GVSU's Isely: Modest growth in 2013

GRAND RAPIDS, Mich. (WOOD) - A Grand Valley State University economics expert said the West Michigan economy will experience modest growth in 2013, while health-related sectors and manufacturing will see slowing growth.

Paul Isely, professor and chairman of economics at Grand Valley's Seidman College of Business, Friday morning revealed the findings of the benchmark survey of the regional economy at the Colliers Annual Economic and Real Estate Forecast at DeVos Place in Grand Rapids.

The survey of the greater Grand Rapids economy -- Kent, Ottawa, Muskegon and Allegan counties -- was conducted in November 2011.

Isely said 2013 will be much like 2012 with relatively slow growth.

"The growth we are experiencing is sustainable but the government is creating uncertainty," said Isely. "People are uncertain about health care, taxes and federal spending. Until that changes, growth will continue to be slow."

Isely said consumer confidence is improving and will remain above 60%, but it hasn't translated into more purchases yet.

He also said local employers will be hiring in 2013 but will be looking for skilled labor.

Isely said more than half, about 56%, of employers surveyed said they plan to hire in 2013, and more than half of those jobs will be permanent workers.

He said the demand for specialized skills jobs will require significant training.

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Overall findings for 2013:

• 2% employment growth
• 2.5% sales growth
• 5.4% increase in exports