LETTER TO THE REGION
THE STATE OF THE GREATER GRAND RAPIDS REGION: The 2024 State of the Region report offers a deep dive into the economic trends shaping the future of Greater Grand Rapids. Over the past year, our team at The Right Place has connected with more than 600 businesses, gaining firsthand insight into the opportunities and innovations driving our region forward. By blending qualitative insights from these conversations with quantitative data from our business intelligence team, we’ve created a comprehensive report that highlights our economy’s strengths and growth opportunities. While some findings show that our economy has softened slightly in some areas, it also revealed that our region has exciting opportunities and strong momentum moving forward: Population Growth: Our region’s population grew by 6% over the past decade, driven largely by our increasingly diverse communities. Education Strengths: With 37% of residents holding a bachelor’s degree or higher, our talent pool is expanding. We also maintain a stronger concentration of young professionals than the state and national averages. Industrial Strength: Industrial vacancy rates remain low at 2.5%, even as 825,000 square feet of new industrial space came online in 2024. Tech Job Growth: A record year for tech, with nearly 4,300 new tech jobs added since 2021. As we reflect on this year’s achievements and prepare for the opportunities ahead, one thing is clear: the future of our region is bright. Thank you for your ongoing partnership in building a thriving, dynamic community where businesses and people can flourish.
Steve Downing The Right Place, Inc. Board Chair President & CEO Gentex Corporation
Randy Thelen President & CEO The Right Place, Inc.
STATE OF THE REGION 2024 01
EXECUTIVE SUMMARY
PROSPERITY
regional employment in 2024 (faster growth than state & national levels since 2019) 591,000 of companies planning expansions 53% of companies plan to increase hiring 45% tech jobs in 2024, a record level 39,668 of companies report increasing sales 62%
PEOPLE
PLACE
HIGHER concentration of young people as share of the population compared to nation possess a bachelor’s degree or higher 37% population growth over the last decade 6.1% of the past decade’s population growth driven by diverse communities 2/3
industrial vacancy rate 2.5%
increase in residential 9%
building permits (from 2023 to 2024)
more air travel passengers (from 2023 to 2024) 348k below national average 8% Low cost of living
Lightcast represents a significant data source throughout this report. Lightcast aggregates and models public data from the Bureau of Labor Statistics, U.S. Census, and other sources.
All data used for this report is based on the Grand Rapids-Kentwood Metropolitan Statistical Area, which contains Kent County and sections of Ionia, Montcalm, and Ottawa counties unless otherwise noted.
Notes on the data
STATE OF THE REGION 2024 02
RANKINGS | FOR GREATER GRAND RAPIDS
#1
#2
#3
Best Historic Small Town Ludington – USA Today
Best Cities to Visit in Michigan – Touropia
Best Business Climate (Mid-Sized) – Business Facilities
#9
Best Place to Raise a Family in Michigan East Grand Rapids – Niche
#5
Best Suburbs to Buy a House in Michigan Forest Hills – Niche
“Best Right-Size City in America”
- Forbes
#18
#12
U.S. Cities with the Best Quality of Life – Business Insider
Best Place to Raise a Family in Michigan Forest Hills – Niche
#8
America’s Best Towns to Visit in 2024 – Business Facilities
#4
Best Places to Buy a House in Michigan Eastgate – Niche
#3
Manufacturing Hubs (Small) – Business Facilities
STATE OF THE REGION 2024 03
PEOPLE People are the foundation of any successful region, and more individuals are continuing to choose Greater Grand Rapids to live, work, and play. Regional population levels are climbing, our demographics are becoming more diverse, and our population is continuing to become more educated. Greater Grand Rapids is proving a powerful magnet to attract young talent.
STATE OF THE REGION 2024 04
PEOPLE
POPULATION Population in Greater Grand Rapids increased by more than 4,500 people – or 0.4% – since last year. Population growth slowed this year, compared to 2023, but grew more than the statewide population. Since 2014, Greater Grand Rapids’ population has grown by 6.7% – or nearly 69,900 people.
GREATER GRAND RAPIDS POPULATION BY DEMOGRAPHICS
YEAR OVER YEAR POPULATION GROWTH RATE 1.40% Greater Grand Rapids Michigan
2014 Population
2024 Population
Demographic
United States
White
821,497
846,826
1.20%
Hispanic
95,311
116,312 79,032 32,576 26,473
Black Asian
69,258 25,937 20,579
1.00%
.80%
Two or More Races
.60%
American Indian or Alaskan Native Native Hawaiian or Pacific Islander
3,526
3,763
304
398
.40%
Total
1,036,412 1,105,379
.20%
Source: Lightcast
0.00%
-.20%
RACE/ETHNICITY AS OVERALL PERCENTAGE OF POPULATION IN 2023
-.40% 2022 2023 2024 2015 2016 2017 2018 2019 2020 2021
GGR % Total Population
MI % Total Population
U.S. % Total Population
Demographic
Source: Lightcast
White
76.6% 10.5%
73.5%
58.0% 19.6% 12.7%
DIVERSITY & DEMOGRAPHICS Diverse communities continue to drive population growth across the region. Nearly two-thirds of the population growth experienced by Greater Grand Rapids during the past decade was driven by diverse populations. Likewise, diverse populations accounted for the vast majority (nearly 4,000 of the 4,500) of population growth from 2023 to 2024. The majority of diverse population growth has been driven by Hispanic communities. Greater Grand Rapids has a higher concentration of diverse populations compared to Michigan, but still falls short of national numbers.
Hispanic
6.0%
Black Asian
7.1%
13.8% 3.6% 2.6% 0.6% 0.0%
2.9% 2.4% 0.3% 0.0%
6.3% 2.5% 0.7% 0.2%
Two or More Races
American Indian or Alaskan Native Native Hawaiian or Pacific Islander
Source: Lightcast
STATE OF THE REGION 2024 05
PEOPLE
LABOR FORCE Greater Grand Rapids’ labor force has continued to increase through 2024, reaching a decade-long peak of 612,311 people in Q3 2024. The labor force added 4,045 workers – or 0.7% – since Q3 2023. Unemployment generally remained in the low 3% levels for much of 2023 and through the middle of 2024 in Greater Grand Rapids. Since then, rates have crept up in the region, following larger state and national trends. Despite the increases, Greater Grand Rapids has lower unemployment than that of Michigan and the country at large.
GREATER GRAND RAPIDS UNEMPLOYMENT BY QUARTER
GREATER GRAND RAPIDS LABOR FORCE BY QUARTER
Greater Grand Rapids
Michigan
United States
22%
620,000
20%
18%
600,000
16%
580,000
14%
12%
560,000
10%
8%
540,000
6%
520,000
4%
2%
500,000
2014 2015
2016
2017
2018
2019
2020
2021
2022
2023 2024
0%
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023 2024
Source: Bureau of Labor Statistics
Source: Bureau of Labor Statistics
STATE OF THE REGION 2024 06
PEOPLE
EDUCATIONAL ATTAINMENT Greater Grand Rapids hosts a population with increasingly higher levels of educational attainment. Since 2014, Greater Grand Rapids has added approximately 45,600 more bachelor degree holders and 27,700 new graduate degree or higher holders.
YOUTH POPULATION Greater Grand Rapids’ concentration of young people under 19 years old continues to outpace both state and national levels. Youth populations are decreasing across the country as birth rates decline. The concentration of 19- year-olds decreased 0.3% from 2023 to 2024 and 2.3% during the past decade.
Since 2019 the population of 25–34-year-olds with a bachelor’s degree or higher has risen by 19.7% in Greater Grand Rapids, compared to 9% across the state. Source: Michigan Future, Inc.
GREATER GRAND RAPIDS EDUCATIONAL ATTAINMENT
POPULATION UNDER 19 YEARS OLD
2014
2024
Graduate Degree & Higher
Greater Grand Rapids
Michigan
United States
30%
29%
Bachelor’s Degree
28%
Associate’s Degree
27%
26%
Some College
25%
24%
High School Diploma
23%
9th Grade to 12th Grade
22%
21%
Less than 9th Grade
20%
0% 5% 10% 15% 20% 25% 30% 35%
2015 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Source: Lightcast
Source: Lightcast
STATE OF THE REGION 2024 07
PLACE Greater Grand Rapids is a vibrant and dynamic region. Across the area, companies invest in new commercial real estate projects, and construction crews bring new housing developments to life. At the same time, more visitors are choosing Greater Grand Rapids as a top destination for vacations and getaways. Combined with its low cost of living, these factors make Greater Grand Rapids the best right-size city in America, according to Forbes.
STATE OF THE REGION 2024 08
PLACE
COMMERCIAL REAL ESTATE Office inventory crept up, adding approximately 139,000 square-feet from Q3 2023 to Q1 2024, though inventory levels have remained flat since then. Total vacancy rates (including direct and sublease vacancies) rose from 11.9% in Q3 2023 to 12.2% in Q3 2024. On the industrial front, vacancy rates continue to hover below 3%. Industrial vacancies have increased slightly, reaching 2.5% in Q3 2024 from 1.9% during the same period in 2023. Greater Grand Rapids gained approximately 825,000 square feet of new industrial space from Q3 2023 to Q3 2024, a 0.7% increase.
INDUSTRIAL INVENTORY BY QUARTER
126,000,000
124,000,000
122,000,000
120,000,000
118,000,000
OFFICE INVENTORY BY QUARTER
14,000,000
116,000,000
13,500,000
114,000,000
2019
2020
2021
2022
2023
2024
Source: NAI Wisinski of West Michigan
13,000,000
12,500,000
VACANCY RATES BY QUARTER
Office
Industrial
14%
12,000,000
12%
11,500,000
2019
2020
2021
2022
2023
2024
10%
Source: JLL
8%
6%
4%
2%
0%
2019
2020
2021
2022
2023
2024
Source: JLL and NAI Wisinski of West Michigan
STATE OF THE REGION 2024 09
COMMERCIAL REAL ESTATE Industrial space under construction has continued to trend downward in Greater Grand Rapids. In 2024, there was 286,000 square feet of industrial space under construction, a 61% decrease from 2023. No new office space is currently under construction, a trend that has persisted since Q2 2023. PLACE
SQUARE FEET OF OFFICE SPACE UNDER CONSTRUCTION BY QUARTER
450,000
400,000
350,000
SQUARE FEET OF INDUSTRIAL SPACE UNDER CONSTRUCTION
300,000
3,500,000
250,000
3,000,000
200,000
150,000
2,500,000
100,000
2,000,000
50,000
1,500,000
0
2019
2020
2021
2022
2023
2024
1,000,000
Source: JLL
500,000
0
2017 2018 2019 2020 2021
2022 2023 2024
Source: NAI Wisinski of West Michigan
STATE OF THE REGION 2024 10
PLACE
RESIDENTIAL HOUSING The median listing price of houses in Greater Grand Rapids reached $397,433 in Q3 2024, a 2% (or $6,896) decline from the same quarter the previous year. Median housing prices hit a record of $424,000 in Q2 2024 and are up 40% from Q3 2019. Regional housing prices had reached parity with national levels in Q1 2024, but the median cost of housing in the U.S. has since outpaced that of Greater Grand Rapids by about $30,000. Greater Grand Rapids continues to build more housing to fill a shortfall in units. Nearly 3,000 new housing structures were authorized in the first three quarters of 2024 – which is 254 units more than what were authorized in the first three quarters of 2023.
MEDIAN LISTING PRICE BY QUARTER
Greater Grand Rapids
Michigan
United States
$500,000
$450,000
$400,000
$350,000
$300,000
$250,000
$200,000
$150,000
2019
2020
2021
2022
2023
2024
Source: Realtor.com
NEW PRIVATE HOUSING BUILDING PERMITS BY QUARTER
1,200
1,000
800
600
400
200
0
2019
2020
2021
2022
2023
2024
Source: U.S. Census Bureau
11
STATE OF THE REGION 2024
PLACE
COST OF LIVING INDEX
93 94 95 96 97 98 99 100
National 100
COST OF LIVING Greater Grand Rapids continues to offer lower cost of living compared to other comparable areas across the country. The Cost of Living index for the region ticked up one-tenth in 2024 from the previous year. Note: The Cost of Living Index compares communities to the national average. Communities with numbers above 100 have higher costs of living than the national average, while communities with numbers below 100 offer a cheaper cost of living than the national average.
Indianapolis, IN 98.5
Source: Lightcast
Louisville, KY 97.6
Raleigh, NC 96.9
Columbus, OH 95.2
Birmingham, AL 94.9
Greensboro, NC
93.6 93.6
Chattanooga, TN
Knoxville, TN
93.2 93.3
Oklahoma City, OK
92
Grand Rapids, MI
92
90 91
STATE OF THE REGION 2024 12
PLACE
COMMUNITY VIBRANCY More people booked and stayed at hotels across Grand Rapids in 2024 than in previous years. From October 2023 to September 2024, hotel room demand reached $2,255,791 in sales, a 4.2% increase from the same period the previous year.
HOTEL ROOM DEMAND (SALES)
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2020 2021
2022
2023
2024
Source: Smith Travel Research
AIRLINE TRAVEL Airport activity continued to climb in 2024, putting Greater Grand Rapids on path for another record year as more people continue to visit, vacation, and do business in the region. Quarterly passenger numbers reached 1,075,059 in Q3 2024, a 7% increase over Q3 2023 numbers. Likewise, activity during the first three quarters of 2024 is up by 347,814 passengers, or 12% compared to the first three quarters of 2023.
GERALD R. FORD INTERNATIONAL AIRPORT PASSENGERS BY QUARTER
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
2020
2021
2022
2023
2024
Source: Gerald R. Ford International Airport
STATE OF THE REGION 2024 13
PROSPERITY A prosperous region is a thriving region. Greater Grand Rapids continues to showcase itself as a destination for people and businesses to grow. Jobs in the region are climbing, with job growth outpacing state and national figures since 2019. Tech jobs climbed to new records in 2024 as Greater Grand Rapids continues to work toward a Tech Strategy to position the region as a preeminent tech hub in the Midwest.
STATE OF THE REGION 2024 14
PROSPERITY
JOBS Jobs in Greater Grand Rapids reached 590,855 in 2024, a 1% increase from 586,361 jobs the previous year. Jobs in the region are now well above pre-pandemic levels, demonstrating a full recovery in Greater Grand Rapids’ job market. Since 2019, Greater Grand Rapids has added jobs at a faster rate than Michigan and the U.S. Sectors including the manufacturing and administrative industries have shed jobs in recent years while other industries such as healthcare and professional services have experienced moderate growth.
COMPARATIVE JOB GROWTH Q3 2019 TO Q3 2024
GGR
Michigan
United States
0%
0.5% 1.0% 1.5%
2.0%
2.5% 3.0% 3.5% 4.0% 4.5% 5.0%
TOTAL JOBS IN GREATER GRAND RAPIDS* 620,000
Source: Michigan Department of Technology, Management and Budget (MILMI)
GREATER GRAND RAPIDS TOP INDUSTRIES BY JOBS*
600,000
Industry
2019 Jobs 2024 Jobs % Change
Healthcare & Social Assistance Durable Goods Manufacturing
79,900
83,100
4.0%
580,000
84,400 49,000
78,800 49,600 43,900 43,000 39,200 35,900 33,200 27,500 21,500 18,800 15,600
-6.6%
Retail Trade
1.2%
560,000
Administrative & Waste Services
48,100
-8.7% -2.3%
540,000
Accommodation & Food Services
44,000 36,800 32,500 34,700 23,200 21,600 16,900
Local Government
6.5%
520,000
Wholesale Trade
10.5% -4.3%
Nondurable Goods Manufacturing
500,000
Professional & Technical Services
18.5%
Finance & Insurance
-0.5%
480,000
Transportation & Warehousing
11.2%
Educational Services
14,000
11.4%
460,000
2023 2024 2014 2015 2016 2017 2018 2019 2020 2021 2022
State Government
7,600
8,400
10.5% -3.2%
Management of Companies & Enterprises
6,300 3,600
6,100
Source: Michigan Department of Technology, Management and Budget (MILMI)
*Includes nonfarm jobs only
Federal
3,800
5.6%
Source: Michigan Department of Technology, Management and Budget (MILMI)
*Includes nonfarm jobs only
15
STATE OF THE REGION 2024
PROSPERITY
TECH JOBS Tech talent continues to expand throughout Greater Grand Rapids. Tech employment has reached 39,668, adding nearly 1,000 tech workers since 2023 and nearly 4,300 workers since the inception of the regional Tech Strategy in 2021.
GREATER GRAND RAPIDS TECH JOBS
40,000
39,000
38,000
37,000
TOP SOFTWARE SKILLS (NOV. 2023-OCT. 2024)
NUMBER OF JOB POSTINGS
36,000
331 377 505 367 697
SAP Applications
35,000
Salesforce
34,000
AutoCAD
33,000
2021
2022
2023
2024
Google Workspace
Source: Lightcast
SQL (Programming Language)
Source: Lightcast
STATE OF THE REGION 2024 16
PROSPERITY
GREATER GRAND RAPIDS VENTURE CAPITAL DEAL COUNT
VENTURE CAPITAL Venture capital investment continues to fuel innovation and commerce in Greater Grand Rapids. Deal flow in 2024 reached 17 deals totaling $34.4 million in capital investment. Deal value declined 76% compared to 2023. Meanwhile, median deal size has continued to rise during the past decade, growing 364% from $690,000 in 2015 to $3.2 million in 2024. During the past year, median deal size rose 43% from $2.24 million.
35
30
25
20
GREATER GRAND RAPIDS VENTURE CAPITAL INVESTMENT
15
180M
10
140M 160M
5
120M
0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
80M 60M 100M
Source: Pitchbook. Data based on the Core Based Statistical Area including the Grand Rapids metropolitan area and Muskegon.
40M 20M
MEDIAN DEAL SIZE
$3.5M
0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
$3.0M
Source: Pitchbook. Data based on the Core Based Statistical Area including the Grand Rapids metropolitan area and Muskegon.
$2.5M
$2.0M
$1.5M
$1.0M
$.5M
$0
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Source: Pitchbook
17
STATE OF THE REGION 2024
PROSPERITY
2023–2024 % Change
2019–2024 % Change
Title
2019 2023 2024
Assembler 1
$15.02
$18.53
$17.92
-3.29%
19.31%
Machine Operator
$16.64
$18.38 $19.96
8.60%
19.95%
Assembler 2
$16.74
$19.93
$21.99
10.34%
31.36%
WAGES AND OCCUPATIONS Average hourly earnings in Greater Grand Rapids reached $31.08/hr in Q3 2024, a moderate increase from the $30.87/hr rate during the same quarter of the previous year. Regional wages have fallen in recent quarters, putting wages on par with mid-2022 numbers. Average wages across both Michigan and U.S. outpace those of the region.
Material Handler
$16.54
$19.89
$20.39
2.51%
23.28%
Packer
$14.70
$18.02
$19.39
7.60%
31.90%
Injection Molding Machine Operator I
$14.87
$18.74
$19.23
2.61%
29.32%
Registered Nurse
$31.47
$34.04
$36.10
6.05%
14.71%
Case Worker
$17.20
$23.16
$21.97
-5.14%
27.73%
AVERAGE HOURLY EARNINGS BY QUARTER
Social Worker
$27.16
$33.24
$29.57
-11.04%
8.87%
$37
Software Eng 1
$59,136
$71,379 $78,013
9.29%
31.92%
Greater Grand Rapids
Michigan
United States
Software Eng 2
$74,395 $95,996 $95,447
-0.57%
28.30%
$35
Software Eng 3
$95,647 $107,546 $123,107
14.47%
28.71%
OP Systems Programmer I OP Systems Programmer II Network Administrator
$58,073 $62,393 $59,885
-4.02%
3.12%
$33
$81,954 $84,489 $84,982
-0.59%
3.70%
$31
$70,530 $84,407 $84,507
0.12%
19.82%
$29
Accountant I
$50,726 $53,415 $58,808
10.10%
15.93%
Controller
$101,771 $115,405 $123,593
7.10%
21.44%
$27
HR Manager
$80,000 $95,563 $88,782
-7.10%
10.98%
$25
2019
2020
2021
2022
2023
2024
Admin Assistant II
$41,981 $49,427 $48,184
-2.51%
14.78%
Source: Federal Bank of St. Louis and Bureau of Labor Statistics
Help Desk II
$22.27
$26.78
$27.91
4.22%
25.33%
Wage growth at the occupational level has proven a mixed bag, with some positions such as Software Engineer III (14.5%), Manufacturing Assembler II (10.3%), Paralegal (37.3%), and Accountant I (10.1%) showing double-digit wage growth compared to the previous year. Though, other occupations including social workers (-11%) and Human Resource Managers (-7%) have experienced significant declines.
Paralegal
$72,219 $62,491 $85,824
37.34%
18.84%
Buyer II
$60,824 $68,881 $70,905
2.94%
16.57%
Source: The Employers Association (TEA)
18
STATE OF THE REGION 2024
PROSPERITY
LOCAL BUSINESS INSIGHTS The Right Place met with over 600 companies through retention visits in 2024. These discussions give our staff the opportunity to have deep and meaningful discussions with businesses throughout Greater Grand Rapids. This gives The Right Place first- hand insight into business conditions throughout the region. Here are the highlights from those discussions: Recruitment Problems Fewer companies ( 32% ) reported recruitment problems in 2024 compared to 2023 ( 43% ). Sales Trends 62% of companies reporting increasing sales trends in 2024, compared to 66% in 2023. The number of companies reporting decreasing sales ticked up from 4% in 2023 to 5% in 2024. Hiring Trends The pace at which companies are hiring appears to be slowing. 45% of companies indicated they were increasing employment in 2024, compared to 49% in 2023. The 4% decline in increasing employment was made up for in companies planning on keeping employment levels stable ( 52% in 2024 compared to 48% in 2023).
GREATER GRAND RAPIDS SALES TRENDS
Expansions Companies planning on expanding declined 4% from 57% in 2023 to 53% in 2024. Ownership Changes The number of companies that underwent ownership changes ticked up 2% from 2023 ( 4% ) to 2024 ( 6% ). Investing in Training Companies increasing training rose a percentage point to 38% in 2024. The number of companies planning on keeping training levels stable also grew by 3% in 2024 ( 45% ) compared to 2023 ( 42% ). Pinch Points Sales were the top point of concern in 2024 with 28% of companies noting it as the primary pinch point for their business in 2024, compared to 18% of companies in 2023. Talent attraction was previously the top issue in 2023 with 22% of companies noting it as the primary pinch point but has ticked down to 16% of companies in 2024. Facility issues ( 15% ), talent development ( 7% ), and talent retention ( 6% ) were the next most prominent pinch points in 2024.
5%
Sales Increasing Sales Stable Sales Decreasing
33%
62%
TOP CHALLENGES TO GROWTH
Sales
Talent Attraction
Facility Issues
Talent Development
2024 2023
Talent Retention
0%
5% 10%
15%
20% 25% 30%
STATE OF THE REGION 2024 19
PROSPERITY | RECENT PROJECTS
Northland Corporation
In February 2024, Newaygo-based G-M Wood Products announced plans to add 25 new jobs and invest nearly $8.7 million to expand its facility. G-M Wood Products was founded in Newaygo in 1987 and produces door frame components. G-M Wood Products
Tesa Tape
Amway
A manufacturer of adhesive products, Tesa Tape opened its headquarters in Greater Grand Rapids in March 2024 and is expected to generate $1.2 million in new investment and create 60 new jobs.
Alticore, the parent company of Amway, will add 260 jobs and invest $127 million into its headquarters in Ada Township. The expansion will increase manufacturing and R&D capacity by renovating a 48,000 square foot space and building an 18,705-square-foot expansion.
In August 2024, Northland Corporation announced it planned to create 200 new jobs and invest $21.4 million in an expansion project at its facility in Greenville. The manufacturer of upscale refrigeration products for appliances was assisted by the Montcalm Economic Alliance and The Right Place.
Woodchuck.ai
Ludus
Climate impact startup, Woodchuck.ai chose Greater Grand Rapids as its headquarters in September 2024. The company focuses on improving the biomass supply chain and is using AI to accelerate the development of waste-to-energy processes.
Digital ticketing sales platform Ludus announced plans in February 2024 to establish its headquarters in Greater Grand Rapids. The company plans to add 37 new jobs and $310,000 in capital investment as a result of its headquarters.
SnackCraft
SnackCraft added 37 jobs and invested nearly $30 million to expand its Kentwood production facility in February 2024. SnackCraft produces gluten-free and allergen-controlled baked and salty snack foods on a contract basis. A subsidiary of Unismack, SnackCraft was established in Kentwood in 2022.
STATE OF THE REGION 2024 20
REGIONAL PARTNERS
The Right Place’s economic development work covers an eight-county region including, Kent, Ionia, Lake, Mason, Mecosta, Montcalm, Newaygo and Oceana counties. The Right Place works closely with those partner counties outside Kent County by embedding economic development professionals into each community. These partnerships are made possible by alliances in each county, served by a local board of directors.. Each county contributes unique strengths to Greater Grand Rapids, creating a dynamic region where collaboration fosters economic vitality and growth.
Note on the data
The data in the following section was collected from Lightcast, the U.S. Census Bureau, and the Federal Reserve Bank of St. Louis and is current as of the time of writing in November 2024 unless otherwise specified
STATE OF THE REGION 2024 21
MECOSTA
OCEANA
NEWAYGO
IONIA COUNTY
MONTCALM
MUSKEGON
KENT
OTTAWA
IONIA
Ionia County experienced steady population growth over the past decade, increasing 3.4% since 2014. Meanwhile, Ionia County’s median household income of $69,951 closely matches the Michigan median household income of $69,183, and 27% of residents hold an associate degree or higher. Among companies interviewed in Ionia County by The Right Place in 2024, 36.1% reported rising sales trends, down from 44.1% in 2023. However, recruitment challenges have decreased to 30.3% from 41.7%, while 45.5% of businesses plan to expand, up from 36.1%.
ALLEGAN
BARRY
IONIA COUNTY TOP INDUSTRIES BY JOBS
Industry
Number of Jobs
Employment Services
2,750 1,453 1,325 1,153 1,147 7,828
NOTABLE STATISTICS
Education & Hospitals (Local Government) Motor Vehicle Body & Trailer Manufacturing
Population
Unemployment Rate
Restaurants & Other Eating Places
32,644 89.8 27% $69,951 $2.21B 37.8 66,510 4.8% Labor Force Cost of Living Index Gross Regional Product Median Age*
State Government, Excluding Education & Hospitals
Total
IONIA COUNTY COMMUTING PATTERNS (2014-2023)
25,000
2014 2023
20,000
Associates Degree & Higher
Median Household Income*
15,000
10,000
5,000
* Data as of 2023
0
Inbound
Outbound
STATE OF THE REGION 2024 22
IONIA COUNTY
IONIA COUNTY EDUCATIONAL ATTAINMENT
2014 2024
Graduate Degree & Higher
LOCAL BUSINESS INSIGHTS
Bachelor’s Degree
36.1% SEEING INCREASING SALES TRENDS 45.5% PLANNING TO EXPAND THEIR BUSINESS
30.3% EXPERIENCING RECRUITMENT CHALLENGES 27.3% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Facility Issues | Financing | Talent Attraction TOP PINCH POINTS:
0
2,500 5,000 7,500 10,000 12,500
15,000
17,500
20,000
22,500
25,000
Population
NOTABLE ACCOMPLISHMENTS
Hosted the 4th annual MIPitch competition, rewarding three local entrepreneurs and small businesses with $14,000 in prize money.
Connected all five Ionia County school districts with local businesses through in-person tours.
Received $200,000 in funding from Revitalization and Placemaking (RAP) Program to fund the Looking Glass River Plaza in the City of Portland.
STATE OF THE REGION 2024 23
LAKE COUNTY
MASON LAKE
OSCEOLA
MECOSTA
OCEANA
NEWAYGO
MONTCALM
MUSKEGON
KENT
Population in Lake County broke 13,000 in 2024, mirroring an increase in the civilian labor force (4,356 in 2024 from 4,223 in 2023). Gross regional product increased by more than 17% from 2023 ($183M) to 2024 ($215M). Of the companies interviewed by The Right Place in 2024, roughly 55% said they were planning to expand their business, as compared to only 43% in 2023. Sixty-seven percent also noted seeing increasing sales trends in 2024, up from 14% in 2023. Talent attraction continues to be a top pinch point for Lake County companies.
KENT
OTTAWA
IONIA
LAKE COUNTY TOP INDUSTRIES BY JOBS
Industry
Number of Jobs
ALLEGAN
BARRY
Nursing Care Facilities (Skilled Nursing Facilities)
200
NOTABLE STATISTICS
Local Government, Excluding Education & Hospitals
190
Restaurants & Other Eating Places
152
Population
Unemployment Rate
Offices of Physicians
113
4,356 86.2 19% $45,946 $214.7M 51.8 13,089 6.8% Gross Regional Product Median Age* Labor Force Cost of Living Index Associates Degree & Higher Median Household Income*
Education & Hospitals (Local Government)
110
Total
765
LAKE COUNTY COMMUTING PATTERNS (2014-2023)
3,000
2014 2023
2,500
2,000
1,500
1,000
500
* Data as of 2022
0
Inbound
Outbound
STATE OF THE REGION 2024 24
LAKE COUNTY
LAKE COUNTY EDUCATIONAL ATTAINMENT
2014 2024
Graduate Degree & Higher
LOCAL BUSINESS INSIGHTS
Bachelor’s Degree
67% SEEING INCREASING SALES TRENDS 55.6% PLANNING TO EXPAND THEIR BUSINESS
44.4% EXPERIENCING RECRUITMENT CHALLENGES 22.2% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Talent Attraction | Talent Retention | Facility Issues TOP PINCH POINTS:
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Population
NOTABLE ACCOMPLISHMENTS
Launch of the Pure Markette Outdoor Market, drawing 3,000 visitors during the summer.
Received a $908,700 award from the Michigan DNR Spark Grant Program to revitalize the village’s only public park, including adding a new pavilion and a splash pad.
Awarded $2 million from the Michigan State Land Bank Authority to address six sites by 2026, including the rehabilitation of a blighted commercial plaza on US 10 at M37.
STATE OF THE REGION 2024 25
MASON COUNTY
MASON LAKE
OSCEOLA
MECOSTA
OCEANA
NEWAYGO
MONTCALM
MUSKEGON
KENT
While the population of Mason County has remained unchanged in recent years, gross regional product (GRP) and median household income continue to climb. In 2024, Mason County’s GRP of $1.3B and median household income of $60,744 were notably higher than in 2023 ($1.1B and $55,035, respectively). The percentage of the population with an associates degree or higher also increased by one percentage point. Talent attraction, sales, and facility issues remained top pinch points for Mason County businesses in 2024, while the percentage of businesses interviewed by The Right Place seeing increasing sales trends decreased from 51% in 2023 to 33% in 2024.
KENT
OTTAWA
IONIA
MASON COUNTY TOP INDUSTRIES BY JOBS
Industry
Number of Jobs
ALLEGAN
BARRY
Restaurants & Other Eating Places
745
Local Government, Excluding Education & Hospitals
744 738 638
NOTABLE STATISTICS
Education & Hospitals (Local Government)
Foundries
14,021 90.9 38% $60,744 $1.31B 46.7 29,238 4.9% Labor Force Cost of Living Index Associates Degree & Higher Median Household Income* Gross Regional Product Median Age* Population Unemployment Rate
Warehouse Clubs, Supercenters, & Other General Merchandise Retailers
554
Total
3,419
MASON COUNTY COMMUTING PATTERNS (2014-2023)
6,000
2014 2023
5,000
4,000
3,000
2,000
1,000
0
* Data as of 2022
Inbound
Outbound
STATE OF THE REGION 2024 26
MASON COUNTY
MASON COUNTY EDUCATIONAL ATTAINMENT
2014 2024
Graduate Degree & Higher
LOCAL BUSINESS INSIGHTS
Bachelor’s Degree
33.3% SEEING INCREASING SALES TRENDS 66.7% PLANNING TO EXPAND THEIR BUSINESS
42.4% EXPERIENCING RECRUITMENT CHALLENGES 30.3% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Sales | Facility Issues | Talent Attraction TOP PINCH POINTS:
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Population
NOTABLE ACCOMPLISHMENTS
Formed the Mason County Housing Alliance, made up of municipal, nonprofit and philanthropic leaders, to lead the community toward meeting housing goals.
Helped facilitate the first Harvest Hub Summit, a workshop and buyers networking event for small food producers and processors in the region.
Held the first Tech Day Mason County event, hosting 7th graders at West Shore Community College for demonstrations on new technologies and career connections.
STATE OF THE REGION 2024 27
MASON LAKE
OSCEOLA
MECOSTA COUNTY
MECOSTA
OCEANA
NEWAYGO
MONTCALM
MUSKEGON
KENT
Median household income in Mecosta County continues to increase, growing more than 11% from 2023 to 2024 ($48,440 to $54,132). However, the population remained stable since 2023. Forty-seven percent of companies interviewed by The Right Place saw increasing sales, up from 34.5% in 2023. More than 70% of companies are planning to expand their business, also up from 44.8% in 2023. Facility issues remain as the top pinch point Mecosta County businesses face in 2024. 87.5 33% $54,132 $1.48B 40.6 41,050 6.2% Labor Force Cost of Living Index Associates Degree & Higher Median Household Income* Gross Regional Product Median Age* Population Unemployment Rate NOTABLE STATISTICS 19,382
OTTAWA
IONIA
MECOSTA COUNTY TOP INDUSTRIES BY JOBS
ALLEGAN
BARRY
Industry
Number of Jobs
Education & Hospitals (State Government) Education & Hospitals (Local Government)
2,003
942
Restaurants & Other Eating Places
867
Warehouse Clubs, Supercenters, & Other General Merchandise Retailers
771
Employment Services
648
Total
5,231
MECOSTA COUNTY COMMUTING PATTERNS (2014-2023)
10,000
2014 2023
8,000
6,000
4,000
2,000
* Data as of 2022
0
Inbound
Outbound
STATE OF THE REGION 2024 28
MECOSTA COUNTY
MECOSTA COUNTY EDUCATIONAL ATTAINMENT
2014 2024
Graduate Degree & Higher
LOCAL BUSINESS INSIGHTS
Bachelor’s Degree
47.1% SEEING INCREASING SALES TRENDS 70.6% PLANNING TO EXPAND THEIR BUSINESS
29.4% EXPERIENCING RECRUITMENT CHALLENGES 50% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Facility Issues | Talent Development | Other TOP PINCH POINTS:
0
2,000
4,000
6,000
8,000
10,000
12,000
Population
NOTABLE ACCOMPLISHMENTS
Assisted Ferris State University on planning their workforce development summit.
Received $450,000 from the Revitalization and Placemaking (RAP) Program for building a trailside park at Depot Trail Head in Big Rapids.
Hosted Mecosta County Developer Day Tour of Red Fox Market and MPI Building.
STATE OF THE REGION 2024 29
MASON LAKE
OSCEOLA
MONTCALM COUNTY
MECOSTA
OCEANA
NEWAYGO
MONTCALM
MUSKEGON
KENT
Population in Montcalm County increased to over 69,000 people in 2024, up from 68,154 in 2023 and 62,814 in 2014. Gross regional product reached $2.0B, up from $1.7B in 2023. Median household income increased over 5% from 2023 to 2024 ($61,967 to $65,331). Nearly 39% of companies interviewed by The Right Place experienced recruitment challenges in 2024, down from 46.7% in 2023. Approximately 44% of companies are seeing increasing sales trends, and 50% are planning to expand their business. Talent attraction remained a top pinch point from 2023 to 2024, with companies adding facility issues and financing as barriers to growth 88.1 24% $65,331 $2.00B 40.6 69,194 5.1% Labor Force Cost of Living Index Associates Degree & Higher Median Household Income* Gross Regional Product Median Age* Population Unemployment Rate NOTABLE STATISTICS 29,642
OTTAWA
IONIA
MONTCALM COUNTY TOP INDUSTRIES BY JOBS
ALLEGAN
BARRY
Industry
Number of Jobs
Education & Hospitals (Local Government)
1,834
Restaurants & Other Eating Places
1,791
General Medical & Surgical Hospitals
1,296
Warehouse Clubs, Supercenters, & Other General Merchandise Retailers
813
State Government, Excluding Education & Hospitals
810
Total
6,544
MONTCALM COUNTY COMMUTING PATTERNS (2014-2023)
25,000
2014 2023
20,000
15,000
10,000
5,000
0
* Data as of 2023
Inbound
Outbound
STATE OF THE REGION 2024 30
MONTCALM COUNTY
MONTCALM COUNTY EDUCATIONAL ATTAINMENT
2014 2024
Graduate Degree & Higher
LOCAL BUSINESS INSIGHTS
Bachelor’s Degree
44.4% SEEING INCREASING SALES TRENDS 50% PLANNING TO EXPAND THEIR BUSINESS
38.9% EXPERIENCING RECRUITMENT CHALLENGES 11.1% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Facility Issues | Talent Attraction | Financing TOP PINCH POINTS:
0
2,500 5,000 7,500 10,000 12,500
15,000
17,500
20,000
22,500
25,000
Population
NOTABLE ACCOMPLISHMENTS
Facilitated a $21 million expansion project for Marvel Refrigeration, which plans to add 200 new jobs.
Hosted Montcalm County Developer Day featuring Crystal and Carson City, showing off the region to developers and community leaders.
Kelsey Hospital site demolition, priming the Village of Lakeview for redevelopment opportunity.
STATE OF THE REGION 2024 31
MASON LAKE
OSCEOLA
NEWAYGO COUNTY
MECOSTA
OCEANA
NEWAYGO
MONTCALM
MUSKEGON
KENT
Population in Newaygo County increased more than 7% since 2014, reaching 51,584 in 2024. Median household income has also increased to $59,065 in 2024 compared to $54,235 in 2023, while the cost of living remains nearly 11 percent below the national average. Of companies interviewed by The Right Place, 55% noted increasing sales trends, and 72% are planning to expand their business. These numbers are up from 2023 (50% and 35% respectively). Talent development remains a top pinch point in Newaygo County, with 28% of companies experiencing recruitment challenges. 89.3 29% $59,065 $1.74B 42.4 51,584 4.7% Labor Force Cost of Living Index Associates Degree & Higher Median Household Income* Gross Regional Product Median Age* Population Unemployment Rate NOTABLE STATISTICS 24,750
OTTAWA
IONIA
NEWAYGO COUNTY TOP INDUSTRIES BY JOBS
ALLEGAN
BARRY
Industry
Number of Jobs
Education & Hospitals (Local Government)
1,144
Local Government, Excluding Education & Hospitals
711
Warehouse Clubs, Supercenters, & Other General Merchandising Retailers Fruit and Vegetable Preserving & Specialty Food Manufacturing General Medical & Surgical Hospitals
702
616
520
Total
3,693
NEWAYGO COUNTY COMMUTING PATTERNS (2014-2023)
14,000
2014 2023
12,000
10,000
8,000
6,000
4,000
2,000
* Data as of 2022
0
Inbound
Outbound
STATE OF THE REGION 2024 32
NEWAYGO COUNTY
NEWAYGO COUNTY EDUCATIONAL ATTAINMENT
2014 2024
Graduate Degree & Higher
LOCAL BUSINESS INSIGHTS
Bachelor’s Degree
55.6% SEEING INCREASING SALES TRENDS 72.2% PLANNING TO EXPAND THEIR BUSINESS
27.8% EXPERIENCING RECRUITMENT CHALLENGES 50% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Talent Development | Other | Talent Attraction TOP PINCH POINTS:
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Population
NOTABLE ACCOMPLISHMENTS
Launched the Newaygo County Leadership Empowerment &
Received $45,000 from the Revitalization and Placemaking (RAP) Program for a state-of- the-art pavilion to enhance the beloved Vida Weaver Park.
Collaborated with local school districts and employers to host a career speaker series focused on exposing middle school students to with local industry opportunities.
G-M Wood Products announced an $8.7 million expansion project that will add 25 new jobs.
Advancement Program (NC LEAP), to advance the growth and development of future leaders in Newaygo County.
STATE OF THE REGION 2024 33
MASON LAKE
OSCEOLA
OCEANA COUNTY
MECOSTA
OCEANA
NEWAYGO
MONTCALM
MUSKEGON
KENT
Oceana County’s gross regional product increased from $672.7 million in 2023 to $780 million in 2024, while median household income increased from $56,454 to $60,691 during the same period. Oceana County’s population remained relatively stable since 2023, increasing by roughly half a percent. Of companies interviewed by The Right Place, 78% reported seeing increasing sales trends, and 72% noted plans to expand their business. The percentage of companies experiencing recruitment challenges has decreased 2.5 percentage points since 2023, while the overwhelming most cited barrier to growth among companies remained facility issues. 88.9 31% $60,691 $781.0M 43.8 27,123 5.3% Labor Force Cost of Living Index Associates Degree & Higher Median Household Income* Gross Regional Product Median Age* Population Unemployment Rate NOTABLE STATISTICS 12,697
OTTAWA
IONIA
ALLEGAN
BARRY
OCEANA COUNTY TOP INDUSTRIES BY JOBS
Industry
Number of Jobs
Fruit and Vegetable Preserving & Specialty Food Manufacturing
1,096
Local Government, Excluding Education & Hospitals
533 425
Education & Hospitals (Local Government)
Crop Production
327
Restaurants & Other Eating Places
300
Total
2,681
OCEANA COUNTY COMMUTING PATTERNS (2014-2023)
8,000
2014 2023
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
* Data as of 2022
Inbound
Outbound
STATE OF THE REGION 2024 34
OCEANA COUNTY
OCEANA COUNTY EDUCATIONAL ATTAINMENT
2014
2024
Graduate Degree & Higher
LOCAL BUSINESS INSIGHTS
Bachelor’s Degree
78.1% SEEING INCREASING SALES TRENDS 71.9% PLANNING TO EXPAND THEIR BUSINESS
59.4% EXPERIENCING RECRUITMENT CHALLENGES 37.5% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Facility Issues | Sales | Talent Attraction TOP PINCH POINTS:
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Population
NOTABLE ACCOMPLISHMENTS
Facilitated a $2.6 million expansion project for Burnette Foods, building a new warehouse facility.
Assisted Blue Photon in a $2.5 million investment project expected to create seven new jobs.
Facilitated a $4.3 million investment project for Fiesta Grande, converting a vacant facility and bringing more than 20 new jobs to Oceana County.
STATE OF THE REGION 2024 35
AUTHORS PAGE
AUTHORS:
Randy Thelen President & CEO
John Wiegand Business Intelligence & Research Manager
Eric Heys Marketing Coordinator
CONTRIBUTORS:
TaRita Johnson Senior Vice President, Talent & Diversity
Tim Mroz Senior Vice President, Community Development
Andria Romkema Senior Vice President, Business Development
Rafael Martinez Business Intelligence & Research Manager
Matthew Streeter Business Intelligence Intern
STATE OF THE REGION 2024 36
125 Ottawa Avenue NW, Suite 450 Grand Rapids, MI 49503 616.771.0325 info@rightplace.org rightplace.org
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