Quicken to Expand in Michigan

Quicken Loans Inc. plans to expand its operations in Troy, Mich., and create 1,200 new jobs, which will result in the creation of an estimated 4,695 indirect jobs over the next four years, Michigan Gov. Jennifer M. Granholm has announced.Assistance from the Michigan Economic Development Corp. convinced Quicken to locate the $29.1 million expansion in Michigan rather than Nevada, the governor said. Quicken Loans Inc. consists of Quicken Loans, Rock Financial, and Title Source. Rock Financial, Livonia, Mich., is Michigan's largest mortgage company, with more than 1,700 employees in the state. The governor's office cited a University of Michigan economic analysis estimating that 4,695 indirect jobs will be created in Michigan as a result of increased economic activity associated with the expansion, in addition to the 1,200 jobs created directly by the company.