This report is designed to inform the community of key trends impacting the region. It is the result of qualitative insights from The Right Place’s economic development work across its 8-county collaborative, and quantitative economic research performed by its Business Intelligence team.
STATE OF THE REGION 2023
LETTER TO THE REGION
THE STATE OF GREATER GRAND RAPIDS REGION: Welcome to The Right Place’s annual State of the Region report, designed to give you an in-depth look at the key economic trends in Greater Grand Rapids. Each year, our team meets with over 500 businesses across the region, taking the pulse of the local business community. These qualitative insights, combined with quantitative research performed by our business intelligence team, create a unique economic analysis of our region. What has this research revealed about the state of our region? Overall, business leaders in Greater Grand Rapids have found many reasons to remain optimistic. Most companies are planning for near-term expansions and experiencing increasing sales, although talent recruitment remains a barrier to full growth potential. While some economic headwinds persist, such as labor shortages and the potential of a slowing U.S. economy in 2024, local business leaders continue to make investments in our region’s future. Our community has good reason for this positive outlook, with the region continuing to outperform state and national averages on many key economic indicators. Notably, we are a population growth center that continues to outpace both the state and nation when it comes to attracting and retaining the next generation at a time when communities across the country are seeing a declining youth population. We’ve also accelerated beyond pre-pandemic job levels and are experiencing job growth across many key industries. All of this has been achieved while maintaining an affordable cost of living compared to national averages. The economic success of Greater Grand Rapids is evidenced in the data throughout this report, but it is also visible across our region. From a changing skyline downtown to significant investments in public spaces across our communities, the region remains a vibrant and thriving place to call home.
Tina Freese Decker The Right Place, Inc. Board Chair
Randy Thelen President & CEO The Right Place, Inc.
President & CEO Corewell Health
STATE OF THE REGION 2023 | 1
EXECUTIVE SUMMARY
PEOPLE
PLACE
PROSPERITY
HIGHER concentration of young people as share of the population compared to nation have a bachelor’s degree or higher 35.5% population growth over the last decade 7.8% of the region’s population are diverse communities 23%
industrial vacancy rate 3.2% 3.5% increase in residential building permits since Q3 2022 below national average 10% Low cost of living
regional labor force with 4% increase from 2022 to 2023 606,000 of companies planning expansions (up 3.5 points since 2022) 59.5% of companies report increasing sales (down 1.3 points since 2022) 68.4% of companies plan to increase hiring (up 1.3 points since 2022) 51.3%
11%
increase in air travel
A note on the data: • 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. • Lightcast, previously known as Economic Modeling Specialists International (EMSI), 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.
STATE OF THE REGION 2023 | 2
RANKINGS | FOR GREATER GRAND RAPIDS
#1
#2
#5
Best Places to Raise a Family in the U.S. Grand Rapids - Rocket Homes
Best Manufacturing Hubs (Large) Grand Rapids–Kentwood - Business Facilities
Best Place to Raise a Family in Michigan Forest Hills - Niche
“Grand Rapids has an abundance of opportunities for kids to engage in culture, history, art and nature at more than 20 museums. Residents can also be sure their children will receive a good education. Grand Rapids ranks in the top 5% in the country for school system ratings.”
Best City to Start a Tech Career
#5
#2
Best Place to Buy a House in Michigan Eastgate, Grand Rapids - Niche
“Grand Rapids has spent the last decade evolving into what will be the most significant tech cluster in the Midwest by 2031.” Grand Rapids - Yahoo Finance
Best Cities in Michigan to Live and Visit Grand Rapids - Touropia
#10
#3
10 US Cities Offering the Most Bang for Your Buck in 2023 Grand Rapids - GoBankingRates
Best Business Climate (Mid-Sized) Grand Rapids - Business Facilities
#18
#2
#10
Top 10 Cities for Young Female Professionals Grand Rapids - Pheabs
Best Suburbs to Buy a House in Michigan Hudsonville - Niche
10 Most Beautiful & Affordable Cities to Live in the U.S. Grand Rapids - Travel + Leisure
STATE OF THE REGION 2023 | 3
PEOPLE People from across the country continue to choose Greater Grand Rapids as the place to build their lives and their careers. The section that follows presents data showing how the region’s population continues to be the primary growth magnet in Michigan, how diversity is increasing, and how Greater Grand Rapids remains a bastion for young people.
STATE OF THE REGION 2023 | 4
PEOPLE
POPULATION Population in Greater Grand Rapids continues to increase as more people discover the region as a place to work and play. In 2023, Greater Grand Rapids gained nearly 6,000 people from the previous year, bringing the region’s total to more than 1.1 million. Greater Grand Rapids’ population rose at a slightly lower rate from 2022 to 2023 than compared to 2021 to 2022. Greater Grand Rapids has added nearly 80,000 people in the past decade, comprising nearly 40% of Michigan’s overall population growth (200,500 people) during the same period.
GREATER GRAND RAPIDS POPULATION BY DEMOGRAPHICS
2013 Population
2023 Population
Demographic
White, Non-Hispanic Black, Non-Hispanic
815,888
851,721 75,343
68,130
American Indian or Alaskan Native, Non-Hispanic
3,462
3,818
YEAR OVER YEAR POPULATION GROWTH RATE 1.40% Greater Grand Rapids Michigan
Asian, Non-Hispanic
24,629
31,717
United States
Native Hawaiian or Pacific Islander, Non-Hispanic
277
405
Two or More Races, Non-Hispanic
19,801 93,418
26,098 116,343
1.20%
Hispanic
1.00%
Total
1,025,605 1,105,446
.80%
Source: Lightcast
.60%
RACE/ETHNICITY AS OVERALL PERCENTAGE OF POPULATION IN 2023
.40%
.20%
GGR % Total Population
MI % Total Population
U.S. % Total Population
Demographic
0.00%
White, Non-Hispanic Black, Non-Hispanic
77.0%
73.8% 13.8%
58.5%
-.20% 2022 2023 2014 2015 2016 2017 2018 2019 2020 2021
6.8%
12.7%
American Indian or Alaskan Native, Non-Hispanic
Source: Lightcast
0.4%
0.6%
0.7%
Asian, Non-Hispanic
2.9%
3.4%
6.1%
DIVERSITY & DEMOGRAPHICS Diversity continues to increase in Greater Grand Rapids, with Hispanic populations showing the largest increases in population. In 2023, diverse communities accounted for 23% of the population, an uptick from the 22.8% of the population the year prior and significantly higher than the 20.4% of the population a decade prior.
Native Hawaiian or Pacific Islander, Non-Hispanic Two or More Races, Non-Hispanic
0.0%
0.0%
0.2%
2.4%
2.5% 5.9%
2.5%
Hispanic
10.5%
19.3%
Source: Lightcast
STATE OF THE REGION 2023 | 5
PEOPLE
LABOR FORCE The labor force in Greater Grand Rapids hit a high point in mid-2023 of approximately 606,000 workers. These numbers represent a 3.2% increase over Q1 2023 and a 4% increase over Q3 2022. Meanwhile, the unemployment rate in Greater Grand Rapids continued to hold around the low to mid three percent range, on par with 2022.
GREATER GRAND RAPIDS LABOR FORCE BY QUARTER
620,000
600,000
GREATER GRAND RAPIDS UNEMPLOYMENT BY QUARTER 18%
580,000
560,000
16%
540,000
14%
12%
520,000
10%
500,000
8%
480,000
6%
2013 2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Source: Bureau of Labor Statistics
4%
2%
0%
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Source: Bureau of Labor Statistics
STATE OF THE REGION 2023 | 6
PEOPLE
EDUCATIONAL ATTAINMENT Student attainment of advanced degrees continues to increase in Greater Grand Rapids. The region has seen a steady increase in the rates of bachelor’s and graduate or higher degrees in the past decade. Of note, the rate of associate degree attainment has traditionally increased along the same trend as advanced degrees, however this year shows a slight decrease compared to 2022.
GREATER GRAND RAPIDS EDUCATIONAL ATTAINMENT
YOUTH POPULATION Greater Grand Rapids, like elsewhere across the country, is seeing a gradual decline in young people as a share of the overall population. However, Greater Grand Rapids does maintain a higher concentration of young people compared to the state and country at large.
2013
2023
Graduate Degree & Higher
Bachelor’s Degree
POPULATION UNDER 19 YEARS OLD
Greater Grand Rapids
Michigan
United States
29%
Associate’s Degree
28%
Some College
27%
26%
High School Diploma
25%
24%
9th Grade to 12th Grade
23%
22%
Less than 9th Grade
21% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
0% 5% 10% 15% 20% 25% 30% 35%
Source: Lightcast
Source: Lightcast
STATE OF THE REGION 2023 | 7
Place matters in Greater Grand Rapids. From natural amenities and events to a low cost of living, Greater Grand Rapids offers residents and businesses alike a place to call home. PLACE
STATE OF THE REGION 2023 | 8
PLACE
COMMERCIAL REAL ESTATE Inventory of office space in Greater Grand Rapids has remained relatively stable since Q3 2022, increasing approximately a half percent (75,000 square feet). During the same period, total vacancy in the office market (combining direct vacancy and sublease vacancy) rose a percentage point to 14.1% in Q2 2023 and remained the same going into the following quarter. Meanwhile, industrial inventory increased nearly 1.9 million square feet (1.3%) from Q3 2022 to Q3 2023. Industrial vacancies edged down in 2023 compared to the previous year’s rates, reaching a low of 2.7% in Q2 2023. In Q3 2023, industrial vacancies crept up to 3.2%.
INDUSTRIAL INVENTORY BY QUARTER
150,000,000
148,000,000
146,000,000
144,000,000
142,000,000
OFFICE INVENTORY BY QUARTER
140,000,000
14,000,000
13,500,000
138,000,000
2019
2020
2021
2022
2023
13,000,000
Source: JLL
12,500,000
VACANCY RATES BY QUARTER
12,000,000
Office
Industrial
16%
11,500,000
14%
11,000,000
12%
2019
2020
2021
2022
2023
10%
Source: JLL
8%
6%
4%
2%
0%
2019
2020
2021
2022
2023
Source: JLL
STATE OF THE REGION 2023 | 9
PLACE
COMMERCIAL REAL ESTATE Square-footage under construction significantly declined beginning in Q4 2022 as firms completed the majority of pent-up construction in the office and industrial space. Both sectors have avoided new construction projects, likely due to increased interest rates, and inflation. Uncertainty in the office sector and reduced demand for warehousing space for the industrial market is also likely contributing to the decline in construction.
SQUARE FEET OF OFFICE SPACE UNDER CONSTRUCTION BY QUARTER
450,000
SQUARE FEET OF INDUSTRIAL SPACE UNDER CONSTRUCTION BY QUARTER
400,000
350,000
2,500,000
300,000
2,000,000
250,000
200,000
1,500,000
150,000
100,000
1,000,000
50,000
0
2019
2020
2021
2022
2023
500,000
Source: JLL
0
2019
2020
2021
2022
2023
Source: JLL
STATE OF THE REGION 2023 | 10
PLACE
AVERAGE HOME PRICE BY QUARTER
$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000
RESIDENTIAL HOUSING Greater Grand Rapids, like many other regions, continues to contend with a housing shortage. Average home prices continued to increase through 2023, up nearly 6% in Q3 compared to the same period the previous year. Likewise, median home prices have also increased through Q2 2023, reaching a peak of $414,000. Prices have slid somewhat in recent months, dropping 2.4% to $404,300 the following quarter. Median house prices in Greater Grand Rapids are more expensive compared to Michigan, but less than na- tional numbers. The gap between the region’s median home prices and the U.S. has closed in recent quarters, largely due to a 15% hike in Greater Grand Rapids between Q4 2022 and Q2 2023. Houses have tended to stay on the market longer in 2023 than previous years, reaching a high of 35 days in Q1 2023 and a low of 17 days in Q3 2023. New residential structures are being built in the region, with the number of building permits issued year-to-date (2,730) significantly outpacing building permits issued between Q1 and Q3 of 2019 (2,139). Issued building permits increased 3.5% in Q3 2023 compared to the same period the previous year.
$0
2023
2022
2021
2019
2020
Source: Grand Rapids Association of Realtors
AVERAGE DAYS ON MARKET BY QUARTER
60
50
40
30
20
10
MEDIAN LISTING PRICE BY QUARTER
0
2023
2022
2021
2019
2020
Greater Grand Rapids
Michigan
United States
$500,000
Source: Grand Rapids Association of Realtors
$450,000
NEW PRIVATE HOUSING BUILDING PERMITS BY QUARTER
$400,000
1,200
$350,000
1,000
800
$300,000
600
$250,000
400
$200,000
200
0
$150,000
2023
2022
2021
2019
2020
2023
2022
2021
2019
2020
Source: Realtor.com
Source: U.S. Census Bureau
STATE OF THE REGION 2023 | 11
PLACE
COST OF LIVING Living and working in Greater Grand Rapids provides a lower cost of living compared to a number of other similar metropolitan areas. While communities including Indianapolis, Louisville, Oklahoma City, and others have experienced increases in the cost of living relative to the national average, Greater Grand Rapids has remained the same since 2022. 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.
Source: Lightcast
COST OF LIVING INDEX 92 90 91 93
94 95
96 97
98
99 100
Grand Rapids, MI
National 100
Knoxville, TN Chattanooga, TN 93.2 93.2
Columbus, OH
Indianapolis, IN 98.4
91.9
95.1
Birmingham, AL 94.9
Louisville, KY 97.6
Greensboro, NC
Oklahoma City, OK
Raleigh, NC 96.8
93.6 93.7
STATE OF THE REGION 2023 | 12
PLACE
COMMUNITY VIBRANCY Demand for hotel rooms in Greater Grand Rapids continued to show signs of strength in 2023, with the first 10 months of the year slightly outpacing demand over the same period in 2022 by approximately 1.4%. According to Smith Travel Research, hotel demand in Michigan is expected to increase 1.4% compared to 2022 and 1.3% across the U.S. compared to 2022.
AIRLINE TRAVEL Airline travel at the Gerald R. Ford International Airport in Greater Grand Rapids reached a three-year quarterly high in Q3 2023, eclipsing 1 million passengers. Airline travel on a quarterly basis has steadily increased since the Covid 19 pandemic, rising 150% from Q3 2020 to Q3 2023. Likewise, airport activity in Q3 2023 was 11% higher compared to the same period the previous year.
HOTEL ROOM DEMAND (SALES) BY MONTH
250,000
200,000
GERALD R. FORD INTERNATIONAL AIRPORT PASSENGERS BY QUARTER
150,000
1,200,000
1,000,000
100,000
800,000
50,000
600,000
400,000
0
2019
2020
2021
2022
2023
200,000
Source: Smith Travel Research
0
2020
2021
2022
2023
Source: Gerald R. Ford International Airport
STATE OF THE REGION 2023 | 13
Greater Grand Rapids continues to prove itself as the region of choice for all businesses, regardless of size or industry. Jobs in the region have continued along a track of recovery, outpacing pre-pandemic levels in 2023. Meanwhile, Greater Grand Rapids continues to blaze the trail to becoming the preeminent tech hub in the Midwest by attracting more high-tech workers and supporting tech businesses as they grow in the region. PROSPERITY
STATE OF THE REGION 2023 | 14
PROSPERITY
JOBS In 2023, jobs in Greater Grand Rapids exceeded those of pre-pandemic levels, cresting 606,000 jobs, compared to 599,000 jobs in 2019. This job growth shows the Greater Grand Rapids economy has found its balance since 2020, adjusting to a new normal and expanding. Industries including healthcare, construction, and wholesale trade have increased substantially since 2019.
COMPARATIVE JOB GROWTH 2019-2022:
United States
JOB GROWTH IN GREATER GRAND RAPIDS (2013-2023) 620,000
Michigan
600,000
GGR
580,000
-0.5% 0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
560,000
Source: Lightcast
540,000
GREATER GRAND RAPIDS TOP INDUSTRIES BY JOBS
520,000
Industry
2019 Jobs 2023 Jobs
% Change
500,000
Manufacturing
118,823
113,683 79,806
-4.33%
Health Care & Social Assistance
78,177
2.08%
480,000
Retail Trade
66,153
61,150
-7.56% 1.58% 1.43%
Government
49,838 49,749
50,627
460,000
2023 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Leisure & Hospitality
50,462
Administrative Support & Waste Remediation Services
Source: Lightcast
43,480
43,783
0.70%
Wholesale Trade
30,026
32,588
8.53% 8.07%
Construction
25,636
27,706
Source: Lightcast
STATE OF THE REGION 2023 | 15
PROSPERITY
TECH JOBS Greater Grand Rapids continues to attract and grow tech talent throughout the region. In line with the regional Tech Strategy, overall tech employment grew by nearly 1,000 jobs from 2022 to 2023. This growth represents a 2.4% increase from the previous year and a nearly 5% increase from pre-pandemic levels. Meanwhile, regional employers continue to look for talent with experience in advanced software skills including SAP Applications, SQL for database querying, and programming languages like Python.
GREATER GRAND RAPIDS TECH JOBS
34,500 34,000 35,000 35,500 36,500 36,000 37,000 37,500 39,000 38,500 38,000
TOP SOFTWARE SKILLS (JAN. 2023-OCT. 2023)
1,163 1,345 1,052 1,613 NUMBER OF JOB POSTINGS
SAP Applications
SQL (Programming Language)
2020
2021
2022
2023
Source: Lightcast
AutoCAD
Microsoft Azure
984
Python (Programming Language)
Source: Lightcast
STATE OF THE REGION 2023 | 16
PROSPERITY
VENTURE CAPITAL Venture capital follows innovation. A region with robust venture capital activity is often home to new, bold ideas and technological breakthroughs. Over the past decade, venture activity in terms of deal size has generally increased throughout Greater Grand Rapids, while the number of deals tend to fluctuate. Despite a dip in 2021, recent data shows both deal volume and total capital invested rising post-pandemic.
GREATER GRAND RAPIDS VENTURE CAPITAL INVESTMENT*
250M
200M
150M
GREATER GRAND RAPIDS VENTURE CAPITAL DEAL COUNT*
100M
60
50
50M
40
0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
30
Source: Lightcast *Note: Grand Rapids-Wyoming-Muskegon Combined Statistical Area used for VC Data
20
10
0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Source: Lightcast
STATE OF THE REGION 2023 | 17
PROSPERITY
2019 to 2023 % Change
Industry
Title
2019 2023
Manufacturing Assembler 1
$15.02 $18.57
23.6%
Manufacturing Machine Operator
$16.64 $18.38
10.5%
Manufacturing Assembler 2
$16.74 $19.93
19.1%
Manufacturing Material Handler
$16.54 $19.89
20.3%
WAGES AND OCCUPATIONS Average hourly earnings in Greater Grand Rapids decreased 1.3% in Q3 2023 compared to the same period the previous year. According to the data, average wages rose following the Covid-19 pandemic through Q4 2022 before beginning to decline in Q1 2023. Meanwhile, average wages across Michigan have continued to climb steadily, outpacing those of Greater Grand Rapids in Q3 2023 for the first time since Q1 2020. Average wages in Greater Grand Rapids are still lower than the average across the U.S., however, the region has a cost of living nearly 10% lower than that of the rest of the country.
Manufacturing Packer
$14.70 $18.02
22.6%
Injection Molding Machine Operator
Manufacturing
$14.87 $18.74
26.0%
Healthcare
Registered Nurse
$31.47 $34.04
8.2%
Healthcare
Medical Assistant
$15.78 $20.05
27.1%
Healthcare
Case Worker
$17.20 $23.16
34.7%
Healthcare
Social Worker
$27.16 $33.24
22.4%
Information Technology Information Technology Information Technology Information Technology Information Technology Professional Services Professional Services Professional Services Professional Services Professional Services Professional Services
Software Eng 1
$59,136 $71,379
20.7%
AVERAGE HOURLY EARNINGS BY QUARTER $33 $34 $35 $32 $31 Greater Grand Rapids Michigan United States
Software Eng 2
$74,395 $95,996
29.0%
Software Eng 3
$95,647 $107,546
12.4%
OP Systems Programmer I (Entry)
$58,073 $62,393
7.4%
$30 $29 $28 $27 $26 $25
OP Systems Programmer II (Experienced)
$81,954 $85,489
4.3%
Accountant I
$50,726 $53,415
5.3%
HR Manager
$80,000 $95,563
19.5%
Admin Assistant II
$41,981
$49,427
17.7%
2019
2020
2021
2022
2023
Source: Bureau of Labor Statistics
Help Desk II
$22.27 $26.78
20.3%
Account Manager
$81,991
$79,792
-2.7%
At an occupation level, wages across a number of occupations in Greater Grand Rapids continue to increase, though at a slower rate than in previous years. Occupations such as social workers, intermediate-level software engineers, and medical case workers experienced some of the largest growth from 2022 to 2023. Wages in occupations including entry-level software engineers, registered nurses, and entry-level accountants fell slightly during the same period.
Retail Store Manager
$48,010 $59,696
24.3%
Source: The Employers Association (TEA) Wage and Salary Survey Report
STATE OF THE REGION 2023 | 18
PROSPERITY
LOCAL BUSINESS INSIGHTS In 2023, The Right Place met with more than 500 companies across Greater Grand Rapids through retention visits. These meetings help The Right Place staff learn more about the diverse businesses across the region and connect them with the resources they need to grow and stay in Greater Grand Rapids. These retention visits give The Right Place a unique perspective on the health of the economy. Here are some insights from those discussions: Expansions • 59.5% of all companies interviewed by The Right Place in 2023 planned to expand in the future. • This represents an increase from the 56% of companies who noted the same plans in 2022. Sales Trends • 68.4% of companies indicated sales trends were increasing , down slightly from the 69.7% of companies saying the same the previous year. • However, 29.4% of companies in 2023 said their sales trends were stable, a slight improvement from the 28.1% the previous year.
TOP CHALLENGES TO GROWTH
Talent Attraction
Sales
Facility Issues
Talent Retention
Financing
0%
5%
10%
15%
20% 25%
Top Challenges to Growth • Talent attraction remains the highest barrier for growth, with 20.5% of companies identifying finding qualified workers as their biggest challenge. This figure does represent a slight decline from 2022, when 22% of companies identified talent attraction as their most significant pinch point. • Sales ( 17.9% ) replaced facility issues ( 12.3% ) as the second highest barrier to growth in 2023, more than doubling from the 6.9% of companies referencing sales the previous year. Investment in Training • 49.6% of companies indicated plans to increase investment in workforce training, up moderately from the 43.1% of companies noting the same in 2022. • 49.9% of companies said they planned to continue investing in workforce training at a stable level in 2023, compared to 39% the previous year. Employment Trends • 51.3% of companies planned to increase hiring across Greater Grand Rapids in 2023. This represents an increase in planned hiring among interviewed companies over the previous year ( 50% ).
GREATER GRAND RAPIDS SALES TRENDS
2.2%
Sales Increasing Sales Stable Sales Decreasing
29.4%
68.4%
STATE OF THE REGION 2023 | 19
PROSPERITY | RECENT PROJECTS
Big Rapids Products
The Mecosta-County-based metal stampings and assembly company announced plans in August 2023 to build an additional 70,000-square-foot facility. The project is expected to add 60 jobs and generate $3 million in capital investment. The company specializes in stainless steel products ranging from vehicle exhaust systems to appliance parts.
Jireh Metals
Jireh Metals invested nearly $1.6 million in May 2023 to expand its metal stamping and fabrication facility in Walker. The minority-owned supplier plans to create 50 new jobs through the project, which will vertically integrate the company’s fabrication and assembly operations.
Falk Panel
Falk Panel announced a $35 million investment in October 2023 to expand its facility in Walker. The company, which manufactures insulated metal paneling systems, plans to create a new production line with the investment, yielding 45 new jobs.
Payload CMS
This Silicon Valley-backed company invested nearly $1 million to create 55 jobs in Greater Grand Rapids in October 2023. Payload CMS, which provides a digital content management platform and framework for enterprise engineering and marketing teams, began as a startup in the region. The investment will be used to fund a 1,600 square- foot addition to the company’s office.
Gentex Corporation
In September 2023, Gentex Corporation opened a technology hub in downtown Grand Rapids. The manufacturer of advanced electro-optical products for the automotive, aerospace, and fire protection industries created the space, in part, to help attract and retain top engineering and software talent from across Greater Grand Rapids. The facility is designed to hold more than 100 team members.
TiiCKER
TiiCKER announced a $4.8 million expansion project in Greater Grand Rapids in May 2023. The company, which designed a digital shareholder loyalty and engagement platform, plans to create 73 jobs over the next three years as part of the expansion.
STATE OF THE REGION 2023 | 20
REGIONAL PARTNERS
The Right Place services an eight-county region across western Michigan including Kent, Ionia, Lake, Mason, Mecosta, Montcalm, Newaygo, and Oceana counties. This broad geographic area comprises a range of diverse industries, geography, and lifestyles – from Oceana County’s orchards and Newaygo County’s forests and rivers, to the lakeshore communities in Mason County. This year, The Right Place undertook a strategic planning project with each partner county to uncover new opportunities for collaboration and growth across the Greater Grand Rapids region.
*The data in the following section was collected from Lightcast and the U.S. Census Bureau.
| 21
STATE OF THE REGION 2023
IONIA COUNTY
Population in Ionia County continues to climb, increasing nearly 2% from the previous year. Ionia County’s population, while growing, also continues to become more educated with 27% of the population having an associates degree or higher. Median household income reached nearly $76,000 in 2022, a 26% increase from 2020. Approximately 44% of companies interviewed by The Right Place throughout 2023 said they expected sales to increase, while 36% said they planned to expand. These figures represent a cooling from last year when nearly 66% of companies expected increased sales and nearly 58% planned future expansions. However, fewer companies in 2023 said they were experiencing recruitment challenges (42%), compared to 2022 numbers (50%).
IONIA COUNTY TOP INDUSTRIES BY JOBS
NOTABLE STATISTICS
Industry
Number of Jobs
Education & Hospitals (Local Government)
1,452 1,348 1,170 1,120 1,080 6,170
Population 69,497 $1.83B 27%
Employment Services
Restaurants & Other Eating Places
Gross Regional Product
State Government, Excluding Education & Hospitals
Motor Vehicle Body & Trailer Manufacturing
Total
Associates Degree & Higher
Unemployment Rate* 3.9% Labor Force* 31,503
IONIA COUNTY TOTAL POPULATION (2012-2022)
55,000 57,500 60,000 62,500 65,000 67,500 70,000 72,500 75,000
Median Age** 41.3
$75,865
Median Household Income**
Cost of Living Index 90.0
* Data as of Q3 2023 ** Data as of 2022
2013
2014
2015
2016
2017
2018
2019 2020 2021 2022
2023
STATE OF THE REGION 2023 | 22
IONIA COUNTY
IONIA COUNTY EDUCATIONAL ATTAINMENT
2013
2023
Graduate Degree & Higher
Bachelor’s Degree
LOCAL BUSINESS INSIGHTS
44.4% SEEING INCREASING SALES TRENDS 36.1% PLANNING TO EXPAND THEIR BUSINESS
41.7% EXPERIENCING RECRUITMENT CHALLENGES 27.8% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Top Pinch Points:
Talent Attraction | Facility Issues | Financing, Infrastructure, Sales
0
2,500 5,000 7,500 10,000 12,500
15,000
17,500
20,000
22,500
25,000
Population
NOTABLE ACCOMPLISHMENTS
Conducted the 3rd annual MIPitch competition, providing $12,500 to five local entrepreneurs and small businesses.
Coordinated with multiple school districts to introduce high school students to local businesses through in-person visits.
Partnered with Ionia schools to arrange two career fairs in the county.
STATE OF THE REGION 2023 | 23
LAKE COUNTY
Population in Lake County reached nearly 13,000 people in 2023. According to the most recent data available, median household income rose to nearly $41,000, a 6.2% increase from 2020 figures. At the same time, Lake County is becom- ing more educated, with 21% of residents having an associates degree or higher in 2023, compared to 17.4% the previous year. Nearly 43% of the companies interviewed by The Right Place planned expansions in the coming years, while 14% noted improving sales trends. Talent attraction remains the largest barrier to growth for companies in Lake County, with 43% of companies noting recruitment challenges.
NOTABLE STATISTICS
LAKE COUNTY TOP INDUSTRIES BY JOBS
Industry
Number of Jobs
Population 12,871 $183M 21%
Local Government, Excluding Education & Hospitals
172
Restaurants & Other Eating Places
134
Educational Support Services
130
Gross Regional Product
Drinking Places (Alcoholic Beverages)
112
Education & Hospitals (Local Government)
102
Associates Degree & Higher
Total
650
Unemployment Rate* 6.3% Labor Force* 4,223
LAKE COUNTY TOTAL POPULATION (2013-2023)
10,000 12,500 15,000 17,500 20,000
Median Age** 54.2
$40,753
Median Household Income**
Cost of Living Index 86.6
0 2,500 5,000 7,500
* Data as of Q3 2023 ** Data as of 2022
2013
2014
2015
2016
2017
2018
2019 2020 2021 2022
2023
STATE OF THE REGION 2023 | 24
LAKE COUNTY
LAKE COUNTY EDUCATIONAL ATTAINMENT
2013
2023
Graduate Degree & Higher
Bachelor’s Degree
LOCAL BUSINESS INSIGHTS
Associate’s Degree
14.3% SEEING INCREASING SALES TRENDS 42.9% PLANNING TO EXPAND THEIR BUSINESS
42.9% EXPERIENCING RECRUITMENT CHALLENGES 28.6% INCREASING INVESTMENT IN TRAINING
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Top Pinch Points:
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Talent Attraction | Sales | Lean/Efficency
Population
NOTABLE ACCOMPLISHMENTS
Received a $433,600 federal Economic Development Administration grant to develop an Economic Diversification Plan, in response to the closure of Geo Group, the county’s largest employer and taxpayer.
Planning and mapping of Idlewild’s Historic Community to establish historic boundaries and governance for future community driven economic development, funded through a $38,000 Fremont Area Community Foundation grant.
The completion of key planning projects including the Village of Baldwin Downtown Visioning and a county-wide Housing Needs Assessment funded through $70,000 in county ARPA dollars.
STATE OF THE REGION 2023 | 25
MASON COUNTY
Population in Mason county rose modestly in 2023 compared to the previous year. Gross regional product remained consistent while median household income increased nearly 7% from 2020 figures. Cost of living in Mason County also improved slightly in 2023 compared to the previous year and relative to the national average. Of the businesses interviewed by The Right Place in Mason County, 51% said sales were increasing, while nearly 68% identified plans to expand in coming years. That compares to the 50% of business that noted increasing sales and 75% of companies planning expansions noted in 2022. Talent attraction remains the top barrier to growth in Mason County, in line with the prior year.
MASON COUNTY TOP INDUSTRIES BY JOBS
NOTABLE STATISTICS
Industry
Number of Jobs
Education & Hospitals (Local Government)
752
Population 29,767 $1.1B 37%
Restaurants & Other Eating Places
738 723
General Medical & Surgical Hospitals
Gross Regional Product
Local Government, Excluding Education & Hospitals
716
Warehouse Clubs, Supercenters, & Other General Merchandise Retailers
565
Associates Degree & Higher
Total
3,494
Unemployment Rate* 4.5% Labor Force* 13,962
MASON COUNTY TOTAL POPULATION (2013-2023) 17,500 15,000 20,000 22,500 25,000 27,500 30,000 32,500 35,000
Median Age** 46.5
$55,035
Median Household Income**
Cost of Living Index 91.3
* Data as of Q3 2023 ** Data as of 2022
2013
2014
2015
2016
2017
2018
2019 2020 2021 2022
2023
STATE OF THE REGION 2023 | 26
MASON COUNTY
MASON COUNTY EDUCATIONAL ATTAINMENT
2013
2023
Graduate Degree & Higher
Bachelor’s Degree
LOCAL BUSINESS INSIGHTS
51.4% SEEING INCREASING SALES TRENDS 67.6% PLANNING TO EXPAND THEIR BUSINESS
51.4% EXPERIENCING RECRUITMENT CHALLENGES 29.7% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Top Pinch Points:
Talent Attraction | Sales | Facility Issues & Talent Development
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
Population
NOTABLE ACCOMPLISHMENTS
Created a Mason County Land Bank to support housing and commercial development efforts.
Hosted Mason County Developer Day where a dozen Midwest developers toured sites in Ludington, Scottville, Pere Marquette, and Amber Townships.
Secured a $50,000 Rural Readiness Grant from the
Office of Rural Development to help fund the Mason County Housing Readiness Initiative.
STATE OF THE REGION 2023 | 27
MECOSTA COUNTY
Median houshold income in Mecosta County increased 5.8% from 2020 to 2022 in Mecosta County. Data suggest Mecosta County continued to experience a general decline in population, decreasing nearly 3% since 2022 and nearly 13% over the past decade. Nearly 35% of companies in Mecosta County interviewed by The Right Place said they planned to see increased sales in the coming years while 45% said they had future expansion plans. Only 10% of companies in Mecosta County noted they were experiencing recruitment challenges, while 38% of companies continue to ramp up investment in training.
NOTABLE STATISTICS
MECOSTA COUNTY TOP INDUSTRIES BY JOBS
Industry
Number of Jobs
Population 37,825 $1.3B 34%
Education & Hospitals (State Government) Education & Hospitals (Local Government)
1,960
896 875 778 703
Restaurants & Other Eating Places
Gross Regional Product
Employment Services
General Medical & Surgical Hospitals
Associates Degree & Higher
Total
5,212
Unemployment Rate* 5.6% Labor Force* 18,835
MECOSTA COUNTY TOTAL POPULATION (2013-2023)
32,500 30,000 35,000 37,500 40,000 42,500 45,000 47,500 50,000
Median Age** 37.8
$48,440
Median Household Income**
Cost of Living Index 87.6
* Data as of Q3 2023 ** Data as of 2022
2013
2014
2015
2016
2017
2018
2019 2020 2021 2022
2023
STATE OF THE REGION 2023 | 28
MECOSTA COUNTY
MECOSTA COUNTY EDUCATIONAL ATTAINMENT
2013
2023
Graduate Degree & Higher
Bachelor’s Degree
LOCAL BUSINESS INSIGHTS
34.5% SEEING INCREASING SALES TRENDS 44.8% PLANNING TO EXPAND THEIR BUSINESS
10.3% EXPERIENCING RECRUITMENT CHALLENGES 37.9% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Top Pinch Points:
Facility Issues | Lean/Efficency Issues | Talent Retention
0
2,000
4,000
6,000
8,000
10,000
12,000
Population
NOTABLE ACCOMPLISHMENTS
Collaborated with Discover Manufacturing and Ferris State University to introduce nearly 400 students to manufacturers across Mecosta County.
Facilitated a $3 million expansion project for Big Rapids Products, which plans to add between 50 jobs and 75 jobs.
Assisted in applying for $200,000 in blight elimination funds for Mecosta County. The funding resulted in one blighted building being demolished and another currently under deconstruction.
STATE OF THE REGION 2023 | 29
MONTCALM COUNTY
Population in Montcalm County increased to more than 70,000 people in 2023, representing a 4.5% increase from the previous year. Population increased 4.5% from the previous year, while gross regional product grew nearly 20% during the same time. Montcalm County’s population is growing slightly older, with the median age increasing to 41.4 in 2022 from 40.8 in 2020. Cost of living in the county edged up marginally from 88.1 in 2022 to 88.2 in 2023. Approximately 60% of businesses interviewed by The Right Place said sales were increasing and they had plans to expand. Nearly 47% of companies noted recruitment challenges, on par with the 46% of companies saying the same in 2022.
NOTABLE STATISTICS
MONTCALM COUNTY TOP INDUSTRIES BY JOBS
Industry
Number of Jobs
Population 70,196 $1.7B 24% Labor Force* 29,052
Restaurants & Other Eating Places
1,784
Education & Hospitals (Local Government) General Medical & Surgical Hospitals Household Appliance Manufacturing
1,690 1,408
Gross Regional Product
1,244
State Government, Excluding Education & Hospitals
781
Associates Degree & Higher
Total
6,908
MONTCALM COUNTY TOTAL POPULATION (2013-2023)
Unemployment Rate* 4.5%
55,000 57,500 60,000 62,500 65,000 67,500 70,000 75,000 72,500
Median Age** 41.4
$61,967
Median Household Income**
Cost of Living Index 88.2
* Data as of Q3 2023 ** Data as of 2022
2013
2014
2015
2016
2017
2018
2019 2020 2021 2022
2023
STATE OF THE REGION 2023 | 30
MONTCALM COUNTY
MONTCALM COUNTY EDUCATIONAL ATTAINMENT
2013
2023
Graduate Degree & Higher
Bachelor’s Degree
LOCAL BUSINESS INSIGHTS
60% SEEING INCREASING SALES TRENDS 60% PLANNING TO EXPAND THEIR BUSINESS
46.7% EXPERIENCING RECRUITMENT CHALLENGES 20% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Top Pinch Points:
Customer Issues | Logistics/Movement of Goods | Infrastructure and Talent Attraction
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 Greenville-based Mersen USA with a $10 million expansion that will add 45 new jobs to the region.
Hosted a Developer Day event, bringing 23 people to tour 13 sites across Montcalm County.
Developed a three-year strategic plan with five primary strategies to guide work through 2025. These strategies range from infrastructure and housing, to expanding annual events such as the MIPitch Competition.
| 31
STATE OF THE REGION 2023
NEWAYGO COUNTY
Newyago County’s population grew 1.3% over the previous year. Median household income also increased to $54,235 in 2022 compared to $51,470 in 2020, while cost of living relative to the national average edged down from 89.7 in 2022 to 89.3 in 2023. Half of the companies in Newaygo County interviewed by The Right Place cited increasing sales trends, while 35% said they had plans to expand their business. In 2022, 69% of companies noted increasing sales and 73% planned to expand. Talent development is the second most cited barrier to growth among companies in Newaygo county, with 35% of companies interviewed saying they’re experiencing recruitment challenges.
NOTABLE STATISTICS
NEWAYGO COUNTY TOP INDUSTRIES BY JOBS
Industry
Number of Jobs
Population 51,323 $1.5B 29% Labor Force* 24,250
Education & Hospitals (Local Government) Warehouse Clubs, Supercenters, & Other General Merchandise Retailers
1,134
727
Gross Regional Product
Local Government, Excluding Education & Hospitals
697
General Medical & Surgical Hospitals
654
Associates Degree & Higher
Restaurants & Other Eating Places
451
Total
3,662
NEWAYGO COUNTY TOTAL POPULATION (2013-2023)
Unemployment Rate* 4.4%
35,000 37,500 40,000 42,500 45,000 47,500 50,000 52,500 55,000
Median Age** 42.5
$54,235
Median Household Income**
Cost of Living Index 89.3
* Data as of Q3 2023 ** Data as of 2022
2013
2014
2015
2016
2017
2018
2019 2020 2021 2022
2023
STATE OF THE REGION 2023 | 32
NEWAYGO COUNTY
NEWAYGO COUNTY EDUCATIONAL ATTAINMENT
2013
2023
Graduate Degree & Higher
Bachelor’s Degree
LOCAL BUSINESS INSIGHTS
50% SEEING INCREASING SALES TRENDS 35% PLANNING TO EXPAND THEIR BUSINESS
35% EXPERIENCING RECRUITMENT CHALLENGES 35% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Top Pinch Points:
Industry 4.0 Adoption/Technology Needs | Talent Development | Financing
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Population
NOTABLE ACCOMPLISHMENTS
Facilitated Mercury Broadband in making the decision to open a regional service center in Newaygo County. The Kansas- based highspeed internet and digital phone service plans to invest $2.3 million in the project and create 40 jobs.
Launched the first Tech Week initiative, engaging over 600 students in career exposure activities.
Facilitated the 5th annual Pitch North event. Over the past five years, Pitch North has engaged 134 entrepreneurs and awarded more than $51,000 to 25 finalists.
STATE OF THE REGION 2023 | 33
OCEANA COUNTY
Oceana County’s population remained relatively stable from 2022 to 2023. Gross regional product edged up less than a percent over the prevous year, while median household income increased more than 10% from 2020 to 2022. Of the companies interviewed by The Right Place in Oceana County in 2023, 76% said sales were increasing while 62% noted plans for future expansion. The previous year, 80% of companies noted increasing sales, while 53% said they had plans to expand. Facility issues and sales were cited as the top barriers for growth among companies in Oceana County.
NOTABLE STATISTICS
OCEANA COUNTY TOP INDUSTRIES BY JOBS
Population 27,097
Industry
Number of Jobs
Fruit & Vegetable Preserving & Specialty Food Manufacturing
1,078
$672.7M 32%
Gross Regional Product
Local Government, Excluding Education & Hospitals
529
Education & Hospitals (Local Government)
424
Crop Production
322
Associates Degree & Higher
Restaurants & Other Eating Places
320
Unemployment Rate* 4.9% Labor Force* 12,354
Total
2,673
OCEANA COUNTY TOTAL POPULATION (2012-2022)
15,000 17,500 20,000 22,500 25,000 27,500 30,000 32,500 35,000
Median Age** 43.5
$56,454
Median Household Income**
Cost of Living Index 89.2
* Data as of Q3 2023 ** Data as of 2022
2013
2014
2015
2016
2017
2018
2019 2020 2021 2022
2023
STATE OF THE REGION 2023 | 34
OCEANA COUNTY
OCEANA COUNTY EDUCATIONAL ATTAINMENT
2013
2023
Graduate Degree & Higher
Bachelor’s Degree
LOCAL BUSINESS INSIGHTS
76.2% SEEING INCREASING SALES TRENDS 61.9% PLANNING TO EXPAND THEIR BUSINESS
61.9% EXPERIENCING RECRUITMENT CHALLENGES 52.4% INCREASING INVESTMENT IN TRAINING
Associate’s Degree
Some College
High School Diploma
9th Grade to 12th Grade
Less than 9th Grade
Top Pinch Points:
Facility Issues | Sales | Infrastructure, Talent Attraction
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Population
NOTABLE ACCOMPLISHMENTS
Oceana County Developer Day saw 35 participants introduced to available sites and projects in four communities across the county.
Hosted the Oceana County Human Resource Network, a monthly user group for human resource managers. More than 50 individuals have participated in 2023.
Participated in the Pitch North Competition for entrepreneurs in Lake, Newaygo, and Oceana counties.
STATE OF THE REGION 2023 | 35
Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37Made with FlippingBook Ebook Creator