NLEA: Housing, Staffing Remain Top Business Concerns

Housing and staffing remain the top barriers for northern Michigan businesses, according to the most recent Northern Lakes Economic Alliance Economic Pulse Report.

Northern Lakes Economic Alliance (NLEA) is a nonprofit economic development organization serving businesses and communities across Antrim, Charlevoix, Cheboygan, and Emmet counties. It regularly releases Economic Pulse Reports based in part on surveys of business leaders and public officials.

Key findings from the report include:

Housing and staffing are the top barriers: 79% of surveyed business leaders named each one, up sharply from 56% and 67% in the spring.

Cost is significant: Employers with staffing shortages say that if they were fully staffed, they could hire 272 more people and generate an extra $107.8 million in revenue over the next two years.

Local governments share the concern: 61% of local officials said workforce housing is the development they most want to see, up from 50% in the spring.

Businesses are running out of room to grow: 46% plan to expand in the region within four years, but business park space is nearly full. In response, NLEA secured a $60,000 EDA grant for a regional manufacturing site readiness study.

Click here to review the entire report.