Senator Stabenow Tours Big Three Exhibits at 25th Annual Auto ShowMonday, January 13, 2014
U.S. Senator Debbie Stabenow, Co-Chair of the bipartisan Senate Manufacturing Caucus, toured vehicle exhibits for Chrysler, Ford, and GM and attended the 2014 North American Car and Truck of the Year Awards. During the press preview, Sen. Stabenow discussed how the auto industry and U.S. manufacturing are driving Michigan's and the nation's economic recovery. Sen. Stabenow championed the rescue of the domestic auto industry and has authored legislation to boost American manufacturing by ending tax loopholes for companies that ship jobs overseas, cutting taxes for businesses that create jobs in America, and training workers with new cutting-edge skills.
Senator Stabenow said: "Manufacturing is the backbone of our middle class and our economy and that is on full display here at the North American International Auto Show. U.S. manufacturing is growing at its fastest pace in almost a year, fueled in large part by the continued resurgence of our American auto industry, which is creating thousands of Michigan jobs. That's why we need national policies that help our manufacturers and workers continue to succeed in the global economy."
The auto industry has been a driving force in the continuing economic comeback. Vehicle purchases by consumers accounted for roughly 30 percent of all economic output in the first half of 2012. Since 2009, the "Big Three" have invested or announced investments totaling over $8 billion in Michigan. The automotive industry employs more than 8 million workers and since mid-2009 the auto industry has added 372,600 jobs. It is estimated that the auto industry accounts for 3-3.5% of the country's economic output.
Senator Stabenow is the author of the Advanced Energy Manufacturing Tax Credit (48C) that helps manufacturers invest in clean energy technologies and create cutting-edge jobs. Last month, Ford and GM received Advanced Energy Manufacturing Tax Credits to expand production capabilities and create jobs in Michigan. Ford received a $30 million tax credit to expand production capabilities at its Michigan Assembly Plant in Wayne, which has transitioned from full-size truck and SUV production to a facility to manufacture multiple electric vehicle lines. GM received a credit worth more than $20 million to further expand production capabilities at its Detroit-Hamtramck Assembly Plant where the Chevrolet Volt and Cadillac ELR are manufactured.