Grand Rapids Economic Forecast 2021

• The Current Business Confidence Index for 2020 is 72.7%, higher than during the last two recessions. • The Forecast Business Confidence Index for 2021 is 73.9%, showing improved expectations for 2021. • Employment is expected to grow by 2.3% to 3.9% in 2021, showing a strong improvement over the end of 2020. • Overall nominal sales are expected to increase by 1.1%-2.0% for 2021 reflecting slower growth than was anticipated at the beginning of 2020. • Exports are expected to be flat in 2021. • All indicators signal the West Michigan economy will show solid growth in 2021 after the 2020 recession