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Muskegon Economic Forecast: 2018 strong, but recession is on the way

Muskegon’s economy looks strong in 2018, but a recession may be on the horizon. That’s according to an economist who presented Muskegon’s Annual Economic Forecast to the cities Chamber of Commerce.  Dr. Paul Isley is the Associate Dean for Undergraduate Programs at the Seidman College of Business at Grand Valley State University, and presented the Annual Economic Forecast at the Muskegon Chamber of Commerce Business for Breakfast Friday. 

“2018 we are starting the year with accelerating growth and employment in Muskegon," Isley said. "Right now is on track to have them have faster employment growth here or in Kent, and that is unusual in historic patterns. So it is a really year at least for the start with Muskegon,” he said. 

However, a recession may be lurking. 

“Well the recession, when it comes will likely be caused by increasing wages or increasing input prices like aluminum and copper and things like that,” he said.

The good news? Muskegon will weather the storm better than the rest of West Michigan.

Here in Muskegon, we are seeing that the type of industries that they have, AG, the types of automotive that they do here, the different types of tourism are here are things that won’t be effected by the next recession, and likely they are going to weather it better that the rest of the economy as a whole.”

For Muskegon’s economy and revitalization to continue its’ upwards swing, the region must attract more millennials to the region. Once seen as a punchline, millennials are slowly becoming the most important demographic for the region’s economic success.

“People were worried that millennials would continue to act like 20-year-olds," Isley said. "And what we find is millennials become 30-year-olds they’re acting like 30-year-olds. They are buying houses and having kids and buying cars. They are the future.” 

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