Author: KMF Infotech

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.

The Next Center, a pivotal project for Holland’s SmartZone, includes a stunning creative feature to enhance its role as an inviting hub of innovation and technological advancement in the community. Local muralist and tattoo artist Chris Garcia was commissioned to create a vibrant, large-scale mural titled “Waves of Innovation” on the first-level interior wall of the Next Center. 

 

This mural serves as a dynamic introduction to the Next Center. The mural is visible to pedestrians from the sidewalk, inviting curiosity and celebrating the area’s spirit of determination and forward-thinking ingenuity. Chris Garcia’s artwork captures the essence of the region’s unique and defining features and serves as an invitation to potential founders to step in and become part of an established business network with high visibility, accountability, and access to a concentration of business services. 

 

Chris Garcia, known for his community-focused artwork, is excited to contribute to this landmark project. 

 

“The ‘Waves of Innovation’ mural is a visual testament to the energy and creativity that define our community,” said Garcia. “I’m thrilled to be a part of this project and to contribute to a space that will inspire and support the next generation of innovators.” 

 

The mural project has been made possible through generous grants from the Macatawa Area Coordinating Council and the Holland Convention & Visitors Bureau (CVB). These grants underscore the community’s commitment to supporting local art and enhancing the Next Center’s role as a hub of innovation and opportunity. 

 

“At the Holland Area Convention & Visitors Bureau, we’re always looking for unique ways to promote our community’s charm and innovation”, expressed Linda Hart, Executive Director of the Holland Area CVB. “By supporting this project, we’re not only enhancing our local tourism landscape but also showcasing Holland’s commitment to innovation and creativity. We believe this striking artwork will draw more visitors to explore our area, potentially extending their stays and contributing to our thriving local economy.” 

 

“By blending art with technology and entrepreneurship, this mural stands for the kind of multifaceted initiatives that MACC believes will have an enduring positive impact on our community,” stated Jason Latham, Executive Director of Macatawa Area Coordinating Council. “It’s an investment in our cultural landscape that we expect will inspire current and future generations of innovators and creators in our area.” 

 

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. 

The Right Place, Lakeshore Advantage and Greater Muskegon Economic Development looking to help secure funding for projects within 13 county region

 

GRAND RAPIDS, Mich. – Regional economic development organizations The Right Place, Inc., Lakeshore Advantage and Greater Muskegon Economic Development are seeking public-placemaking projects to include in a regional grant application for the Revitalization and Placemaking (RAP) program.

 

Launched in 2022 by the Michigan Economic Development Corporation (MEDC), the RAP program has $75 million in funds available to support gap financing for place-based infrastructure development, real estate rehabilitation and development, and public space improvements throughout the state. The West Michigan partner agencies are seeking applications from all 13 counties in Michigan’s Prosperity Region 4 area (Allegan, Barry, Ionia, Kent, Lake, Mason, Mecosta, Montcalm, Muskegon, Newaygo, Oceana, Osceola, and Ottawa).

 

“Partnerships are the cornerstone of economic development in West Michigan. Together, we are building a foundation of support that allows our communities to thrive, innovate, and expand,” says Jennifer Owners, president of Lakeshore Advantage. “Our collaborative efforts on this program will set the stage for a stronger, more vibrant economy.”

 

The group’s regional application will focus on public space and place-based infrastructure. Grants of up to $500,000 for projects are possible under this program and require a minimum 50% match from each sub-applicant.

 

“By working together as partners, we amplify our impact in West Michigan,” expressed Marla Schneider, president and CEO of Greater Muskegon Economic Development. “This collaboration creates a powerful regional force, ensuring West Michigan is a magnet for talent and a hub for opportunity through placemaking.”

 

Examples of projects that can be submitted for consideration include, but are not limited to downtown pocket parks, waterfront activation sites, innovative spaces for pop-up markets, and public art installations.

 

“Being awarded two successful rounds of funding, we’ve been able to provide support for over 20 public placemaking projects throughout West Michigan,” said Tim Mroz, senior vice president of community development at The Right Place, Inc. “Projects like these contribute significantly to our region’s quality of life, and we’re excited to lead another regional application for RAP.”

 

An online project submission form is live until December 6, 2024, at 5 pm. More information is available here. This intake form will enable an initial evaluation of projects against the scoring criteria specified by the MEDC.

 

View the MEDC’s project eligibility requirements and considerations here.