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West Michigan/Grand Rapids Economy


GRDadof3

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9 hours ago, HavingAhoot said:

What does Kellogg produce in GR? I see Morning star/Kellogg building off 28th street. Is that it?

Aren’t pop tarts produced here? And Keebler products. AFAIK, pop tarts were invented in GR. 

Joe

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https://www.woodtv.com/news/grand-rapids/oregon-shoemaker-moving-to-downtown-grand-rapids/amp/

This seems good for DT.  As much as I love DT Grand Rapids... seems strange to relocate from Portland. 

I've loved Portland every time I've visited, but  haven't been since covid so not sure if things have changed. 

 

Per the MIBIZ article, getting venture capital was easier in the midwest.

https://mibiz.com/sections/manufacturing/footwear-manufacturer-holo-relocating-from-west-coast-to-west-michigan

Edited by egrguy
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On 6/22/2022 at 9:04 PM, joeDowntown said:

Aren’t pop tarts produced here? And Keebler products. AFAIK, pop tarts were invented in GR. 

Joe

Yes they are.  Keebler as well.  IIRC one of their granola bars as well.

22 hours ago, egrguy said:

https://www.woodtv.com/news/grand-rapids/oregon-shoemaker-moving-to-downtown-grand-rapids/amp/

This seems good for DT.  As much as I love DT Grand Rapids... seems strange to relocate from Portland. 

I've loved Portland every time I've visited, but  haven't been since covid so not sure if things have changed. 

 

Per the MIBIZ article, getting venture capital was easier in the midwest.

https://mibiz.com/sections/manufacturing/footwear-manufacturer-holo-relocating-from-west-coast-to-west-michigan

I was surprised too.  Sounds like The Right Place had quite a bit to do with convincing them as well.  It wouldn't be bad moving from Portland with a median housing price of $600k to GR at $275k.

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18 hours ago, Floyd_Z said:

Yes they are.  Keebler as well.  IIRC one of their granola bars as well.

I was surprised too.  Sounds like The Right Place had quite a bit to do with convincing them as well.  It wouldn't be bad moving from Portland with a median housing price of $600k to GR at $275k.

And from a recruitment standpoint, they can draw off Wolverine. Of course, out in Portland they had Nike, but still. I need to look at buying a pair to support the "new locals". :)

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  • 3 weeks later...

All the news outlets are crying that when data comes out at the end of July, that it will indeed show that the U.S. is technically in a recession (two consecutive quarters of negative growth in GDP). 

But here locally:

) Rental vacancy rates are again down to 1.5% for 1st quarter 2022. It averaged 3 - 6% last year. There are quite a few apartment projects under construction that are probably not included in these numbers yet. 

) 30 year mortgage rates have come down off their highs in June, causing a resurgence in homebuyer activity (anecdotally)

) Labor force and non-farm employment continue to both grow in Grand Rapids, and unemployment is down to 3.4% (basically pre-covid levels). Anecdotally it still seems like a lot of companies are struggling to find workers.

) Gas prices have dropped by almost 50 cents in the last 30 days

I've traveled around the sun quite a few times, this doesn't feel like "recession" to me. Anyone else? 

 

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I’m hoping it’s what it’s intended to be. A slowdown to tame inflation. Technically a recession (which is fine, they typically happen every 7 years, it’s been 13). Slowing the economy a bit (rabid spending) and giving the supply chain a chance to catch up wouldn’t be such a bad thing. Hopefully it’s shallow, and only lasts 4-6 months. 

Joe

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19 minutes ago, joeDowntown said:

I’m hoping it’s what it’s intended to be. A slowdown to tame inflation. Technically a recession (which is fine, they typically happen every 7 years, it’s been 13). Slowing the economy a bit (rabid spending) and giving the supply chain a chance to catch up wouldn’t be such a bad thing. Hopefully it’s shallow, and only lasts 4-6 months. 

Joe

It's a mid-term election year too. I assume a lot of what is going on (gas prices for sure) is political and will change a lot after November, for the better. 

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43 minutes ago, joeDowntown said:

I’m hoping it’s what it’s intended to be. A slowdown to tame inflation. Technically a recession (which is fine, they typically happen every 7 years, it’s been 13). Slowing the economy a bit (rabid spending) and giving the supply chain a chance to catch up wouldn’t be such a bad thing. Hopefully it’s shallow, and only lasts 4-6 months. 

Joe

I agree with you. But unfortunately, in regards to most commodities, the supply chain issues will take years to get corrected. 

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