2019 Project Breakdown
BY INDUSTRY TYPE
BY JOBS
BY INVESTMENT
349
5
$61.4M
$83.5M
954
12
2
242
2
$1.1M
$93.6M
52
Manufacturing
Food Processing
Technology
Other
the potential to be equally crippling to economic advancement potential. Lack of broadband access, specifically in West Michigan’s rural communities, puts both the businesses and residents in those areas at a disadvantage. There is a direct link between an area’s connectivity and its economic growth, with broadband now being as vital as any utility, especially in
2017-19 STRATEGIC PLAN UPDATE December also marks the end of The Right Place’s three-year strategic plan, which began back in 2017. The team accomplished and significantly surpassed its metric goals for the plan period. The capital investment goal of $500 million was exceeded by $332.5 million; the payroll goal of $150 million was exceeded by $159.9 million; the goal of 4,200 new and retained jobs was exceeded by 998 jobs. OnWednesday, February 5, 2020, The Right Place will introduce its new three-year strategic plan at its first Investor Breakfast of the year, which will detail new metric goals and areas of focus for the team.
CHALLENGES AND OPPORTUNITIES While there are numerous global, national, state and local trends that affect the West Michigan economy, The Right Place has identified five in particular that it believes will have both short-term and long-term impacts on economic growth Without strong infrastructure, companies cannot grow and compete as effectively as they could otherwise. While the conditions of roads and bridges in the state are critical, other matters, such as wastewater processing constrictions or lack of broadband internet access, have in West Michigan. Infrastructure
the age of Industry 4.0. Trade and Tariffs
Trade and tariff issues continue to affect West Michigan businesses, with the full impact of recent policies yet to be seen. Agriculture and automotive are two industries being affected the most in the region.
2017-2019 Strategic Plan Results
5,198
$309.9M
$832.5M
4,200
$500M
$150M
GOAL
TOTAL
GOAL
TOTAL
GOAL
TOTAL
5,198
MILLION New and Retained Payroll $309.9
MILLION Capital Investment $832.5
New and Retained Jobs
12
2020 ECONOMIC OUTLOOK
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