GRAND RAPIDS, Mich. — Economic development nonprofit the Right Place has released a 3-year strategic plan to support $548 million in new, capital investments, securing and retaining more than 5,000 jobs and generating $184 million in payroll for the greater Grand Rapids area.
The plan was released Wednesday, Feb. 5 at the Right Place's investor breakfast at the J.W. Marriott Hotel downtown Grand Rapids.
The Right Place says the plan was developed over the course of one year and includes input from more than 100 area business leaders. The Right Place partnered with TIP Strategies, an Austin-based economic development consulting firm, to bring the the data together and formulate the final plan.
Over the next three years, The Right Place will catalyze new economic growth in region through expanding, retaining and attracting new businesses and talent, increasing economic inclusion initiatives, supporting principle assets including infrastructure and quality of life and keep the region informed on emerging trends that will impact the region's economy.
The plan lists four areas of growth for the region, including advanced manufacturing, information technology, health sciences and food processing and agribusiness.
Last month, the Right Place announced a community transformation fund to increase ethnic and racial diversity in business ownership in West Michigan. The fund would support local entrepreneurs and hopefully bring new talent and business ventures to the region. The fund is aiming to launch in 2021.
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