GRAND RAPIDS, Mich. — Here in Grand Rapids, the economy is the number one issue for many of my neighbors. From businesses to consumers, people are watching how much they're spending.
The Right Place released its annual economic outlook for the region, state and nation on Thursday. The organization says the Grand Rapids area is growing in sectors, though growth has been uneven this year.
I talked to one small business manager in my neighborhood who says this past Black Friday wasn't the same as previous years.
Prices for goods are on a lot of people's minds right now.
"The holidays were really exciting for us. Black Friday was something to look forward to this year. It was a little stressful," Shakedown Street Manager Joey Krzeminski said.
As a small business owner who sells incense, clothes, and glass, this is what Krzeminski says she’s seeing.
"The tariffs have definitely gone up around here because we do a lot of imports, and we've been noticing that we have to raise prices here and there on items that even if we don't want to," Krzeminski said.
The Right Place, for the past 40 years, has provided business support services in greater Grand Rapids. That team shepherded in $6 billion in investments and 50,000 jobs.
"I would suggest it's been a good but not great year. It's been a choppy year," The Right Place CEO Randy Thelen said.
Thelen says his team talked to more than 600 businesses in the area. Their data shows that sales are up almost 7% year over year. But hiring is down almost 4.5% in the same time period.
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"We've seen that reflected in the numbers, a not a massive softening. So I don't want to people running out of here," Thelen said.
Fifth Third Bank Chief Economist Jeff Korzenik says a big factor in the economy this year is uncertainty.
"We think the biggest toll is not the actual level of tariffs, but the incredible uncertainty surrounding these tariffs and that has essentially frozen business activity in many ways," Korzenik said.
Ken Mislewicz with Pleune Service explains that tariffs are playing a factor in his business, but so is state legislation that's limiting potential growth in hiring.
"If we were able to streamline regulations to allow more people to enter, we would absolutely increase our odds of success by increasing the labor talent pool," Pleune Service President and CEO Mislewicz said.
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