GRAND RAPIDS, MICH (DECEMBER 7, 2016) – Regional economic development organization The Right Place, Inc. hosted its 21st annual West Michigan Economic Outlook at the Amway Grand Plaza 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 2017 by Jim Robey of the W.E. Upjohn Institute.
2016 Right Place Accomplishment
During her presentation, Klohs highlighted several notable accomplishments the organization achieved in its 31st year of operation, including:
19 completed projects
635 new and retained jobs
$29.4 million in new payroll
$40.6 million in capital investment
Technology and Manufacturing were industry sectors with most activity, including:
Having 14 of the 19 projects
Representing 94% of capital investments (Technology at 66% and Manufacturing at 28%)
Representing 78% of new jobs (Technology at 46% and Manufacturing at 32%)
2016 represented the final year of Right Place’s most recent 3-year strategic plan. The 3-year numbers include:
4,146 new jobs (goal: 5,500)
$153.8 million in payroll (goal: $183m)
$725.3 million in capital investment (goal: $390m)
2017 W.E. Upjohn Institute Economic Forecast
During his presentation, Jim Robey, PhD., Director, Regional Economic Planning Services, W.E. Upjohn Institute, provided an analysis of several economic factors that will affect Grand Rapids in 2017, including:
Michigan is expected to see 41,600 new jobs in 2017 compared to estimate of 69,000 new jobs in 2016.
1.1% increase in general employment
.5% increase in goods producing in industry employment
1.3% increase in service providing industry employment
.5% in government employment
Tight labor markets should push Michigan wages up in 2017.
About The Right Place, Inc.
The Right Place, Inc., is a regional non-profit economic development organization founded in 1985 and supported through investments from the private and public sector. Its mission is to promote economic growth in the areas of quality employment, productivity, and technology in West Michigan by developing jobs through leading business retention, expansion and attraction efforts. For more information, visit: www.rightplace.org
For more knowledge, news, and insights visit:
www.michiganbusinessnetwork.com
