Marketing Grand Rapids as a place for young people to live and work is becoming increasingly important to the local economy.
Grand Valley State University economist Paul Isely still believes the U.S. economy could dip into a recession within a year, although West Michigan is likely to experience a “soft landing.”
While countless manufacturers throughout West Michigan have lamented the lack of available talent, evidence shows the workforce constraint has finally affected the industry’s ability to grow.
Economic outlooks project modest growth in the U.S. for the rest of this year and through 2018, along with further increases in interest rates.
Economic growth across markets in Western Michigan eased during 2016, falling closer in line with the rate experienced throughout the U.S.
Ask West Michigan manufacturers how they’re addressing the challenges of finding qualified workers, and many of them likely will cite automation equipment as a key part of their solution.
When it comes to the economy in 2017, Grand Valley State University’s Paul Isely largely expects business as usual. However, the associate dean and professor of economics at the Seidman College of Business notes that rising wage pressures on businesses may start pulling the economy into a recession in 2018. While he expects the economy to remain robust, Isely told MiBiz he worries what the incoming presidential administration’s trade and immigration policies could do to businesses in West Michigan in 2017 and beyond.
After months of depressed oil prices, West Michigan manufacturers with operations in the oil-and-gas industry could soon experience a reprieve.
Despite ongoing concerns about a talent gap, employment in West Michigan’s construction industry continues to rise.
According to the most recent state jobs data, wages for manufacturing production workers in May sunk to their lowest levels in the last 12 years as the average hours worked dipped to the lowest point since 2009. Meanwhile, the number of people working in manufacturing hit its highest level in almost a decade.