Muskegon's economy should hold steady in 2023, economist predicts
Muskegon Lakeshore Chamber of Commerce holds annual economic forecast
Despite inflation, gas prices on the rise once again, and a looming recession later this year, Muskegon’s growth should continue in 2023. Those were some of the main themes as the Muskegon Lakeshore Chamber of Commerce presented its annual Economic Forecast Friday morning.
Coming out of the pandemic a year ago, the big question on the Lakeshore: how would the coronavirus impact the City of Muskegon’s dramatic growth up to that point?
One year later, and Muskegon managed to weather the storm. In 2021 and 2022, the Lakeshore saw $445 million in new investments, created 245 new jobs, while breaking ground on two new aggressive developments on Muskegon Lake.
Now the question becomes: has Muskegon bit off more than it can chew in this year’s projected economy. Dr. Paul Isley is a professor with the Grand Valley State University Seidman College of Business and presented his economic forecast Friday.
Here is his answer to that question:
“Well, it is a lot at the same time, but I can say that the way they are doing it, are surveys show that more and more visitors are coming to Muskegon,” Isley said. “And that is going to pay dividends for years and years to come.”
Isley said, expect to see momentum continue in Muskegon over the next year in the hospitality industries, reasonable growth in the housing market, and the automotive industry will also be strong, indicators that the Lakeshore remains on solid ground. That is good news, says Lakeshore Chamber President Cindy Larson.
“I think it was definitely a cause for celebration for Muskegon this year,” Larson said. “We are in the right sectors for growth, certainly nothing is ever for certain but it was great to see those graphs that show Muskegon to be solid.”
Meanwhile Isley said, food costs will remain high this year, though eggs will eventually return to normal. And business owners need to stop wondering when workers are coming back to work full time. They aren’t.