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Press Releases

Momentum Continues: Lakeshore Advantage Reveals 2024 Business Growth

 

Business expansion activity in Allegan and Ottawa counties results in $243.9 million private investment and $44.7 million in support funds leveraged

 

 

HOLLAND, Mich., January 27, 2025 – Lakeshore Advantage, the non-profit economic development organization that helps primary employers grow in Allegan and Ottawa counties supported 16 business expansion projects in the two-county Lakeshore region last year. The 16 projects represent $243.9 million in private investment and the creation or retention of over 550 jobs in Ottawa and Allegan counties.

 

“Our region continues to demonstrate economic resilience and sustained growth,” said Jennifer Owens, president of Lakeshore Advantage. “The 2024 report showcases the continued confidence businesses have in our region. Each expansion represents a vote of confidence in our region’s workforce, infrastructure, and economic landscape.”

 

The 2024 report highlights business growth and several regional economic successes:

 

(1)  A diverse range of businesses choosing to expand or invest in the region.

 

building entrance
Next Center entrance and mural by Chris Garcia

(2)  Construction and opening of an innovation center in downtown Holland – The Next Center.  This 20,000 square foot class-A office building serves as home to more than 30 incubating startups and Lakeshore Advantage headquarters.  It is also a showcase for world-class furnishings from local manufacturers including MillerKnoll, Haworth, ROL, and Light Corporation.

 

(3)  Sixty-seven product and technology startups were supported by Lakeshore Advantage’s SURGE program last year.

 

(4)  More than $44.7 million in business support funds leveraged for area employers to support employer expansions, worker training, export support and new technologies.

 

(5) In-depth research and analysis report was conducted on the West Michigan Advanced Energy Storage ecosystem, showing the region’s growing AES industry cluster.

 

(6)  Research and outreach was conducted with more than 200 participants to understand the wants and needs of the region’s emerging workers.

 

 

One key expansion project in 2024 includes Profielnorm USA, LLC, subsidiary of Profielnorm B.V., a Netherlands-based mezzanine flooring specialist. The company is constructing its first U.S. manufacturing facility in a newly created industrial park in the City of Plainwell where it plans to produce its U.S.-destined mezzanines and continue growing its North American market share. The project is expected to generate a total capital investment of up to $7.5 million and create approximately 30 jobs.

 

The Lakeshore region is also a hub for emerging technologies and home-grown companies like Jolt Energy Storage Technologies. The company raised $4M in its Series A round to advance the development and scaling of its organic flow battery, an innovative, all-organic design that offers a sustainable alternative to traditional energy storage by eliminating reliance on mined metals and reducing environmental and supply chain risks. This is one of many Lakeshore region entrepreneurship success stories in 2024.

 

“Last year’s progress and steady growth allows us to thoughtfully build upon the big gains our region has experienced,” said Amanda Murray, vice president of business solutions at Lakeshore Advantage. “As an economic development organization, we know that bold expansion opportunities and thoughtful, coordinated growth are key to economic health.”

 

View the full report HERE.

 

 

About Lakeshore Advantage

Lakeshore Advantage is the economic GPS for West Michigan’s Allegan and Ottawa Counties. The nonprofit economic development organization grows primary employers at all stages of development, plans to ensure long-term economic health and solves economic challenges. Lakeshore Advantage was established in 2003 by forward-focused business and community leaders to assist businesses at the base of the region’s economy—from startups to established global corporations—as they navigate growth in the Lakeshore region. Learn more at www.lakeshoreadvantage.com.

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Press Releases

Lakeshore Advantage Welcomes Three New Industry Leaders to Board of Directors

New appointments bring expertise from energy, retail and food processing to strengthen regional economic development efforts.

 

HOLLAND, Mich., January 13, 2025–Lakeshore Advantage announces the appointment of three new members to its board of directors: Menaka Abel, Chief Financial Officer at Request Foods; Wooyoung Jung, Senior Manager, Business Analytics & Strategy at LG Energy Solution Michigan; and Keith Rothstein, Group Vice President of Strategy and Analytics at Meijer. Each will serve a three-year term on the economic development organization’s board.

 

“We are thrilled to welcome these new members to the Lakeshore Advantage board,” said Jeff Stutz, Lakeshore Advantage Board Chair and Chief Financial Officer at MillerKnoll. “Their extensive expertise in critical industries will play a pivotal role in steering the organization and fostering the ongoing economic prosperity of our region.”

Joining a 19-member board, Abel, Jung and Rothstein will contribute to setting the organization’s strategic direction and advising on initiatives to support growth for West Michigan’s Lakeshore region.

 

 

Left to right: Keith Rothstein, Menaka Abel, Wooyoung Jung

 

“These exceptional industry leaders will undoubtedly bring great value to our region,” shared Jennifer Owens, President of Lakeshore Advantage. “The addition of these leaders brings fresh perspectives that will help us tackle challenges and seize opportunities in new and innovative ways.”

 

The new board members will be formally introduced at Lakeshore Advantage’s Annual Meeting, scheduled for February 20 at 3 p.m. at the Pinnacle Center in Hudsonville. Event details are available at lakeshoreadvantage.com/events.

 

Lakeshore Advantage’s board plays a critical role in establishing the organization’s long-term goals, setting strategic priorities, and ensuring sufficient resources are available to execute its mission. A complete list of current board members can be found at lakeshoreadvantage.com/about-us/our-team-board.

 

 

About Lakeshore Advantage

Lakeshore Advantage is the economic GPS for West Michigan’s Allegan and Ottawa Counties. The nonprofit economic development organization grows primary employers at all stages of development, plans to ensure long-term economic health, solves economic challenges, and identifies opportunities. Lakeshore Advantage was established in 2003 by forward-focused business and community leaders to assist primary employers—from startups to established global corporations—as they navigate growth in the Lakeshore region.

 

Learn more at www.lakeshoreadvantage.com.

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Press Releases

New Lakeshore Advantage Report Reveals West Michigan Economy Holds Strong

Lakeshore Advantage, the leading economic development organization for Allegan and Ottawa Counties, proudly announces the release of its annual Industry Trends Report detailing the economic status of the region. Based on interviews with over 120 local executives conducted from June 2023 to June 2024, the report reveals a robust business environment with most respondents reporting steady or increased sales and market share.

 

Key findings from the report highlight the resilience of local businesses:

• 89% of businesses reported stable or increased sales.

• 96% indicated their market share for key products remained stable or grew.

• 41% reported plans to expand in the next three years.

• Supply chain challenges have eased for many, with a significant decline since 2021.

 

While optimism prevails, challenges remain. The report identifies significant barriers to growth, including labor shortages, housing scarcity, a lack of industrial space, and rising costs. These findings underscore the need for continued collaboration among stakeholders to address these issues and foster an even more vibrant economic environment.

 

“Despite the challenges, the data reflects the strength and adaptability of our local businesses,”stated Jennifer Owens, president of Lakeshore Advantage. “Our community is poised for steady growth, and it’s essential we work together to overcome these barriers and keep our businesses strong.”

 

Lakeshore Advantage is committed to supporting businesses of all sizes—from startups to major corporations—that grow the region’s gross regional product (GRP). This report serves as a valuable resource for understanding the dynamics of West Michigan’s lakeshore region economy and guiding future initiatives.

 

“Our annual interviews with over 120 local executives give us unique, real-time insights into the opportunities and challenges facing West Michigan businesses,” said Vice President of Business Solutions, Amanda Murray. “This data allows us to adjust our efforts in real-time, ensuring that our initiatives directly support the region’s economic vitality.”

 

The full report is now available on the Lakeshore Advantage website: https://zurl.co/tEXq

 

 

About Lakeshore Advantage

 

Lakeshore Advantage is the economic GPS for West Michigan’s Ottawa and Allegan Counties. The nonprofit economic development organization grows primary employers at all stages of development, plans to ensure long-term economic health, and solves economic challenges and identifies opportunities. Lakeshore Advantage was established in 2003 by forward-focused business and community leaders to assist primary employers—from startups to established global corporations—as they navigate growth in the lakeshore region.

 

In 2023, Lakeshore Advantage supported 26 business growth projects consisting of $3.2 billion in private investment and $634.3 million in support funds leveraged in the two counties. Business growth projects resulted in 1,091 new and retained jobs. In addition, Lakeshore Advantage provided economic support to 285 primary employers and 73 startup companies in the two counties.

 

Find out more at www.lakeshoreadvantage.com.

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Commonly Heard by Economic Developers: ‘You Know What We Need…’

Here’s How We Get There

 

Jennifer Owens – December 18, 2024

 

As an economic development leader, I often get feedback on what’s missing, or which national business could make our community better. Most of the suggestions are outside of my scope, primarily in the retail or restaurant space, but I always love hearing people’s ideas.

 

Lakeshore Advantage is laser focused on attracting and retaining the employers that are at the base of our economy in the region—those businesses whose growth and stability leads to attracting the commonly-referenced names I hear: Trader Joe’s, Costco, Lululemon.

 

Our focus are the businesses that produce goods and services for markets beyond our community. These are our region’s primary employers and they are the bedrock of a sustainable local economy. These companies bring in outside dollars, create jobs, and support a host of secondary businesses, from local service providers, professional service firms, and retail shops.

 

All major national retailers conduct extensive market research before choosing a new location. They go beyond population numbers; they’re examining income levels, economic stability, and growth potential. A community with strong primary employers signals economic stability, making it an attractive prospect for these retail giants.

 

table of national retailer requirements

 

When our primary employment base thrives, it creates a ripple effect throughout the community. Employees of these companies spend their paychecks locally, buying homes, dining out, and shopping in our stores. This steady flow of income is what creates the customer base that national retailers look for when deciding where to open new locations.

 

Our team’s number one goal is to make sure the 600 primary employers in Allegan and Ottawa Counties thrive. This means providing them with the resources they need to succeed. It means engaging with them regularly to understand their challenges and working together to overcome them.

 

Each of our primary employers’ needs are different and all have choices in which to operate their business. It takes the entire community to ensure we continue to be the top choice for primary employment growth. Even though I am not knocking on the doors of Costco headquarters, the work Lakeshore Advantage does to grow and attract a robust base of growing primary employers is generating the economic activity necessary to make these retail suggestions a reality.

 

Jennifer Owens is the president of Lakeshore Advantage, the leading economic development organization for West Michigan’s Ottawa and Allegan counties.

 

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