoughtful process to identify and select strong, permanent executive leaders to guide Beaumont in the years ahead.

Members of the leadership who’ve announced their departures include:

  • Carolyn Wilson, R.N., chief operating officer, will leave Beaumont Sept. 1.

    “Carolyn’s leadership has been vital over the last five years, especially during the COVID-19 pandemic. She has championed Beaumont’s behavioral health efforts and led our outpatient expansion, which includes Beaumont’s urgent care network and our two new outpatient campuses,” Beaumont Health President and CEO John Fox said.

    Wilson’s duties will be split between Nancy Susick, president of Beaumont, Royal Oak, and David Claeys, president of Beaumont, Dearborn and Beaumont, Farmington Hills. They will serve as interim co-chief operating officers. Both Susick and Claeys have decades of service to Beaumont and deep operational knowledge that will enable them to effectively guide the organization.
     
  • Dr. David Wood, chief medical officer, will leave Beaumont Sept. 30 as the health system finalizes its recently announced partnership with Grand Rapids-based Spectrum Health.

    “Dr. Wood has led Beaumont’s team of physicians with distinction, and his extraordinary work with numerous pandemic related issues, physician contracting changes and Beaumont’s academic mission has helped position Beaumont well for future success,” Fox said.
     
  • Dr. Sam Flanders, chief quality officer, will leave Beaumont Aug. 6 to join the team at St. Luke’s Hospital in Chesterfield, Missouri where he will serve as that hospital’s chief quality and population health officer.

    “Dr. Flanders was a driving force behind initiating the quality support systems across the Beaumont network. He was instrumental in helping raise quality across the organization,” Fox said.

    Dr. Jeff Ditkoff has been appointed as Beaumont’s new chief quality officer. Dr. Ditkoff is currently the chief patient safety officer at Beaumont, Royal Oak. Dr. Ditkoff’s institutional knowledge and demonstrated commitment to improving quality and safety made him a natural fit for his new role.


Through the search and selection process, Beaumont will work to identify strong, permanent candidates to fill the chief operating officer and chief medical officer roles. The search will also include identifying the next president of Beaumont Health, as Fox plans to leave the organization following a successful integration with Spectrum Health later this year.  “We are deeply grateful to Carolyn, Dave and Sam for their many contributions to Beaumont Health,” Fox said. “As we continue to recover from the pandemic and begin our journey with Spectrum Health, I am confident about the future of Beaumont Health and our mission to provide compassionate, extraordinary care every day.”

General Motors Names Omar Vargas VP and Head of Global Public Policy

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Press Release
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Omar Vargas was appointed vice president, Global Public Policy, at General Motors on Aug. 1, 2021. Vargas will advocate for policy solutions in support of GM’s vision and commitment to an all-electric future.

DETROIT – General Motors named Omar Vargas as vice president and head of Global Public Policy, effective Aug. 1.

Vargas was most recently senior vice president and chief Government Affairs officer for 3M Company.

“Omar Vargas brings over 20 years of experience leading public policy teams and working collaboratively to find policy solutions to complex issues,” said Craig Glidden, GM executive vice president, Global Public Policy, and general counsel. “His broad experience managing issues across multiple industries and working with governments, both within the U.S. and globally, make him the right person to advocate for policy solutions in support of GM’s vision, including our commitment for an all-electric future.”

Vargas held multiple government affairs positions at 3M between 2017 and 2021, including being named senior vice president and chief Government Affairs officer in April 2021. Prior to joining 3M, Vargas worked in government affairs at Praxair (now Linde) from 2012 to 2016, including serving as senior counsel and executive director of Government Relations.

Prior to joining Praxair, Vargas worked at PepsiCo from 2006 to 2012 in key public policy and government affairs roles.

From 2001 to 2006, Vargas held a variety of positions in the U.S. Department of Justice, appointed by President George W. Bush. His appointments included positions working on civil rights, national security and immigration.

Vargas, a New Jersey native, holds a Bachelor of Arts in political science from Seton Hall University, a Master of Arts in international law, organizations and economic development from the School of International Service at American University and a Juris Doctor from the Washington College of Law at American University.

Oakland County Exec Coulter Names Phillips New Corporate Counsel

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Press Release
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PONTIAC – Oakland County Executive Dave Coulter has appointed Solon M. Phillips corporation counsel pending approval of the Board of Commissioners.

Phillips was born in Pontiac and has nearly two decades experience in public service as a lawyer in local government and the courts.

“Solon is well-qualified with nearly 20 years of experience in municipal law including leadership positions in local government and courts in Southeast Michigan,” Coulter said. “Plus, as a native son of Oakland County his first job was at Oakland County Parks. He has come full circle.”

Phillips has served as general counsel for 36th District Court in Detroit since March 2020. Prior, he was the chief legal officer for Southfield Public Schools, deputy treasurer for Wayne County, chief administrative corporation counsel for the City of Detroit Law Department, and assistant corporation counsel for Wayne County.

He also played a key role in the formation of the Great Lakes Water Authority as deputy chief of staff for the Wayne County Executive.

“I have dedicated nearly my entire professional career to public service. I view public service as more than a job; it is my life’s calling,” Phillips said. “I relish opportunities to craft solutions for the betterment of others.”

Phillips, 49, earned his law degree at the University of Wisconsin-Madison. He has a bachelor’s degree in political science from Florida A&M University and graduated from Pontiac Northern High School. His first job was as a cashier at Waterford Oaks County Park in his teens.

He lives in Farmington Hills with his wife Lezah, 10-year-old son Joshua, and 8-year-old daughter Lauryn.
The Board of Commissioners will consider Phillips’ nomination in August.

Level One Bancorp Names Timothy Mackay President of the Company and Bank

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Press Release
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FARMINGTON HILLS – Level One Bancorp, Inc., parent company of Level One Bank, announced that Timothy R. Mackay, who had been serving as Executive Vice President of the bank, has been elevated to the positions of president of both the company and the bank.

Patrick J. Fehring will continue in his roles as Chairman of the Board and Chief Executive Officer of both the Company and the Bank. The move was effective July 16.

Mackay has served as the bank’s executive vice president, Consumer Banking Officer since 2013, where he has been responsible for the strategic leadership of the bank’s Consumer Banking Division, including branch banking, small business banking, residential mortgage and marketing. Prior to joining the bank, he served for over 20 years in various leadership positions with Fifth Third Bank. Mackay received his B.A. in business administration from Hope College.

“We are pleased to have someone with the experience and leadership qualities that Tim has shown throughout his tenure,” Fehring said. “I have worked closely with Tim for many years and he has achieved great success in managing growth within his various lines of business.

“Tim’s promotion to President will enhance our commitment to our customers as we move forward in executing our business plans,” Fehring added. “Tim has been working closely with the executive team since his arrival and I expect his transition into this role to be smooth. He is a strongly qualified leader who knows our company and the bank well. I am confident that he will serve the Company and the Bank effectively in his new position.”

Rappe Named Chief Medical Officer at Beaumont, Grosse Pointe Hospital

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Press Release
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Dr. Jodie Rappe has been appointed chief medical officer and patient safety officer for Beaumont Hospital, Grosse Pointe.

She assumed the hospital’s CMO leadership duties of Dr. Nicholas Gilpin, who will continue serving Beaumont Health as director of Epidemiology and Infection Prevention. The move became effective July 7.

“Dr. Rappe is up to the task. Her experience and dedication to quality and patient safety made her a strong choice,” said Dr. James Lynch, president, Beaumont hospitals in Grosse Pointe and Troy. “We are proud to pass the torch to a colleague who is committed to working collaboratively to lead Beaumont, Grosse Pointe forward into the ever-changing world of health care.”

Dr. Rappe is a Family Medicine physician currently practicing in St. Clair Shores and serves as associate program director and medical director of the Family Medicine residency program at Beaumont, Grosse Pointe. She is also an assistant professor at the Oakland University William Beaumont School of Medicine.

Dr. Rappe received her undergraduate degree from Southwestern University in Georgetown, Texas and went on to receive a Master of Arts from Texas State University with a focus on parasitology. She also obtained a Master of Science degree from Texas A&M University before graduating medical school at the Uniformed Services University of Health Sciences in Bethesda, Maryland, where she currently serves as faculty.

She completed her Family Medicine residency at Camp Pendleton Naval Hospital in California and served an additional 12 years in the U.S. Navy. During that time, Dr. Rappe held multiple leadership roles, including chair of Family Medicine, branch head of Primary Care clinics, chair of Credentialing and assistant director of Medical Services while working at multiple locations in California and Japan.

Salvation Army of Metro Detroit Launches Summer in the City Campaign

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Press Release
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SOUTHFIELD — The Salvation Army of Metro Detroit announced the start of its second consecutive Summer in the City fundraising campaign presented by Toyota. The $1.3 million fundraiser, which started Monday and runs through Wednesday, Sept. 22, focuses on expansion of the Detroit Conner Creek Corps Community Center, located at 3000 Conner St. on Detroit’s east side. Proceeds from the Summer in the City fundraiser, which is the public phase of Conner Creek’s $4.3 million capital campaign, go toward the following initiatives:

  • Construction of new classrooms to support additional educational opportunities, computer classes, mentoring and tutoring services;
  • Expansion of Conner Creek’s existing senior, student and youth programs, such as general health, living and financial coaching services – as well as children’s after-school programs and summer day camps;
  • Construction of a gymnasium to provide additional and year-round exercise and recreational programs, and;
  • Renovation and expansion of the current food pantry.

The nine-week fundraiser is supported by a $250,000 matching donation from Toyota, an organization with close ties to The Salvation Army of Metro Detroit. The corporation has been supporting The Salvation Army for ten consecutive years with its Walk in My Boots Program – an annual community outreach project where Toyota donates winter boots and socks to those in need.

“Toyota is honored to sponsor this year’s Summer In the City campaign for the second year,” said Alva Adams Mason, group manager, Multicultural Business Alliance & Strategy and Dealer Relations for Toyota Motor North America; campaign chairperson for Summer in the City; and member of The Salvation Army National Advisory Board. “Many people know Toyota as a car company, but we’re so much more than that.  We are passionate about serving in the communities where we live and work.  With so many people in need due to the recent pandemic crises, Conner Creek serves as a haven for kids and adults alike.  It is a major reason why Toyota continues to do whatever we can to ensure Detroiters are getting the assistance they need – especially at a place such as Conner Creek, which is a longtime staple in the community.”

Conner Creek is one of three Salvation Army corps community centers located within the city of Detroit – and is the only one on the city’s east side.

“The Conner Creek Corps Community Center plays a major role in a lot of people’s lives on Detroit’s east side,” said Lt. Henry Boateng, The Salvation Army Conner Creek corps officer. “However, our current program space will not be sufficient for much longer. We need the help of Salvation Army supporters through this expansion so we can continue to improve the quality of life for east side residents and allow Conner Creek to truly become a special gathering place for the community.”

Salvation Army supporters can make a $25 sustaining donation to fund the construction and ongoing activities and critical, life-improving services to children, seniors and families in need at Conner Creek, by:

  • Texting SUMMER to 24365
    • Calling 877-SAL-MICH
    • Sending a check made payable to The Salvation Army, to: 16130 Northland Dr., Southfield, MI 48075

“The Conner Creek Corps Community Center offers a place of respite, refuge, peace and prayer for the entire community,” added Lt. Colonel John Turner, divisional commander and regional chief executive officer for The Salvation Army Eastern Michigan Division. “Of the neighborhoods that Conner Creek serves, 70 percent of family households are headed by single mothers, nearly 43 percent of residents live at the poverty level and 34 percent of all properties are either blighted or vacant. The expansion of the Conner Creek Corps Community Center will help address each of the above concerns, plus many more. And Summer in the City Presented by Toyota will and bring overall awareness and support to Conner Creek’s presence and contribution in Detroit.”

Groundbreaking is anticipated to begin in the fall of 2021.

For more information about the 2021 Summer in the City Campaign, please visit www.salmich.org/summerinthecity.

Senate Blocks Debate on $1.2 Trillion Bipartisan Infrastructure Package

By
Brad Kadrich
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Well, that didn’t work.

Senate Republicans blocked an effort by Majority Leader Chuck Schumer to start debate on the $1.2 trillion, bipartisan infrastructure deal that negotiators say is being finalized.

The final 49-51 vote even had a “nay” from Schumer, who later said he flipped his vote as a procedural matter, a move he says will let him bring it back quickly for another vote.

Democrats are also trying to figure out how best to bring forth President Biden’s sweeping, $3.5 trillion spending plan. Options include a bipartisan effort – largely seen as unlikely, since no Republicans support it, or through reconciliation, a process that would allow them to pass it along party lines – with Vice President Kamala Harris casting the tie-breaking vote in the 50-50 Senate – which would allow them to avoid a Republican filibuster.

Many Republicans reportedly voted no, at least in part, because the bill isn’t even written yet, a fact Schumer acknowledged, saying in The Hill that the vote “is only the first step in the legislative process on the Senate floor.”

“It is merely a vote about whether the Senate is ready to begin debating a bipartisan infrastructure bill,” Schumer said. “I have also been very clear about what this vote is not: This vote is not a deadline to have every final detail worked out. It is not an attempt to jam anyone.”

On Fox News, Senate Minority Leader Mitch McConnell called the test vote a “stunt” and predicted it would “fail.”

“Around here, we typically write the bills before we vote on them,” McConnell, R-Ky., said. “That’s the custom.”

But that doesn’t mean it won’t be written soon. According to the Wall Street Journal, lawmakers who are putting it together said they could have enough of it put together by early next week for another vote.

“We’re voting ‘no’ today because we’re not ready, but we’re saying we do want to take up this bill as soon as we are—we think that’s Monday,” the Journal quoted Sen. Rob Portman (R., Ohio), the lead GOP negotiator in the infrastructure talks, as saying Wednesday.

Experts: Inflation Will Be Hot Topic at Fed Committee Meeting

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Press Release
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U.S. economic data this week was consistent with very strong real GDP growth in the second quarter. We are also seeing strong price inflation. Inflation will be a key topic of discussion at the Federal Open Market Committee meeting over July 27/28, as will the Fed’s intentions for the start of winding down asset purchases. 

Retail sales found some traction in June, increasing by 0.6 percent, after falling by 1.7 percent in May. A big factor in recently soft retail sales is auto sales, which are strangled by lack of inventory. The dollar value of retail auto sales fell by 2.0 percent in June as unit sales of new cars dipped to a 15.4 million unit annual rate. However, retail sales ex-autos gained a strong 1.3 percent in June, boosted by higher gasoline prices. Most other broad categories also improved, including electronics and appliances, clothing and general merchandise. For the year ending in June, total nominal retail sales were up by 18.0 percent. The June retail sales numbers will solidify expectations for strong consumer spending data in the Q2 GDP report, due out in 2 weeks.

The Consumer Price Index increased by 0.9 percent in June, its largest monthly increase since June 2008. Over the 12 months ending this June, the CPI has increased by 5.4 percent. Most broad categories showed significant price gains in June. Excluding food and energy, core CPI was up 0.9 percent, its third consecutive strong monthly gain. For the 12 months ending in June, core CPI was up 4.5 percent. 

The Producer Price Index for Final Demand increased by 1.0 percent in June, pushed by energy prices, but other major segments were up as well. For the year ending in June, headline PPI was up by a very strong 7.3 percent. The core PPI (less food, energy and trade) was up by 0.5 percent and showed a 5.5 percent increase over the previous 12 months. 

The U.S. Import Price Index increased by 1.0 percent in June and was up 11.2 percent over the previous 12 months. Prices went up despite a firming value of the dollar through June. Fuel imports were a big factor, up 4.7 percent for the month. Nonfuel import prices increased by 0.7 percent in June, after a 0.9 percent gain in May. 

The National Federation of Independent Business’s Small Business Optimism Index increased noticeably in June, up to 102.5. This is still well below the recent peak of 108.1 from August 2018, but it maintains the up-trend through the first half of this year. 

U.S. industrial production increased by a moderate 0.4 percent in June as manufacturing output was held back by global supply chain issues. Manufacturing output eased by 0.1 percent. Mining was up by 1.4 percent and utility output gained 2.7 percent with the heatwave in the West. Motor vehicle assemblies fell back to a 8.91 million unit rate in June after increasing to a 9.75 million unit rate in May. 

Initial claims for unemployment insurance fell by 26,000 for the week ending July 10 to 360,000. Continuing claims fell by 126,000 for the week ending July 3, hitting 3,241,000. The total number of claims for all unemployment benefit programs fell by 372,279 for the week ending June 26 to reach 13,836,598, less than half the level from the same week in 2020.

Mortgage applications for purchase jumped by 8.3 percent for the week of July 9 after sliding over the two weeks prior. Sales were motivated by a drop in mortgage rates. On a four-week moving average basis, purchase apps were down 16.2 percent from a year ago. Refi apps surged over the week, up 20.4 percent. They were 13.1 percent below their year earlier levels. According to the Mortgage Bankers Association, the rate for a 30-year fixed rate mortgage fell to 3.09 percent in early July.

Robert Dye is vice president and chief economist for Comerica. Daniel Sanabria is senior economist for Comerica.

Report: Ford, Chevy the Worst Hit by Microchip Shortage

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Press Release
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Carmakers across the globe have been struggling to meet customer demand for new cars as the shortage of critical microchips led to plant closures and left dealers with a shrinking inventory. Unfortunately, the US automakers seem to be the worst hit by this situation.

According to data presented by Buy Shares, the US car brands Ford and Chevrolet have taken the worst hit by the global microchip shortage, with almost 370,000 vehicles taken out of the production as of May.

When car factories in the US and across the globe closed in the early days of the COVID-19 last spring, many carmakers made what has turned out to be a critical error. They canceled orders for the microchips essential to the manufacture and operation of new cars.

Although demand for new cars has returned, the microchips, vital for everything from a vehicle’s onboard computer to safety features and infotainment system, have been in short supply around the world for months, and the problem could take a couple of years to resolve.

The fire at an automotive chip plant in Japan, tighter supply chains after the Ever Given grounding in the Suez Canal, and the lack of oil for the plastic used in chips all came as a new shock after the pandemic, causing carmakers huge problems with sourcing the microchips.

An AutoForecast Solutions report showed Ford had been the hardest hit by the global microchip shortage, taking over 230,000 vehicles out of production. Chevrolet took the second-hardest hit among the US carmakers, with its production cut down by 140,800 cars. Jeep follows with around 138,700, respectively.

When it comes to the worst impacted models, the Ford F-Series pickup comes first, with its production reduced by 109,710 units due to the microchip shortage. Statistics show 98,584 fewer Jeep Cherokees are planned, while Chevrolet Equinox production will fall by 81,833, ranking as the third worst impacted model.

The global microchip shortage and the massive production cuts significantly impacted US carmakers’ stock prices. The YCharts data show Ford’s market capitalization dropped by $7.8bn in the last month, falling from $63.7bn in June to $55.9bn last week.

General Motors, the US multinational corporation that manufactures Chevrolet, Buick, GMC, and Cadillac, has taken an even heavier hit. Statistics show the market cap of the US market leader in terms of light vehicle sales plunged by $8.4bn in the last month.

Chrysler Stellantis lost $2.6 billion in market cap in this period. Statistics show the combined market cap of General Motors, Ford, and Chrysler Stellantis as the “Big Three” U.S. carmakers plunged by $18.8bn in the last month.

Jastra Kranjecis an editor, writer, and PR specialist with years of experience in the news, research, and report writing.

Report: Record 136 New Billion-Dollar Companies Born in Q2 of 2021

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Despite the global economy taking a hit amid the pandemic, the number of companies attaining the one billion valuations appears not to be slowing down. Consequently, the emerging unicorns have hit record levels backed by several factors. 

Data acquired by Finbold indicates that the number of new global unicorns has spiked 491% between Q2 2020 and Q2 2021 from 23 to a staggering 136. During the first three months of this year, the figure stood at 113, representing a growth of 140.4% from 2020 Q4’s 47 unicorns. 

Between Q2 2016 and the second quarter of this year, the number of companies to attain a billion-dollar valuation grew by 871%. During the period, the least number of unicorns was recorded in Q4 2016 at 10. The data on the number of newly-born unicorns is provided by the tech market intelligence platform CB Insights. 

The spike in unicorns has been fueled by increased funding, high levels of innovation, high-quality talent, and the ability to sell to a large market. Furthermore, companies attaining the unicorn status have either disrupted existing markets or created entirely new markets backed by technological innovation and smart market strategies.

The significant growth of unicorns emerged amid the coronavirus pandemic that impacted the global economy. At some point, the pandemic resulted in slowed funding but picked up in the second quarter of last year. 

Most of the unicorns that emerged amid the pandemic capitalized on the newfound urgency of online integrations. In general, the pandemic has accelerated the adoption of online technologies. However, the companies had already recognized the need to shift online before the health crisis ushered in clients and investors. 

Additionally, most unicorns have missed the chance to go public while preferring to take advantage of the plentiful private capital from hedge funds, mutual funds, and corporate venture capital firms. 

Notably, during the last year, the IPO sector has witnessed a boom. Most companies usually avoid the IPOs route to avoid the risk of devaluation, especially if the public market thinks a company is worth less than its investors. Investors and startups also do not want to deal with the hassle of going public because of increased regulations.

Buyouts have also become popular, contributing to the billion-dollar valuation of these companies. Most of the big firms acquire many startups to diversify their business and handle competitors in the sector.  

At the same time, the number of unicorns reflects the nature of venture capitalists who primarily depend on fast-growth strategies for a startup’s development. 

Such an approach encourages investing large amounts of money in every round of financing to capture the most significant possible market share as soon as possible. This also prevents the emergence of substantial rivals in the marketplace. In the end, the unicorn company’s valuation skyrockets with every round of financing.

With an increased valuation, the company’s focus is on sustaining profitability. Although profits and growth don’t go hand in hand, the companies must build sustainable development rather than opt for a quick, short-sighted bump in profits. 

Moving forward, the ever-increasing supply of capital to the largest VC-backed companies will potentially continue to fuel this activity for the next few years. In return, most of the companies will have a better chance of hitting unicorn status. However, to keep growing, unicorns need to develop their dynamic capabilities constantly.

New York Power Plant Teams With GE On ‘Green Hydrogen’ Demonstration Project

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Press Release
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Thirty miles east of Poughkeepsie in Dover, New York, the Cricket Valley Energy Center occupies an old industrial site that was vacant for 20 years. Today, the place also points to the way of decarbonization in the energy industry.

The 1,100-megawatt Cricket Valley power plant, in operation since 2020, is one of the most efficient combined-cycle power plants in the state. It is capable of providing the equivalent electricity needed by 1 million homes with three GE 7F.05 gas turbines that run on natural gas, a cleaner-burning fuel that can help utilities add baseload power and allow them to retire coal-fired power plants. And now it’s on a trajectory to become even more sustainable.

In an agreement signed with GE last week, Cricket Valley will undertake a demonstration project, starting in late 2022, by running one of its three turbines on a blend of natural gas with 5% “green hydrogen” by volume — hydrogen produced with renewable energy. It’s the first step in a process that could lead to converting the entire plant into a 100% green-hydrogen-burning facility over the next decade — and marks another boost in the burgeoning effort to deploy hydrogen as part of the transition to cleaner energy.

The initiative, dubbed the H2 Roadmap, is intended to support New York state’s goal of 100% zero-carbon emissions in the electricity sector by 2040, a target announced in the state’s 2019 Climate Leadership and Community Protection Act (CLCPA), the most ambitious by any U.S. state. The H2 Roadmap will facilitate research and development in the hydrogen sector by testing percentages of hydrogen utilization in the fuel mix as the clean fuel becomes more available.

“As a leader in providing reliable, dispatchable power generation, we enlisted GE’s extensive experience with hydrogen to support the development of lower-carbon technologies in the state of New York,” said Chuck Davis, president of Advanced Power Asset Management, which manages the facility. “With this agreement, we will begin to define a roadmap for the conversion of recently constructed natural-gas-fired power plants to lower- and zero-carbon fuels.”

The Cricket Valley plan is the second boost “green hydrogen” has received this month in the state of New York. On July 8, Gov. Andrew Cuomo announced that the New York Power Authority (NYPA) will conduct a pilot project in 2021 to temporarily replace natural gas with a blend of natural gas and “green hydrogen” at its Brentwood Power Station on Long Island. GE Gas Power will play an integral role in that project also, supplying the hydrogen/natural gas blending system and supporting the project’s planning and execution.

Beyond New York, the Long Ridge Energy Terminal in Hannibal, Ohio, is another power plant that is expected to go online later this year with a hydrogen-and-gas blend. The 485-megawatt facility will be the first purpose-built power plant in the United States to burn hydrogen and will use a powerful new gas turbine made by GE to produce enough electricity to light up the equivalent of 400,000 U.S. homes. And in Australia, the EnergyAustralia utility is building that nation’s first gas-and-hydrogen power plant, which will use a GE 9F.05 gas-fired turbine to churn out approximately 316 megawatts of quickly dispatchable power that will help offset the energy that will be lost when a nearby coal-fired facility is decommissioned.

To be sure, “green hydrogen” must overcome several obstacles before it can become a viable replacement fuel. The price will need to come down by about 50%, according to S&P Global. For example, green hydrogen producers could tap more renewable power during periods when a wind farm is spinning out more power than the operator can send to the grid or store.

GE is well positioned to help during this crucial phase of the energy transition. More than 75 GE gas turbines have already racked up over 6 million operating hours running on hydrogen or hydrogen-like fuels, much of it at factories that create hydrogen as a by-product and feed it back into the turbines that drive their plants.

“GE’s gas turbine technology, building on decades of our leadership in low-BTU fuel operations including hydrogen fuels, validates the important role existing technologies and assets can play in reducing carbon emissions,” Scott Strazik, CEO of GE Gas Power, said of the Cricket Valley agreement. “We are pleased to work with CVEC to support its efforts in achieving carbon neutrality across its operations, while demonstrating the collaboration essential for a decade of action to reduce carbon emissions from the power generation sector.”

Pepsi’s 2020 DE&I Report Illustrates Company’s Progressive Journey from Commitment to Action

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PepsiCo DE&I Annual Report 2020

PURCHASE, N.Y. (PRNewswire) — PepsiCo, Inc. this week published its 2020 Diversity, Equity and Inclusion (DE&I) Report, debuting an evolved global strategy underpinned by “A Space to be You”— a fundamental belief that goes beyond the PepsiCo walls to foster diverse, equitable, and inclusive principles not only throughout the organization, but also across its business partners and communities it serves.

The report outlines PepsiCo’s diversity journey, while pointing to its progress and commitments across three distinct pillars: People, Business, and Communities, taking a holistic view at the impact made by the company in the last year.

“Like many of our peers, PepsiCo is on a journey from awareness to commitment to action,” said Ramon Laguarta, PepsiCo’s Chairman and CEO. “I am proud to say that our commitment to equity and inclusion is stronger today than at any time in our history. We understand that diversity of thought and experience gives us valuable strategic insights, fuels our innovation, and helps us attract the best talent. But even though I am proud of our progress, I know there is still more work to do. As we take the next steps on our journey, we will remain committed to the principles of diversity and transparency, whilst stepping up our action in partnership with employees, consumers, customers, and communities.”

PepsiCo’s diversity agenda, which has evolved from Diversity & Engagement to Diversity, Equity and Inclusion, is a step forward to unlock the organization’s ability to further innovate for its consumers, deliver first-class service for its customers, and cultivate a workforce that accurately reflects its communities.

The company shared progress in its 2020 DE&I Report, including the following highlights:

A space for People to be themselves:

  • Advancing Gender Parity globally with progress currently at 41%.
  • Increasing Black and Hispanic Representation, at 8% and 9% respectively, PepsiCo is on track to meet the goal of increasing managerial representation in the U.S. to 10% by 2025 in order to mirror workforce availability.
    • This goal is part of PepsiCo’s Racial Equality Journey, an investment of more than $570+ million over five years to uplift Black and Hispanic communities in the U.S. while also increasing representation of those respective communities within PepsiCo.

A space for Business partners to progress:

  • Investing in diverse suppliers by expanding existing supplier base and growing the spend by more than $35M incrementally in 2021 with Black and Hispanic suppliers.
  • Amplifying Diverse Voices with the launch of products and campaigns, including eQlibri® Popcorn in Brazil, a product designed by women for women and featuring women in its advertising. The brand’s “Estoure-se” campaign encourages women to transform and share the best of themselves. In Mexico, Doritos Rainbow created the 1 Million Kisses digital campaign and donated $50,000 to Cuenta Conmigo, an organization that provides programs and services that improve the lives of LGBTQ+ people and their families.

A space for Communities to thrive:

  • Unlocking opportunities & cultivating future talent like The PepsiCo Foundation’s partnership with Amal Academy, a leading nonprofit organization seeking to close the employment gap in Pakistan by helping graduates build bridges to their dream jobs through soft skill trainings and job placement. To date, 3,300+ youth have been positively impacted, with 80% job-offer rate. Additionally, the company offered virtual internships to 300 students, half of which were women.
  • Meeting the needs of our local communities with the investment of more than $71 million and working with 250+ partners to bring food and other vital resources to global communities most impacted by COVID-19. As part of this effort, funding was used to provide for protective gear for healthcare workers, testing and screening services, and the distribution of 145+ million nutritious meals to at-risk populations.

“PepsiCo’s Diversity, Equity and Inclusion agenda is more critical than ever following a year of such adversity that disproportionately affected underserved populations,” said Tina Bigalke, PepsiCo Global Chief Diversity, Equity and Inclusion Officer. “I am proud of the progress we’ve made so far and equally motivated to continue pushing us to drive measurable impact and meaningful change.”

The all-digital and interactive 2020 DE&I Report includes a snapshot of PepsiCo’s diversity journey, pillar focus areas, progress against goals and other resources. The report and downloadable assets are available here.

Atlanta Businesses Hailed as 2021’s Best & Brightest Companies to Work For

By
Brad Kadrich
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Every year, companies throughout the greater Atlanta region compete to be named one of “Atlanta’s Best and Brightest Companies to Work For.”

Only companies that distinguish themselves as having the most innovative and thoughtful human resources approach can be bestowed this honor.

An independent research firm evaluates each company’s entry, based on various categories, including Compensation, Benefits and Employee Solutions; Employee Enrichment, Engagement and Retention; Employee Education and Development; Recruitment, Selection and Orientation; Employee Achievement and Recognition; Communication and Shared Vision; Diversity and Inclusion; Work-Life Balance; Community Initiatives and Strategic Company Performance.

The 13 elite winners are selected based on their overall high scores and then named an elite winner in their highest performing category. Elite winners included:

Communication and Shared Vision
CBIZ

Community Initiatives
Turner Construction Company

Compensation, Benefits and Employee Solutions
OnSolve

Diversity and Inclusion
T-Mobile USA

Employee Achievement and Recognition
ASP Global

Employee Education and Development
WellStar Health System

Employee Enrichment, Engagement & Retention
Amerisure Mutual Insurance

Recruitment, Selection and Orientation
PBD Worldwide

Work-Life Balance
Human Resources Dimensions

Strategic Company Performance
iVision Inc.

The Best of the Best Small Business
SignatureFD LLC

The Best of the Best Medium Business
OxBlue

The Best of the Best Large Business
Panasonic Automotive

“These companies have shown fortitude during this crisis and have inspired others to make critical decisions for the betterment of their teams” said Jennifer Kluge, president of The Best & Brightest Companies To Work For. “They focus on the needs of their employees as a primary objective, even in times like this and are the leaders of our West Michigan community.”

With over 20 years of experience conducting the Best and Brightest competitions, the National Association for Business Resources (NABR) has identified numerous best Human Resource practices and provided benchmarking for companies that continue to be leaders in employment standards.

Here’s a shout-out to the other Atlanta winners:

1Q

3C Software

3CI

Advanced Services for Pest Control Inc.

Agile

AGS

Amerisure Mutual Insurance Company

AmTrust Financial

Aquesst

ASP Global

Aspirent

Astral Brands

Aventis Systems Inc.

BDO USA LLP

BlueFetch Mobile

CATMEDIA

CBIZ

CHEP

City of Atlanta

Clean Hands

Client Command

Clinical Resources

Collaborative Solutions

Comprehensive Therapy Consultants

Consulting Solutions

Cox & Company

Cultura Technologies LLC

Dana Lynch Design

Daugherty Business Solutions

Digital Agent

Digitas

DMC Atlanta, Inc.

Emerald Data Networks, Inc.

EventSphere, LLC

FieldEdge

Gables Residential

GetUWired

Goodwill of North Georgia, Inc.

Gray Television

Greenzie

Hall Booth Smith P.C.

Hancock Askew & Co., LLP

Homeside Properties, an Associa Company

HR Partners, Inc.

Human Resources Dimensions

IDR, Inc.

Imagine Media Consulting

Incentive Solutions, Inc.

InfoMart, Inc.

IST Management Services, Inc.

IT Works Recruitment

iVision

Jabian Consulting

Kingdom Fortunes Development Group

KMS Technology

Kobiton

LeadCoverage

Liger Partners

List Partners, LLC

Media Frenzy Global

Medicus IT

MHP America, Inc., a Porsche Company

Morrison Healthcare

MountainSeed Appraisal Management, LLC

OmegaFi

One Vision Production LLC

OneDigital

OnSolve

Origami Risk

OxBlue Corporation

Panasonic Automotive

Paramount Software Solutions Inc.

Park N Fly

PBD Worldwide

Perry Construction Management LLC

Pro Roofing & Siding

ProviDyn, Inc.

Quest Group

Radix Health

ReluTech

REPLI

Riskonnect

Rural Sourcing Inc.

Service Express, Inc.

SignatureFD, LLC

SolTech, Inc.

Strive Consulting

Sunsoft Solutions Inc.

Techwood Consulting

TelPlus Communications

The Intersect Group

TJFACT, LLC

T-Mobile USA

Tommy Nobis Center

Total Quality Logistics

Turner Construction Company

VDart

Vector Choice Technology Solutions

Vector Global Logistics

Vert Digital

vidREACH

WellStar Health System

Willmer Engineering

WOW!

X3 Sports

XINNIX, Inc.

“Throughout the year, the Best and Brightest Companies to Work For have demonstrated leadership and forward thinking as they pivoted their business and workforce through Covid-19,” Kluge said. “As the conversation and focus has shifted, our Best and Brightest winning companies have also been a voice for important actions regarding race relations and employee wellbeing. In these unique times, the Best and Brightest Companies to Work For excel and share their knowledge with others.”

Businesses Honored as Chicago’s Best & Brightest to Work For

By
Brad Kadrich
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Every year, companies throughout the greater Chicago region compete to be named one of “Chicago’s Best and Brightest Companies to Work For®.” Only companies that distinguish themselves as having the most innovative and thoughtful human resources approach can be bestowed this honor. (See following list for winners.)

An independent research firm evaluates each company’s entry, based on various categories, including Compensation, Benefits and Employee Solutions; Employee Enrichment, Engagement and Retention; Employee Education and Development; Recruitment, Selection and Orientation; Employee Achievement and Recognition; Communication and Shared Vision; Diversity and Inclusion; Work-Life Balance; Community Initiatives and Strategic Company Performance.

With over 20 years of experience conducting the Best and Brightest competitions, the National Association for Business Resources (NABR) has identified numerous best Human Resource practices and provided benchmarking for companies that continue to be leaders in employment standards.

The Best of the Best overall elite category Chicago winners this year included:

Overall Winner
Shure

Medium Business
Milhouse Engineering & Construction Inc.

Small Business
Porcaro Stolarek Mete Partners

Communication and Shared Vision
Devbridge

Community Initiatives
KRD, Ltd.

Compensation, Benefits and Employee Solutions
Assurance, a Marsh & McLennan Agency

Diversity and Inclusion
Comcast

Employee Achievement and Recognition
Turner Construction Company

Employee Education and Development
Dialog Tech

Employee Enrichment, Engagement and Retention
OneDigital

Recruitment, Selection and Orientation
Stout

Strategic Company Performance
LaSalle Network

Work-Life Balance
FONA International Inc.

“The Best and Brightest is a powerful community of elite leaders who share ideas and practices, and have proven they are employers of choice,” said Jennifer Kluge, President and CEO, Best and Brightest Programs. “Best and Brightest winning companies have also been a voice for important actions in creating a sustainable culture that works, ensuring the wellbeing of their employees come first.”

These select companies are set to be honored on Thursday, July 22, on a virtual platform.

Chicago’s Best and Brightest Companies to Work For is sponsored by Baudville Brands, Now Health Group, FONA International, Corp! Magazine, Assurance, a Marsh & McLennan Agency, Milhouse Engineering & Construction, Sana Benefits, HR Source and Become Unmistakable – uMap.

The Best and Brightest Companies to Work For is a national program that celebrates those companies that are making better business, creating richer lives and building a stronger community as a whole. It is presented annually in several markets, including Atlanta, Boston, Charlotte, Chicago, Dallas/Fort Worth, Denver, Detroit, Houston, Miami, Milwaukee, Nashville, New York, Portland, San Diego, San Francisco Bay Area, Seattle, West Michigan and Nationally.

Nominations are now being accepted for 2022. Visit www.thebestandbrightest.com to obtain an application.

Here’s a shout-out to all the winners:

Above and Beyond Family Recovery Center

Adage Technologies

American Academy of Orthopaedic Surgeons

American Academy of Pediatrics

American Society of Anesthesiologists

ARCO/Murray

Ascend Technologies

Associa – Chicago

AST Corporation

Automated Business Designs

BCD International

BDO Digital

BDO USA LLP

Bluco

Brilliant

Brose Belvidere

Burwood Group Inc.

bswift

Call One

CapGrow Partners

Capsim Management Simulations

CBIZ

City Staffing

CKL Engineers LLC

Coast Incorporated

Collaborative Solutions LLC

Coplan & Crane LLC

CoreFX Ingredients

CoSourcing Partners LLC

Daugherty Business Solutions

Digital Third Coast

Donlen,

DragonSpears

Ecentria Group

Echo Global Logistics, Inc.

Echogravity

Edlong

Emkay Inc

Entara

Ergoseal, Inc.

Evention LLC

FBC Remodel

Flexco

Framework IT

Fusion92

Genesis Technologies

Ghafari Associates, LLC

Healthscape Advisors

HED

Helping Hand Center

Healthcare Financial Resources Inc

Home Run Inn, Inc.

Honigman LLP

HydraForce Inc.

Illinois Housing Development Authority

Impact Networking LLC

Incredible Technologies

International Contractors Inc.

Jabian Consulting

Kensington School

Kforce Professional Staffing

Lakeshore Recycling Systems LLC

Loberg Construction

Loma Systems

MedGyn Products, Inc.

Merchants Fleet

Mortenson Construction

Motivation Excellence

Mutual Trust Life Insurance Company

National Equity Fund Inc.

National Futures Association

Navigate

Neighborhoods.com

Netrix LLC

Network Distribution

Next College Student Athlete (NCSA)

Nitel

NOW HEALTH GROUP, INC.

nvisia

Objective Paradigm

Office Revolution

Omron Automation

Omron Healthcare Inc.

Origami Risk

Parasol Alliance

Paylocity Corp.

PBD Worldwide

Peapod Digital Labs

Per Se Group

Perficient

Phaidon International

Plexus Corp.

Premier International

Prominence Advisors

Protiviti

Rabine Group

Radio Flyer Inc.

RATIONAL Cooking Systems, Inc.

Red Caffeine

Riskonnect, Inc.

Royal Cyber

Saggezza Inc.

Salo

Service Express

Shop Smart, LLC

Signature Bank – Chicago

Soliant Consulting

Soulsight

Starcom USA

Stout

Strive Consulting

Swoon

The Dagaz Group

The Marketing Store Worldwide

The Mx Group

The Pepper Group

The Salem Group

Thresholds

Total Quality Logistics

Tovar Snow Professionals LLC

TransTech, Inc.

Trilogy Behavioral Healthcare

Trilogy Real Estate Group, LLC

Turner Construction Company

Verve, a Credit Union

Videojet Technologies Inc.

Wespath Benefits and Investments

Wheels, Inc.

Wi-Tronix, LLC

WOW! Internet and Cable

Zeigler Auto Group

Canada Set to Open Border to U.S. Aug. 9, but U.S. is Waiting Until Aug. 21

By
Brad Kadrich
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Travelers who thought the U.S.-Canada border would be flowing both ways will have to wait a bit longer.

Days after the Canadian government announced it would begin allowing vaccinated Americans with a negative coronavirus test to come into the country beginning Aug. 9, the U.S. Customs and Border Patrol said it was extending its reopening date until Aug. 21.

The USA Today reported the decision was contained in documents set to be published in the Federal Register. Restrictions on entry by land and ferry travel are extended until 11:59 p.m. on Aug. 21 and will remain in place unless rescinded or amended, according to the notices.

Restrictions on crossing northern and southern U.S. borders were put in place in March 2020, and have been extended every month since then.

Canada announced the reopening of its borders to U.S. residents on Monday, effective Aug. 9. Canada will then begin allow fully vaccinated visitors from other countries to enter the country beginning Sept. 7.

U.S. Sen. Patrick Leahy, a Democrat from Vermont, told the Bennington Banner welcomed the news from Canada.

“I believe it is important for us to follow Canada’s lead and reopen our side of the border to fully vaccinated Canadians for non-essential travel purposes,” Leahy said. “Our Congressional delegation called for a resumption of greater cross-border travel in the beginning of June and we will continue to call for a safe reopening of the Northern Border until that is accomplished.”

U.S. Rep. Brian Higgins, a Democrat from Buffalo, N.Y., was not happy with the U.S. decision to wait.

“For months now people and businesses along the border have been strung along month after month holding out hope for the border to reopen,” Higgins told the Buffalo media. “Today’s decision by the Biden administration harms economic recovery and hurts families all across America’s northern border; this is completely unnecessary.”

These new rules apply to travelers arriving by land and air. 

“As of September 7th, fully-vaccinated people from any country can come into Canada for non-essential travel,” Canadian Prime Minister Justin Trudeau tweeted after the announcement was made. “As a first step, fully-vaccinated Americans can do the same starting August 9th. At every step, the safety of Canadians will continue to be our top priority.”

Yahoo News reported that fully vaccinated travelers to Canada must prove their inoculation and present a negative molecular coronavirus test taken within the past 72 hours. However, those travelers will no longer be required to test after arrival in Canada, though some travelers will be randomly selected to do so.

Canadian airports are also continuing to require masks, according to the announcement, and many places in Canada are still enforcing mask mandates. Unvaccinated travelers will still not permitted to enter Canada.

People from Canada and Mexico have been allowed to fly into the U.S. with proof of a negative coronavirus test or recovery from COVID-19 – a requirement before boarding any international flight to the U.S., since January.

The news comes as vaccines continue to roll out across the three countries and COVID cases rise with the Delta variant of the virus spreading, accounting for 83% of U.S. COVID cases.

State House Votes to Repeal Emergency Powers Law Used by Whitmer During Pandemic

By
Brad Kadrich
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If Michigan Gov. Gretchen Whitmer feels a need to impose new restrictions in the face of the coronavirus pandemic, she’s going to have to find another way.

The Republican-controlled state House voted 60-48 — along party lines — in support of initiative petition language that repeals the Emergency Powers Act of 1945. The vote came one week after the state Senate also approved the initiative. 

Whitmer used the law to issue health and safety restrictions in the early days of the COVID-19 pandemic. Those moves drew drew pushback from Republicans and other opponents.

State House Speaker Jason Wentworth said the group that brought the petition, Unlock Michigan, “changed Michigan forever when they decided they had enough and stood up to make a difference.” 

“They deserve a state government that is willing to do the same,” Wentworth, of Farwell, said in a statement, according to The Detroit News. “They’ve earned that much. That’s why we had their back today and put this petition into law.”

Keep Michigan Safe spokesperson Mark Fisk on today’s vote by the Michigan House repealing the governor’s emergency powers.

“From Day One, Unlock Michigan has been a brazen political power grab designed to hamper the abilities of those in government to act quickly and decisively during public health emergencies,” Fisk said. “Today, House Republicans voted to eradicate an important tool for elected leaders trying to save lives and stop the spread of deadly, infectious diseases like COVID-19, Legionnaire’s, tuberculosis and anthrax.”

Whitmer and her administrative have used other laws to battle health emergencies, but this initiative process outlines a playbook for conservatives to take future action in a way that avoids a veto. 

Unlock Michigan praised Wednesday’s vote and promised additional campaigns. 

“Our Unlock Michigan citizen army collected over 540,000 signatures in just 80 days,” Unlock Michigan spokesman Fred Wszolek told The News. “Now, 292 days later, we’ll complete our mission with a final vote in the Legislature to end Gov. Whitmer’s rule by decree.”

Experts: FCA Expansion Shows How Tax Incentives Can Pay Off

By
Michael Gerstein
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Politicians on both sides of the aisle have applauded Fiat Chrysler Automobiles NV for vowing to build the first new auto assembly line Detroit has seen in decades, promising to hire 6,500 new workers and invest $4.5 billion into production plants.

As part of the deal, the Michigan Strategic Fund in 2019 approved more than $200 million in tax incentives to encourage FCA to make the expansion in state. Between all state and local economic incentives offered, the number is reportedly closer to $400 million.

Two years later, was it worth it? That depends on who you ask. For many in the business community and the city of Detroit, the answer is a resounding yes.

According to Stellantis spokeswoman Jodi Tinson, the company has hired 2,100 Detroiters to fill a total of 3,850 new jobs at the former Mack Avenue Engine Complex. In 2020, FCA announced that it hired 4,100 Detroit residents for the Mack expansion and an updated Jefferson North Assembly plant that would create a combined 4,950 jobs, according to the Michigan Economic Development Corporation.

That’s in line with the 4,950 jobs the company vowed to create with the help of state-funded financial incentives to sweeten the deal, a 2019 MEDC document shows.

“We value our state and local partners, Tinson said in a statement. “Their support has been critical in bringing $4.5 billion in investment and nearly 6,500 new jobs to Michigan.”

But where are the other 2,400 jobs to make up the difference from the 4,100 hired to meet the 6,500 promised? Tinson said in an email that more hires will be made when new jobs are available at FCA’s Jefferson North Assembly and Warren Truck Assembly plants.

Josh Hundt, MEDC’s chief business development officer and executive vice president, said the company continues to make good progress on hiring the remaining jobs. Hundt said the investment in Detroit and Michigan “represents that Michigan remains the center of the North American automotive industry” with 21 percent of all automotive production happening in Michigan and about 76 percent of all research and development.

The Fiat Chrysler expansion in particular means “thousands of good paying jobs in Detroit and Macomb County that will be … a great job opportunity for many years to come,” Hundt added.

Detroit Mayor Mike Duggan also has continued to extend his gratitude to the company for investing in Detroit. The Michigan Chamber of Commerce says the deal has absolutely been worth it.

“$4.5 billion of investment is unprecedented, and the first new assembly line in Detroit in 30 years — bringing 6,500 jobs prioritizing Detroit employment,” said Dan Papineau, director of tax policy and regulatory affairs for the Michigan Chamber of Commerce. “The local government, state government and FIAT Chrysler worked harmoniously together to put together an excellent plan. That looks like a win for us.”

But while the skeptics were few and far between for FCA’s 2019 deal, some were and remain leery. 

Every year, states and cities across the country give a combined $80 billion in economic incentives to companies, according to Nathan Jensen, a professor of government with the University of Texas at Austin.

Usually that comes in the form of grants, tax breaks and infrastructure or land. But most of the time, companies would have invested when and where they did anyway, according to Jensen. In cases where they alter investment decisions, Jensen contends communities often overpay — usually for political gain: Tax credits are an easy and effective public relations move for politicians, Jensen said.

But even if it pads elected officials’ public image, tax incentives can actually hurt the economy in the long run, critics like Jensen contend. That’s because the public investments that really help the economy are less flashy than a ribbon cutting ceremony: public education, childcare, workforce development and public infrastructure.

The conservative Mackinac Center for Public Policy, W.E. Upjohn Institute for Employment Research and the Center for Economic Accountability have in the past all been skeptical of how worthwhile tax incentives really are. They’ve questioned the notion that companies wouldn’t have expanded if not for those incentives, as is often argued by supporters and companies themselves.

It’s one of the few issues the far left and far right often agree on, Jensen said. More moderate Republicans and Democrats often support tax breaks and credits without hesitation.

According to a 2018 paper authored by Timothy Bartik, an economist with the Upjohn Institute, 75 percent of companies would make the same decision with or without the incentive.

“Based on a review of 34 estimates of ‘but for’ percentages, from 30 different studies, this paper concludes that typical incentives probably tip somewhere between 2 percent and 25 percent of incented firms toward making a decision favoring the location providing the incentive,” an abstract of the paper said. “In other words, for at least 75 percent of incented firms, the firm would have made a similar decision location/expansion/retention decision without the incentive.”

A 2010 report from the East Lansing-based Anderson Economic Group concluded that there’s a wide variance in which public business subsidies were effective and which weren’t. Some worked, many did not, according to the report.

But AEG Public Policy & Economic Analysis Director Brian Peterson said in an email “Michigan’s incentive landscape may look much different now than it did a decade ago.” AEG conducted a more recent analysis of Michigan incentives but declined to share it because it was produced for a private client.

The Chamber’s Papineau argued that while Michigan used to have some ineffective incentives, that isn’t the case anymore.

Sandy Baruah, president and CEO of the Detroit Regional Chamber, said incentives are only one reason that a company would choose to expand in or relocate to a given area. Other factors are often more important: the workforce, supply chain and overall tax burden are often bigger reasons.

Incentives certainly “are factored into overall cost of ongoing business” for a company, Baruah said.

“It would be unfair to say that an investment like the FCA investment would have gone to any of the 50 states or any part of the country,” Baruah said. “Clearly there are a lot of areas that wouldn’t be even in the running.”

Charles Ballard, a Michigan State University economics professor, said he didn’t know enough about the FCA incentive package to comment on it specifically.

“Overall, my sense of the research is that tax-incentive schemes have mostly had disappointing results. Companies are fond of telling state and/or local governments that they will only invest in a particular project if they receive a package of incentives,” Ballard said.

“However, in many cases, the companies would have made the investment anyway, even without the incentives, and the actual boost to employment often falls short of what was promised,” he added. “On the other hand, in this case, the requirement to hire Detroit residents probably did lead to the hiring of more Detroiters than would have happened otherwise.”

West Michigan Businesses Honored as the Best and Brightest

By
Brad Kadrich
-

Hundreds of businesses around West Michigan are doing good work in developing human relations best practices.

At the annual “West Michigan’s Best and Brightest Companies to Work For” digital awards celebration held Wednesday, not only were dozens of winning companies recognized, but 13 Elite winners were also honored.

Representing 13 different award categories, this distinctive awards competition is presented annually by the Best and Brightest Companies to Work For.

The winners are selected based on their overall high scores and are then named an Elite winner in their respective category.

The most prestigious award, the “Best of the Best, Large Business” was presented to Davenport University, which demonstrated excellence in all categories. Davenport University stood above all of this year’s entries with exceptional human resources practices. The company outranked all of the competing companies in every category used to evaluate the winning entries.

The 13 elite winners are selected based on their overall high scores and then named an elite winner in their highest performing category. Elite winners included:

Communication and Shared Vision
Air Lift Company

Community Initiatives
4front Credit Union

Compensation, Benefits and Employee Solutions
L3Harris Technologies, Inc.

Diversity and Inclusion
Suburban Inns

Employee Achievement and Recognition
Greenleaf Trust

Employee Education and Development
Greenleaf Hospitality Group

Employee Enrichment, Engagement & Retention
Buist Electric

Recruitment, Selection and Orientation
TowerPinkster

Work-Life Balance
OST (Open Systems Technologies)

Strategic Company Performance
Seaman’s Mechanical

The Best of the Best Small Business
Andy J. Egan Company

The Best of the Best Medium Business
Consumer Credit Union

The Best of the Best Large Business
Davenport University

“These companies have shown fortitude during this crisis and have inspired others to make critical decisions for the betterment of their teams” said Jennifer Kluge, president of The Best & Brightest Companies To Work For. “They focus on the needs of their employees as a primary objective, even in times like this and are the leaders of our West Michigan community.”

Nominated companies are assessed by reviewing a number of key measures in each category. Each company’s entry was evaluated by an independent research firm.

Here’s a shout-out to the rest of the West Michigan winners:

4front Credit Union

a.j. Veneklasen, Inc.

ABD Engineering & Design, Inc.

Adamy Valuation

Adventure Credit Union

AEBetancourt

Air Lift Company

Allied Business Services

Allied Electric, Inc.

Amerifirst Home Mortgage

Andy J. Egan Co

Arbor Financial Credit Union

Armstrong International

Baker Holtz, CPAs and Advisors

Barnes & Thornburg LLP

Baudville Brands

BDO USA LLP

Beene Garter, LLP

Behler-Young Company

Bell’s Brewery Inc.

BHS Insurance

BizStream

BKC | Brink, Key & Chludzinski, P.C.

Blue Cross Blue Shield of Michigan

Buist Electric Inc.

Butterball Farms Inc.

CasterDepot

Charter Capital Partners

Choice Schools Associates

CHOP Tree Service

Clark Retirement Community

Comfort Research

Consumers Credit Union

Crystal Mountain

CTS Telecom

Davenport University

DeWys Manufacturing Inc.

DFCU Financial

Dominion Systems, Inc.

Easter Seals of Michigan

Eckert Wordell

Emmanuel Hospice

Epitec

EQI, Ltd

EV Construction

Express Employment Professionals- West Michigan

Family Promise of Grand Rapids

Fettig

Feyen Zylstra

Fleis & Vandenbrink Engineering Inc.

Flexco

Flexfab LLC

Flow-Rite Controls

Foresight Management

Forest Area Credit Union

Garrison Dental Solutions

Gerald R. Ford International Airport

Ghafari Associates, LLC

GMB Architecture + Engineering

GNS Holland, Inc.

Grand Rapids Metrology

Grand River Aseptic Manufacturing

Greenleaf Hospitality Group

Greenleaf Trust

GT Independence

Gun Lake Casino

Harbor Industries, Inc.

Hastings Mutual Insurance Company

Heritage Community of Kalamazoo

Highpoint Community Bank

Holland Hospital

Honigman LLP

Hope College

Humanex Ventures

Hungerford Nichols CPAs + Advisors

Hutcherson Construction

Industrial Magnetics Inc.

InsITe Business Solutions LLC

ITC Incorporated

ITPartners+

ITS Partners

Kalamazoo Community Foundation

Kevin Toler & Associates

Kids’ Food Basket

Knight Watch Inc.

Koops Inc

KSS Enterprises.

Lachman Stuart

LaFleur

Lake Michigan Credit Union

Lakeshore Advantage

Lakewood Construction

Legacy Trust

Legal Copy Services Inc.

Life EMS Ambulance

Lighthouse an Alera Group Company

Macatawa Bank

Mel Trotter Ministries

Mercantile Bank of Michigan

Metro Health University of Michigan Health

Michigan First Credit Union

Michigan Software Labs

Mill Steel Company

MSU Federal Credit Union

New Holland Brewing Company

Northpointe Bank

Nugent Builders Inc.

Nulty Insurance

OMNI Community Credit Union

OptiMed Health Partners

OsborneKlein

OST (Open Systems Technologies)

PADNOS

Paragon D&E

Pella Windows & Doors by Horne

Plante Moran

Progressive AE

Rehmann

RENK America

Revel

Ritsema Associates

Robroy Enclosures

Rockford Construction

Schupan & Sons, Inc.

Seaman’s Mechanical

Seber Tans PLC

SecurAlarm Systems, Inc.

Seelye Auto Group

Service Express

Service Professor, Inc.

SHEFIT

Sherpack

Soils & Structures

Southwest Michigan First

SpartanNash

SpendMend, LLC

St. Ann’s Home

Star Truck Rentals

Suburban Inns

Sun Title Agency

Sunset Retirement Communities & Services

TANDEM365

Terryberry

TGG Solutions

The C2 Group

The Kendall Group

The Wiser Financial Group

Think Chromatic

Total Quality Logistics

TowerPinkster

Town & Country Group

Triangle Associates, Inc.

Trillium Staffing Solutions

Twisthink

UFP Technologies

UMRC & Porter Hills

United Bank

Vanderwall Brothers Concrete Products

West Michigan Transport, LLC

West Michigan Whitecaps

Windemuller

Wolverine Building Group

Worksighted

WSI

Yeo & Yeo CPAs & Business Consultants

Zeigler Auto Group

“Throughout the year, the Best and Brightest Companies to Work For have demonstrated leadership and forward thinking as they pivoted their business and workforce through Covid-19,” Kluge said. “As the conversation and focus has shifted, our Best and Brightest winning companies have also been a voice for important actions regarding race relations and employee wellbeing. In these unique times, the Best and Brightest Companies to Work For excel and share their knowledge with others.”

West Michigan’s Best and Brightest Companies to Work For is sponsored by Baudville Brands, Blue Cross Blue Shield of Michigan, Newsradio WOOD 1300 and 106.9 FM, Grand Rapids Business Journal, Davenport University, DTE Energy, Marsh & McLennan Agency LLC, The Employers’ Association, Consumers Credit Union, Meijer, uMap, Clark Hill, Corp! Magazine, Garrison Dental, SpartanNash, OMNI Community Credit Union, Basic, NOW Health

The Best and Brightest Companies to Work For is a program that provides the business community with the opportunity to gain recognition, showcase their best practices and demonstrate why they are an ideal place for employees to work. It is presented annually in several markets including Atlanta, Boston, Chicago, Dallas, Detroit, Houston, Milwaukee, San Diego, San Francisco Bay Area, West Michigan and Nationally. Nominations are now being accepted. Visit www.thebestandbrightest.com to obtain an application.

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