Grand Rapids Economic Forecast 2022

• The Current Business Confidence Index for the end of 2021 was 72.4%, lower than expected last year. • The Forecast Business Confidence Index for 2022 is 70.5%, showing reduced expectations for 2022. • Employment is expected to grow by 2.6% to 3.2% in 2022, showing similar growth to 2021. • Overall nominal sales are expected to increase by 2.3%-2.9% for 2022, a pickup in growth from expectations in 2021. • Wages are expected to increase by 4.4% - 5.2% for 2022. • Prices are expected to increase by 5.9% - 7.3% for 2022. • All indicators signal the West Michigan economy will show solid growth during the beginning of 2022 with growth slowing as the year progresses