Thursday, June 2, 2022

Romulus honored for entrepreneurial climate

The City of Romulus has again been recognized for its dedication to entrepreneurial growth and economic development by the annual eCities study, conducted by researchers at University of Michigan-Dearborn Center for Innovation Research. This marks the fourth consecutive year that Romulus has received the highest five-star rating.

"The City of Romulus continues to be a prime location for entrepreneurs and developers around the country to start and grow their businesses," said Romulus Mayor Robert McCraight. "Receiving five stars in the eCities report for a fourth consecutive year further emphasizes our commitment to growing our local economy and investing resources in our residents-whether they are looking to start a business or find a good-paying job in the community. We look forward to another prosperous year."

In 2021, the City of Romulus welcomed 68 new businesses, which brought more than 1,633 local jobs. Additionally, 22 new projects were submitted for approvals with 5,296 jobs. The most notable developments include: Ecorse Commons Industrial Park, which brought in 1,973 new jobs and is estimated to have an economic development impact of more than $440,000 in annual tax revenue and $15 million in payroll revenue; Ford Ion Park, a state-of-the-art collaborative learning laboratory that is part of a $185 million investment and will feature 200 engineers, researchers and purchasing and finance leaders; The Romulus Trade Center, a 171-acre multi-million-dollar development that will create more than 1,000 jobs and bring in $56 million in property taxes and the Kroger Fulfillment Center, a 135,000-square-foot high-tech automated center that is expected to open in March/April 2022 and will create 250 new jobs.

Romulus is also part of the Detroit Regional Aerotropolis Development Corporation-a four-community, public-private economic development partnership with the Wayne County Airport Authority. Aerotropolis is designated as a Next Michigan Development Corporation, meaning it is authorized to provide special economic development incentives, which in turn drive investment and boosts the Romulus economy, officials said. 

The eCities study analyzed publicly available data from 277 communities from 54 counties in Michigan. Researchers focused on the five-year changes in property values, community assets, and tax rates, which can demonstrate the growth, investments, and cost of doing business within the community. For example, over the five-year period of 2016-2020, these communities increased their capital assets by an average of 2.9 percent per year with investments such as park facilities, water and sewer infrastructure projects, and emergency vehicles, while property tax rates increased by less than 3 percent on average per year, officials said.