12/8/23 - The Right Place Reports On Our Local Economy

Friday, December 8, 2023 at 9:35 AM

The Right Place shares local economic report (image: The Right Place facebook page)

The Right Place says the West Michigan area has rebounded from the COVID pandemic.

(GRAND RAPIDS, Mich.) - The Right Place, Inc. held their annual Economic Outlook event in Grand Rapids on Thursday.

They detailed the status of the West Michigan economy and took a look at the future.

They shared that a post-COVID Michigan is back to "normal" and thriving and people are getting back to work.

Randy Thelen, CEO and president highlighted the progress they have made so far in a three-year strategy

According to The Right Place, the average hourly wage in the metro Grand Rapids area now sits at $25.02, while they are shooting for an average of $26.50 by 2025.

There were approximately $453 million in new capital investments in 2023, with about $112.9 million in community development.

They touched on the necessity for West Michigan to further invest in tech companies and the jobs they offer, as well as the potential for artificial intelligence (AI) to change the job market.

The Right Place, Inc. also shared some predictions for Grand Rapids in 2024.

There are also a number of things that could impact our economy in the future such as: the upcoming presidential election, interest rates, inflation and global conflicts.

The Right Place has helped to create of over 50,000 jobs in the region since they began their work in 1985.

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