GVSU?economist predicts lower growth for 2017
“The economic outlook for West Michigan is positive and steady with some unique challenges to overcome,” said Paul Isely, professor of economics and associate dean in the Seidman College of Business at Grand Valley State University.
Isely revealed his predictions for the West Michigan economy Jan. 26, during the 2017 Colliers Annual West Michigan Economic and Commercial Real Estate Forecast event held at DeVos Place.
His survey of the greater Grand Rapids economy (Kent, Ottawa, Muskegon, and Allegan counties) was conducted in Nov.-Dec. 2016.
Isely said the local economy will continue to grow in 2017, but at a slower pace. “Employment growth will slow to about 2 percent growth from running at 3, 4 or 5 percent during the last few years,” he said. “Sales growth will improve to about 3 percent, but business leaders said while they see sales going up this year, they will need fewer workers to handle it.”
Isely said unique challenges for the local economy include the need for skilled labor, growth in the auto and furniture industries hitting a plateau, and strong national policy changes expected from the new administration.
Isely added that construction has been strong for West Michigan, but there will be a shift to single-family from multifamily residential in the upcoming years; he also said he expects the next recession to hit in two to three years.
Overall findings for 2017:
• The Current Business Confidence Index for 2016 is 78.3%, a small improvement from 2015;
• The Forecast Business Confidence Index for 2017 is 80.7%;
• Employment is expected to grow by 2.0–2.2% in 2017;
• Overall nominal sales are expected to increase by 2.8–3.2%;
• Export growth in 2017 is forecast for continued weakness; expected growth is between 1.6% and 3.6% for 2017;
• All indicators signal the 2017 economy will continue to grow, but the pace, particularly in employment, will be slower than in 2016.
Mika Meyers elects management committee
Mika Meyers PLC, a law firm based in Grand Rapids, recently elected the following lawyers to its Management Committee for calendar year 2017: Douglas A. Donnell (Chair), Ross A. Leisman and Ronald M. Redick.
Douglas A. Donnell specializes in environmental law and commercial litigation and has represented both public and private sector clients and individuals since 1979.
"Ross A. Leisman specializes in civil litigation, land use and municipal law.
Ronald M. Redick specializes in the areas of municipal, appellate and administrative law, with a focus on zoning litigation, land use and riparian rights litigation, and also general civil litigation.
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