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
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