Michigan Resiliency Summit Tackles Economic Growth and Supply Chain Gaps

DETROIT, Mich. – In a significant gathering, approximately 150 industry leaders, including CEOs, C-Suite executives, and innovation partners, convened at Newlab in Detroit for the Michigan Resiliency Summit. The summit, part of JPMorganChase’s $1.5 trillion, 10-year Security and Resiliency Initiative, focuses on strengthening key industries and addressing supply chain vulnerabilities crucial to national economic security. This initiative supports Governor Whitmer’s efforts to enhance Michigan’s economic landscape, ensuring it remains a top business state for the third consecutive year.

Governor Gretchen Whitmer emphasized Michigan’s economic advancements, stating, “Michigan is working hard to set our economy up to think, build, and lead the future.” She highlighted the creation of numerous well-paying jobs and the reshoring of supply chains as pivotal achievements. Whitmer expressed pride in collaborating with JPMorganChase in Detroit to facilitate this summit, aiming to secure Michigan’s economic future on the global stage.

According to Jay Horine, Head of JPMorganChase’s Security and Resiliency Initiative, Michigan’s unique blend of talent and industrial acumen positions it as a leader in America’s growth trajectory. “Through our Security and Resiliency Initiative, we’re committed to partnering for the long term — helping align capital, talent and innovation so Michigan companies can move faster from opportunity to production,” Horine said, underlining the initiative’s role in fortifying supply chains and promoting sustainable economic growth.

Michigan stands out in the reindustrialization arena, leveraging its manufacturing roots and engineering prowess to bolster industries essential to America’s economic security. The summit provided a platform for networking and collaboration among public and private sector leaders, featuring panel discussions on amplifying Michigan’s industrial strengths to rejuvenate domestic supply chains.

Ben Marchionna, Chief Innovation Ecosystem Officer for Michigan, claimed, “Michigan’s strongest path to broad-based prosperity is an innovation economy that turns research, know-how and industrial capability into new products, growing companies and good jobs.” He highlighted the summit’s role in fostering innovation-driven economic models, aligning various stakeholders to address industrial gaps, and expanding opportunities for Michigan’s workforce and businesses.

Detroit Mayor Mary Sheffield acknowledged JPMorganChase’s significant contributions to the city’s revival, including a $200 million investment in workforce and neighborhood development. “Detroit and our residents have played a pivotal role in developing the products and supply chains that have changed the world for generations,” Sheffield noted, emphasizing the city’s strategic importance in discussions about economic resilience.

The summit aimed to translate national investment priorities into actionable strategies to retain and create jobs in Michigan and fortify industries poised to enhance the state’s competitive edge.

Michigan’s Innovation Ecosystem

Michigan is well-equipped to advance the Security and Resiliency Initiative’s objectives, housing over 14,000 manufacturing firms and a burgeoning high-tech startup ecosystem. The state excels in sectors like autonomous technology, robotics, and aerospace, contributing significantly to national research and development rankings.

Under Governor Whitmer’s leadership since 2021, Michigan has seen substantial growth in entrepreneurship, with over 15,800 jobs and 1,400 high-tech companies emerging. The state’s investment in innovation has yielded significant returns, with each dollar invested leveraging $85.56 from other sources.

J.P. Morgan Security and Resiliency Initiative (SRI)

The Security and Resiliency Initiative spearheaded by JPMorganChase is a comprehensive $1.5 trillion plan aimed at bolstering industries vital to economic stability. This initiative includes a $10 billion initial investment in select U.S. companies to drive growth and innovation in strategic manufacturing sectors.

The initiative addresses systemic vulnerabilities in supply chains and focuses on maintaining global competitiveness by investing in defense, energy independence, and advanced technologies. Key focus areas include: