Michigan Business Network was on the road to Grand Rapids, MI for stop #3 for the latest Michigan Economic Forecast Series.
The Right Place held its 2020 Economic Outlook for West Michigan. Speakers’ Birgit M. Klohs - President and CEO, The Right Place, Inc. and Jim Robey - Director of the Regional Economic Planning Services at the W.E. Upjohn for Employment Research were on hand to answer questions about Michigan’s economic future.
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Birgit Klohs and Jim Robey cover questions regarding West Michigan economy in this video!
Birgit's Presentation from The Right Place 2020 Economic Outlook for West Michigan.
Jim's Presentation from W.E. Upjohn Institute for Employment Research.
December 11, 2019, regional economic development organization The Right Place, Inc. hosted its 23rd annual Economic Outlook for West Michigan at the Amway Grand Hotel in downtown Grand Rapids. The event featured a year-in-review presentation by The Right Place, Inc. President and CEO Birgit Klohs as well as an in-depth economic analysis and forecast for West Michigan in 2020 by Jim Robey and the W.E. Upjohn Institute. More than 500 area business leaders were in attendance.
2019 Right Place Accomplishments
During her presentation, Klohs highlighted several notable accomplishments from the past year, as well as a summary of the results from The Right Place’s 2017-2019 Strategic Plan. 2019 marks the end of this 3-year strategic plan.
• In 2019, the organization completed 20 economic development projects, resulting in: 1,591 new and retained jobs, $144.9M in new and retained payroll, $239.6M in new capital investment.
• Tracking against The Right Place’s 2017-2019 3-year strategic plan, the organization has spurred the creation of 5,192 new and retained jobs, on a goal of 4,200; $309.5 million in new and retained payroll, on a goal of $150 million; and $799.9 million in capital investment, on a goal of $500 million.
• The Right Place has exceeded all goals for the 2017-2019 Strategic Plan. The next strategic plan will be announced Feb. 5. 2020.
2020 Outlook Summary from Jim Robey, W.E. Upjohn Institute
• While many pundits are forecasting a recession, the fundamentals of the economy are solid. Nearly all forecasters are looking at positive, albeit slower growth in gross domestic product over the next two years.
• Many measures, including output and light vehicle sales are returning to trend.
• With consistent labor force participation rates and unemployment rates that are arguably below full employment (nationally, statewide and regionally), employment growth is forecast to be relatively flat.
• For Grand Rapids, growth in Gross Regional Product (GRP) is forecast to be +1.8% overall, +1.1% for goods-producing industries, +2.2% for service-producing, and +.6% for government.
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About The Right Place, Inc.
The Right Place, Inc., is a regional nonprofit founded in 1985 and supported through investments from the private and public sector. The Right Place drives current and long-term economic prosperity in West Michigan through the development and implementation of comprehensive strategies to retain, expand and attract businesses. This includes connecting area businesses to national and international resources, identifying emerging growth opportunities, strengthening the competitiveness of area firms, and marketing the region globally. The International Economic Development Council has designated The Right Place as an Accredited Economic Development Organization (AEDO). Find out more by visiting www.rightplace.org, liking us on facebook.com, and following us on Twitter @TheRightPlaceGR.
About the Michigan Economic Forecast Series
Since 2012, The Michigan Economic Forecast Series is an annual occurrence for the Michigan Business Network. Each stop is strategically located across the state of Michigan to include all the industries that collectively make up our states business climate.It is also an opportunity to showcase the autumn Michigan Future Business Index annually.
