GRAND RAPIDS, Mich. — The Right Place, Inc. held their annual Economic Outlook event Thursday, detailing the status of our economy now and in the near future.
Randy Thelen, CEO and president at the nonprofit organization, highlighted the process they have made so far in a three-year strategy running into 2025.
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.
Thelen also spoke about an overall milestone recently hit by The Right Place, helping in the creation of over 50,000 jobs in the region since they began their work in 1985.
He explained to those in attendance that a post-COVID Michigan is not just back to "normal" but in a unique position to thrive.
"I want to make sure we reframe and rethink about how we're back to that thriving dynamic region that we enjoyed in 2018,” Thelen said Thursday.
They touched on the necessity for West Michigan to further tech companies and the jobs they offer, as well as the potential for artificial intelligence (AI) to change the job market and, in turn, the economy.
“It seems like every time we've had a major technological advance of any type, we've always come out better," Thelen said.
"It takes time. ... Some individuals might be harmed more than others, but ultimately, the economy comes out better, and I don't think we should have a fearful outlook on AI.”
What that will actually look like of course remains to be seen, though The Right Place, Inc. did have some predictions for Grand Rapids in 2024.
Michigan’s employment rate is expected to grow by 0.91% next year, while our manufacturing sector is expected to grow by 0.92%.
Our total state population has seen a 7.8% growth over the last ten years, and with that, our unemployment rate is set to rise in 2024.
Unemployment is expected to hit approximately 4.2% in 2024, compared to 3.7% in 2023.
