2024 State of the Region

Welcome to The Right Place’s third annual State of the Region report. This report is designed to inform you of the key economic trends impacting our region, allowing you to make informed business plans and introduce our region to new hires and customers. It is the result of quantitative economic research performed by our business intelligence team, combined with qualitative insights from our economic development work throughout the region.

THE STATE OF THE GREATER GRAND RAPIDS REGION:

The 2024 State of the Region report offers a deep dive into the economic trends shaping the future of Greater Grand Rapids. Over the past year, our team at The Right Place has connected with more than 600 businesses, gaining firsthand insight into the opportunities and innovations driving our region forward. By blending qualitative insights from these conversations with quantitative data from our business intelligence team, we’ve created a comprehensive report that highlights our economy’s strengths and growth opportunities.

While some findings show that our economy has softened slightly in some areas, it also revealed that our region has exciting opportunities and strong momentum moving forward:

• Population Growth: Our region’s population grew by 6% over the past decade, driven largely by our increasingly diverse communities.
• Education Strengths: With 37% of residents holding a bachelor’s degree or higher, our talent pool is expanding. We also maintain a stronger concentration of young professionals than the state and national averages.
• Industrial Strength: Industrial vacancy rates remain low at 2.5%, even as 825,000 square feet of new industrial space came online in 2024.
• Tech Job Growth: A record year for tech, with nearly 4,300 new tech jobs added since 2021.

As we reflect on this year’s achievements and prepare for the opportunities ahead, one thing is clear: the future of our region is bright. Thank you for your ongoing partnership in building a thriving, dynamic community where businesses and people can flourish.

Steve Downing, President & CEO of Gentex, The Right Place Board Chair

Randy Thelen, President & CEO of The Right Place