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
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