Southwest Michigan First CEO, Jonas Peterson, is optimistic about the economic development in the region, with a record-breaking $8.6 billion in projects currently being tracked across seven counties. Peterson emphasized the need for business leaders to celebrate their accomplishments and share success stories to continue the trend of growth.
In 2024, 41 new projects were completed, resulting in 600 new jobs, 1,025 retained jobs, and over $173.5 million in capital investment. Kalamazoo County saw the largest investments, including expansions by companies like Landscape Forms, Schupan & Sons, and Clark Logic.
Other ongoing major projects in the region include the $2.5 billion Ford BlueOval Battery Park in Marshall and the $2 billion Palisades Power Plant project in Covert. Zoetis’ $115 million expansion and Pfizer’s $120 million expansion in Kalamazoo and Calhoun counties further demonstrate the area’s strength in the medical device/pharmaceutical industry.
Despite challenges such as accelerating home prices outpacing wages, Peterson remains confident in Michigan’s economic growth. The state was ranked No. 9 on CNBC’s top states for business list in 2024, driven by factors like cost of living, business friendliness, and technology/innovation. Michigan has also been recognized for its leadership in the automotive industry and investment in clean energy.
Peterson highlighted Michigan’s rankings in foreign direct investment job growth and energy sector job growth, indicating that the state is on the rise economically. He urged action to address challenges like affordability crisis and emphasized the need for continued focus on growing the middle class economy.
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