GRDadof3

West Michigan/Grand Rapids Economy

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WOODTV latched onto the part of the CBRE Office report stating that lack of parking is driving demand to the suburbs. But they inadvertently reported that Grand Rapids has one of the lowest OFFICE vacancy rates in the country, when it has one of the lowest INDUSTRIAL vacancy rates in the country, like I reported above. Quite a big difference...

http://woodtv.com/2017/08/15/report-downtown-gr-parking-issues-leading-to-office-vacancies/

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July employment growth stats are out. Much of the country slowed down earlier this summer but has picked up again in June/July. GR came in at 2.7% annual growth rate from July 2016 (14,500 more payroll jobs than this time last year). 

Other MSA's (these are not UNEMPLOYMENT Rates, but the more important year over year employment growth rates). 

Salt Lake City 2.3

GR 2.7

Mpls 2.7

Portland, OR 2.7

Columbus OH 2.2

Milwaukee 0.5

Buffalo, NY 0.0

Las Vegas 2.8

Phoenix 2.2

Austin 2.4

San Antonio 1.9

Houston 1.8

Pittsburgh 1.0

Richmond VA 2.6

Charlotte NC 2.5

Raleigh 3.2

Boise 4.2

Kansas City 2.0

St Louis 1.2

Jacksonville FL 2.7

Orlando 3.2

Nashville 2.9

Atlanta 3.2

Indianapolis 1.9

Denver 2.0

Oklahoma City 1.7

https://www.bls.gov/regions/midwest/mi_grandrapids_msa.htm

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7 hours ago, The ATX said:

That shows a pretty healthy growth rate in all areas of the country.

I don't know how scientific my sampling is :) but for the U.S. 209,000 jobs were added in July. I just grabbed MSA's that are pretty well known but not the largest. 

The Midwest as a whole only added .1% employment from July 2016, so Grand Rapids and other parts of Michigan are actually doing better than the Midwest as a whole. Detroit MSA actually is averaging a 2% growth rate over the last year. 

Surprisingly Texas, which was on fire in the early 2010's, has slowed its growth lately. Still growing, just not on fire. 

Ft Collins,Colorado, home of New Belgium Brewery, is one of the fastest growing metros in the country right now, close to 7% over this time last year.

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Toyota Mazda Joint Venture Plant

Does Michigan have a shot, yes, but unions would be the biggest issue.   What about Grand Rapids , which is not as unionized?    I recall that the Grand Rapids area was considered for Saturn before GM picked Spring Hill, TN.   It would be interesting to know if the Right Place is going after this and other projects like the Amazon HQ.

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4 hours ago, mpchicago said:

Toyota Mazda Joint Venture Plant

Does Michigan have a shot, yes, but unions would be the biggest issue.   What about Grand Rapids , which is not as unionized?    I recall that the Grand Rapids area was considered for Saturn before GM picked Spring Hill, TN.   It would be interesting to know if the Right Place is going after this and other projects like the Amazon HQ.

Michigan also now a right to work state, which is new since GM was doing site selection for the Saturn plant.

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Numbers are in for August, more of the same, 2.5% annual year-over-year growth. FYI Denver has only been growing at 1.8% annually for the last couple of years. :)

This graph is almost a statistician's wet dream. If we actually make it to early 2019 with this growth rate, it will be probably one of the longest largest uninterrupted economic expansions in GR's history. At least since the government has been tracking this kind of thing. 

 

59bdbb069ba7e_GRJobs.JPG.55d19b6d4c2cf48ecc4c72d5d6eabc09.JPG

 

59bdbbbb738d5_GRJobs2.thumb.JPG.bd4ac0121afa80850de5f770beae50ad.JPG

 

 

Other notable metro areas:

Columbus OH - 2.1%

Charlotte NC - 2.6%

Raleigh NC - 3.6%

Indianapolis 1.8%

Mpls 2.3%

Atlanta 3.2%

Pittsburgh .9%

Des Moines 3.1%

Kansas City, MO 1.6%

Nashville 3.0%

Washington DC/Northern Virginia 2.0%

Chicago .5%

Salt Lake City 2.0%

Boise 4.1%

Portland OR 2.3%

Sacramento 1.7%

Austin 2.1%

Houston 1.8%

Boston 2.3%

 

 

 

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1 hour ago, GRDadof3 said:

I think this was in the news a few months ago. Forbes may be re-running it. 

Ahhh, yes. You are correct. They do have a tendency to circle back around with these articles.

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Fascinating look at where the jobs will and won't be.  Be sure to read the projection tables ... Michigan has a tough task ahead.

https://www.nytimes.com/2017/10/24/business/economy/future-jobs.html?rref=collection%2Fsectioncollection%2Fbusiness&action=click&contentCollection=business&region=stream&module=stream_unit&version=latest&contentPlacement=2&pgtype=sectionfront

Go phlebotomists and bicycle repairers!

 

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6 hours ago, arcturus said:

Construction, leisure & hospitality leading the way.  Makes sense with all the hotel/motel/apartment construction. 

Manufacturing, Financial Services and Education and Health Services aren't bad either.  #diversity

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3 hours ago, discgrab21 said:

https://mibiz.com/item/25235-lack-of-available-workers-begins-to-hit-manufacturing-output?platform=hootsuite

 

Knew this was coming.  Gotta boost wages and build housing to try and keep up with demand.

Yes! Like the townhouses they're trying to build where Mangiamo is. Build it! 

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