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.