Muskegon Lakeshore Economy Continues to Grow
Muskegon, MI – Economist, Dr. Paul Isely, presented the annual Muskegon County Economic Forecast for 2023 to over 350 business leaders at the Muskegon Lakeshore Chamber of Commerce’s Business for Breakfast on Friday, January 27. As the effects of the pandemic fade, the nation will continue to see inflation but Muskegon County is on a solid track for continued growth.
Dr. Isely and his team at the Seidman College of Business at Grand Valley State University collect data on a local, regional and national level to determine what the economic future of Muskegon County looks like.
An expanding hospitality industry, increase in educated young workers 18-24-years-old, diverse industry sectors and strong housing market are all factors setting up Muskegon County for success in 2023.
The completion of the VanDyk Mortgage Convention Center, return of cruise ships to the Port of Muskegon and nationally-recognized festivals have all contributed to an increase in visitors to Muskegon County expanding the hospitality industry.
The number of young workers is decreasing nationally, however the amount of locally qualified young workers is increasing. Muskegon County saw a 25% increase in educated 18–24-year-olds since the Muskegon Promise began in 2015. The Muskegon Promise provides local high schoolers two years of tuition at Muskegon Community College and Baker College.
Muskegon County housing prices fall below the national and regional average driving more people to look at the lakeshore to live. Muskegon County has also seen an increase in new housing permits allowing for more housing options and growth in construction along the lakeshore.
Dr. Isely predicts a light recession in the third quarter of 2023, but the diversity of Muskegon County’s manufacturing industry will keep the momentum for Muskegon County moving forward.