Long term, West Michigan is in a better position than the rest of the nation to spur economic growth. Some industry sectors have seen job losses, others have experienced job growth due to the region’s diversification into health care and business services.
According to excerpts from the story:
In the past 10 years, West Michigan's economy suffered three major shocks: The 2001 recession, the downturn in manufacturing, and the current prolonged recession. There has been plenty of bad news. However, from a long-term point of view, West Michigan is in a better position to withstand the current downturn compared to the national economy. Over the past decade, the economy has been diversifying away from manufacturing into other high-growth areas.
Peak employment in 2000 was 593,600. Manufacturing employed 149,700 workers. Today, the number of workers employed has dropped to 573,500. Manufacturing has become much more capital intensive and productive, employing 114,200 workers.
On the other hand, health and education has grown from 62,300 to 84,900. Business and professional services has also increased from 71,300 to 76,200. These structural changes have positive implications about how we weather the current recession.
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