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. – 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.
(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.”
Photos – The Next Center in downtown Holland is home to more than 30 startups and the new headquarters for Lakeshore Advantage; Lakeshore Advantage 2024 Business Expansions & Achievements Report.
The full Lakeshore Advantage 2024 Business Expansions and Achievements Report can be found at 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.