New report describes economic conditions in Northern Michigan
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EmailThe Economic Pulse Report combines ice storm impact, labor force, business sentiment, and business growth data for a detailed picture of the Northern Michigan economy.
While the news covers national economic conditions every day, it can be difficult to find current information on local economic conditions, especially in rural communities. The Northern Lakes Economic Alliance (NLEA) recently released its first “Economic Pulse Report,” which provides up to date information on the economy in Antrim, Charlevoix, Cheboygan, and Emmet counties.
In order to ensure this important information was readily accessible to our community, I developed this report as part of my joint role with MSU Extension and NLEA. The report combines publicly available information with storm impact and business sentiment data gathered through community surveys that captured 235 responses from businesses in the region.
View the Economic Pulse Report Here
The report highlights the immense impact of the April ice storm, perceptions of the business climate from local leaders, changes in the labor force, and business expansion plans. Key takeaways from this information include:
- 235 businesses responded to the Storm Impact Survey and reported $6.4 million in lost revenue.
- Survey responses indicated 66% of these businesses were forced to close for 4+ days due to the storm.
- Staffing (70%) and Workforce Housing (64%) were reported as the top challenges for business leaders; Regulatory Challenges (30%) rounded out the top three.
- The region is gearing up for its busy summer season, which typically sees more than 5,000 people entering the workforce.
- Despite neutral business sentiment overall, businesses are still expanding. 42% of respondents stated that they have plans for physical expansion within the region in the next four years.
Going forward, the Economic Pulse Report will be released twice per year, in the spring and fall. The report is intended to serve as a resource for business and community leaders to check the pulse of the economy in Antrim, Charlevoix, Cheboygan, and Emmet counties.
