regards to 2018, and what to look forward to in the coming year. Early on, Robey discussed stock market reactivity to various events throughout the year, “The ride is only getting bumpier, but economic forecasts are based on fundamentals, not market reactions.” Supporting his statement, Robey reported that GDP is projected to remain solid, while the rate of employment growth will begin slowing as we move into 2019. Currently, Robey says there is no immediate recession on the horizon, though overall growth will begin to taper off. “Expansions don’t get tired, rather, they end due to policy mistakes, which can lead us into a recession as a result of poor decisions made on a macro-level,” said Robey, “These decisions can involve tax cuts and increases, federal deficits and debt, interest rate hikes, tariffs, and elections.” Robey also expressed concern regarding the federal deficit, “The deficit is poised to eclipse the national defense budget, and we’ll soon spend more on interest than we do on defense.”
businesses that are already here. Our team completes nearly 400 retention calls a year, and they’re looking to ensure those businesses, your businesses, are receiving the assistance needed to continue growing. Manufacturing industry growth remained strong in 2018, accounting for 16 of the 29 completed projects. However, signs of economic diversification were strongly evident when analyzing the jobs and capital investments recorded. Food processing, technology, medical devices, and other industries accounted for more than 1,500 newand retained jobs throughout the year. This year also marks the completion of the second year in The Right Place’s 2017-2019 strategic plan. Already, The Right Place has exceeded two of its three goals, and has made strong progress on the third. The third goal of newand retained jobs is set at 4,000, and the organization has reached 3,584witha full year left in the strategic plan. THE NATIONAL ECONOMY Director of Regional Economic Planning Services for the W.E. Upjohn Institute, Jim Robey, tackled the broader picture in
ach December, The Right Place hosts its annual Economic Outlook for West Michigan to provide insights on regional, state, and national industry
trends in the economy. This widely attended event attracts more than 400 business leaders and community members, who look to industry experts for an in-depth review of the past year and forecasts on what’s to come. The 2019 Economic Outlook for West Michigan highlighted some fluctuations the economy saw in 2018, and forecasted slower growth than we’ve seen in recent years. However, the economy is predicted to remain relatively strong overall, and at this time, no recessions appear to be on the horizon. THE RIGHT PLACE REPORT President and CEO of The Right Place, Birgit Klohs, shared updates on the West Michigan region’s current economic development conditions and activities. In 2018, The Right Place completed 29 economic development projects, exceeding its annual goal of 17 projects. Of those 29 completed projects, 80 percent of them were expansion and retention focused. The majority of our work at The Right Place is focused on providing support to
2018 BY THE NUMBERS
BY INDUSTRY TYPE BY INDUSTRY TYPE
BY JOBS BY JOBS
BY INVESTMENT BY INvestment
2
4
588
$132.3M
$151M
2
1,010
15
171
$84.3M
6
150
$67M
$5.1M
189
Manufacturing Food Processing
Technology Medical Devices
Other
13
2019 ECONOMIC OUTLOOK
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