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Michigan's economic development board on Tuesday approved state incentives designed to snag least 1,500 new jobs, including more than 400 to be created by an auto supplier that wants to build a seating assembly plant in the embattled city of Flint. Southfield-based Lear Corp., which makes automotive seating and electrical systems, will qualify for a grant worth up to $4.35 million if it adds 435 jobs by mid-2020 at the new $29.3 million facility to be constructed on the site of General Motors' largely abandoned former Buick City complex. Lear chose Michigan over Mexico for the project, which will provided seats for a full-size truck program, according to a memo prepared for the Michigan Strategic Fund Board.
In an update to the ongoing U.S. Open Skies dispute, the U.S. Airlines for Open Skies Coalition released a fact sheet claiming the demands by the three legacy carriers to crack down on alleged trade violations by three Middle East-based carriers would threaten the tourism and manufacturing industry in America. The organization points to research by the U.S. Travel Association, which found that 75 million international visitors spent nearly $250 billion in the United States in 2016, supporting more than 15 million U.S. tourism and hospitality jobs. Hawaiian Airlines, one of four airlines in the coalition, said adding a single daily wide-body flight carrying predominantly foreign-originating tourists
Home Depot (HD) and Lowe’s (LOW) have both been beneficiaries of the improving housing market. Home Depot has catered more aggressively to what’s known as the professional customer, which includes remodelers, general contractors and small business owners. In fact, 40% of Home Depot’s sales come from this customer category, which tends to spend more, take more trips to the store and conduct bigger projects.