Report: Adaptability fuels economic growth along Lakeshore
The latest Industry Trends Report from Lakeshore Advantage shows that nearly 90% of businesses had steady or increased sales over the past year.
Companies along the Lakeshore have shown adaptability in the face of ongoing challenges, from labor shortages to rising costs. This resilience is helping to drive economic growth, according to the latest Industry Trends Report from Lakeshore Advantage.
The report, based on interviews with more than 120 local executives, reveals that 89% of businesses reported steady or increased sales over the past year, 96% maintained or grew their market share, and 41% reported plans to expand in the next three years.
The latest Industry Trends Report from Lakeshore Advantage shows that nearly 90% of businesses had steady or increased sales over the past year.
Supply chain challenges have eased for many, showing a significant decline since 2021.
“Despite the challenges, the data reflects the strength and adaptability of our local businesses,” says Jennifer Owens, president of Lakeshore Advantage. “Our business community is continuously finding innovative ways to grow and thrive in a shifting economic landscape.”
Role of Lakeshore Advantage
Lakeshore Advantage, which has supported economic development in Allegan and Ottawa counties since 2003, plays a key role in assisting companies through these evolving conditions.
“Our annual interviews with over 120 local executives give us unique, real-time insights into the opportunities and challenges facing West Michigan businesses,” says Amanda Murray, vice president of business solutions at Lakeshore Advantage. “This data allows us to adjust our efforts in real-time, ensuring that our initiatives directly support the region’s economic vitality.”
The Zeeland-based economic development organization is focused on growing the region’s primary employers and fostering long-term economic health in Allegan and Ottawa counties.
In 2023, Lakeshore Advantage supported 26 business growth projects, which brought in $3.2 billion in private investment and created or retained 1,091 jobs.
The Industry Trends Report also highlights key areas where businesses are seeking support, including labor force development, housing availability, and space for industrial expansion. The report underscores the need for continued collaboration to address these challenges and sustain long-term growth.
The full report is available on the Lakeshore Advantage website.
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