(WXMI) — The Right Place unveiled its 2025 economic outlook Thursday for the greater Grand Rapids area.
The economic development organization’s forecast is based on data from years past. Their key findings focus on three aspects:
PEOPLE
- The region’s population has grown by 6.1% in the last 10 years.
- Diverse communities accounted for two thirds of that growth.
- There is a higher concentration of younger people living in the area compared to other U.S. cities.
- 37% of the population has at least a bachelor’s degree.
PLACE
- Industrial vacancy rates are still low at 2.5%.
- There was a 9% jump in residential building permits between 2023 and 2024.
- The cost of living is 8% under the U.S. average.
- More people are traveling by air, up nearly 350,000 over last year.
PROSPERITY
- 591,000 had jobs in 2024.
- The job market has grown — faster than the state and U.S. — since 2019.
- 53% of companies are planning to expand.
- 62% of companies are seeing a boost in sales.
- 45% of companies intend to hire more employees.
The tech industry also witnessed a record year with 4,300 new jobs created since 2021.
The Right Place compiled its report after reaching out to 600 businesses across 8 counties. They say the economy has softened somewhat in certain locations but the greater Grand Rapids area is demonstrating strong momentum.
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