West Michigan Economists and Business leaders gathered Tuesday in Grand Rapids to find out whether the local economy is going to continue in 2019, or if a recession looms on the horizon. Hosted by local economic development non-profit, The Right Place, keynote speaker Jim Robey, the Director of Economic Planning Services at the W.E. Upjohn Institute for Employment Research says, things will begin to slow down, but he doesn’t see a recession so many economists say is just over the horizon. At least not yet.
“The good news is the fundamentals of the economy are relatively sound,” Robey said. “Other forecasters that I’ve talked to and are own feeling is we feel is we are 24-36 months before a downturn. Certainly there is one that will come. Will we talk ourselves into that recession? That may make it come sooner rather than later.”
One big question looming is how Michigan’s new governor will steer the Michigan economy as power shifts in Lansing. Birgit Klohs, President and CEO of the Right Place says it’s critical that Governor Elect Gretchen Whitmer’s administration supports the statewide economic strategies that are already in place.
“Every time you change administrations whether it’s in Washington, whether it’s in Lansing, or even at the local level, you will have change. We need to be flexible to roll with that change, but also make certain we don’t lose momentum.”
Klohs added that an even bigger uncertainty remains: how legalized recreational marijuana will impact the local economy. With proposal 2 passing just over a month ago, Klohs says it’s far too early to predict.