November 13, 2023 1:26pm
From the Desk of the CEO: November 2023
It has been a busy quarter for economic development in our region. We have seen major projects land, setting our region up for continued expansion as we finish 2023. The third quarter showed steady growth of both the national and regional economies, despite continued inflationary pressures and economic uncertainty.
Key findings in our most recent Economic Summary report include:
- GLI’s pipeline of projects grew by 47% during the past quarter showing increased appetite for business development in our region.
- The project pipeline industry mix remains similar to the past several quarters, with approximately 45% of projects in Manufacturing, 13% in Lifelong Wellness & Aging Care, 17% in Logistics, 15% in Business Services, 2% in Food & Beverage, and 8% in other sectors.
- Despite higher interest rates and a sustained period of above-normal inflation, both national and regional unemployment rates remained low at 3.7% and 3.8%, respectively, in Q3 2023.
Our regional business growth efforts continue to gain momentum and more stakeholders are investing in regionalism. Over the past quarter, GLI has represented the region at two national conferences and also hosted a group of eight national site selectors for our annual Familiarization Tour. You can learn more about these events in November’s Economic Summary report.
We appreciate your continued investment in GLI and support of our economic development efforts. We look forward to even more exciting results through the remainder of the year.