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
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