DTE Energy's $3.3 Billion Investment Boosts Michigan Economy in 2024
Detroit, Monday, 13 January 2025.
DTE Energy’s substantial $3.3 billion investment in Michigan suppliers during 2024 created nearly 14,000 jobs, underscoring its ongoing commitment to local economic development and job creation.
Regional Impact and Job Creation
DTE Energy (NYSE: DTE) [GPT] has demonstrated significant regional economic impact across Michigan, with particularly strong investment in Southeast Michigan and Metro Detroit. The company invested $2.53 billion in 1,001 companies in this region alone, including $955 million specifically in Detroit, supporting approximately 11,000 jobs [1][2]. This investment is part of a larger pattern of local economic support, with DTE having invested over $24 billion with Michigan-based suppliers since 2010, creating or sustaining 92,000 jobs statewide [1].
Statewide Distribution of Investment
The company’s 2024 investments were strategically distributed across Michigan’s regions. West Michigan received $138 million, supporting 550 jobs across 167 companies, while South Michigan saw $286 million in investment, maintaining 1,200 jobs through partnerships with 275 companies. The Upper Peninsula and Northern Michigan regions also benefited, with investments of $31 million and $20 million respectively, supporting approximately 230 combined jobs [1][2].
Supplier Diversity and Local Business Development
DTE Energy has placed a strong emphasis on supplier diversity, aiming to spend nearly $1 billion with certified diverse suppliers [1]. This commitment is exemplified by success stories such as Detroit Voltage, which has become a key partner since spring 2024, installing hundreds of EV charging stations and providing public safety and field support during large storms [2]. According to Jaspreet Singh, DTE’s vice president of Corporate Services, ‘Doing business in the communities we serve grows Michigan’s economy and puts people to work’ [1][2].
Environmental and Community Initiatives
Beyond economic investments, DTE Energy is also supporting environmental sustainability across Michigan. Through the DTE Energy Foundation, the company has provided over $100,000 in grant money to 28 different local communities for urban forestry initiatives [3]. This program supports communities like Reed City, Grayling, Ludington, and Elk Rapids, each receiving grants of up to $4,000 for tree planting and maintenance [3].