“We are, obviously, continuing to have a record-breaking year when it comes to construction value, just shy of $1 billion this year, which is the highest we’ve ever seen here in the city of Grand Rapids.”
The city’s Development Center Manager Jon Overman recently gave the news to city commissioners during its Economic Development Project Team meeting.
The city is reporting just over $949 million in total construction value. It breaks last year’s record of $728 million.
City officials attribute the growth to projects like the Amway Stadium, Acrisure Amphitheater, and the Joan Secchia Children’s Rehabilitation Hospital. Raising material and labor costs are also contributing factors. City Manager Mark Washington:
“Almost a billion-dollar investment indicates a good, strong economy in light of all this fiscal uncertainty that we have had from the federal level and so I think that story needs to be told often and outside of this room.”
Officials also noted a $3.3 million investment in eight Grand Rapids-based businesses by the New Community Transformation Fund, focusing on companies that include Latino- and women-owned startups.
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