President Coleman Comments on Governor Granholm's Bond Proposal

May 4, 2005

University of Michigan President Mary Sue Coleman issued the following statement today (May 4, 2005) in response to Governor Granholm’s announcement of the “Jobs for Michigan Fund”:

“Governor Granholm has made several proposals intended to encourage a greater number of students to earn college degrees and to spur the state’s research activity. I believe these proposals, which acknowledge the crucial role of higher education in the state’s economic strength, are taking us in precisely the right direction. In particular, I strongly support the proposal to issue $2 billion in state bonds over the next 10 years in order to invest in cutting-edge research in universities, businesses and nonprofit organizations.

“The governor’s proposals are consistent with the University of Michigan’s efforts to support a fast-growing technology economy in the Ann Arbor region. Our plans, in partnership with area businesses and government entities, aim to double the number of technology companies and triple the number of related jobs in the region over a five-year period by promoting technology start-ups and more technological innovation in Michigan businesses.

“I also am enthusiastic about the fact that the governor’s proposals would restore funding levels for life sciences research, but over an accelerated time horizon. We have already seen the payoff of our state’s investment in the life sciences in terms of new business development, attraction of existing businesses to Michigan and the corresponding creation of jobs. Our continued investment in this area is vital.

“The challenges we face were clearly articulated by the Cherry Commission and by its work group on economics benefits, which I chaired. Research and innovation will be the drivers of our economic success in Michigan and in our nation, and research universities will be a key supplier of these raw materials. In this global economy, competitors such as China and India are outspending the United States in R&D, and our state’s future business environment is at risk. The governor’s bold vision will fuel our ability to remain competitive within America and beyond its borders.

“Only by producing research innovations that lead to the growth of new industries, and by graduating the talented young students who will work in and lead those industries, can we build an economy that will sustain us in the 21st century. The governor’s plan for research investment gives us a tremendous opportunity to strengthen the partnership between state government, industry and research universities so we can out-innovate the competition.

“The citizens of our state now have the chance to make a powerful investment in Michigan's economic destiny.”