ACME -- Diversity in the area's business base continues and will help the region weather economic woes in Michigan and beyond, local economic officials said at a business expo and 2009 economic forecast.
The tough economy didn't dampen enthusiasm at the Traverse City Area Chamber of Commerce's annual event on Tuesday, where it drew record numbers of participants and exhibitors to the Grand Traverse Resort & Spa. Speakers emphasized the need for the business community to try and stay positive in the face of the stormy economy.
"People don't know how to deal with this," said Bill Hermann, a managing partner at accounting firm Plante & Moran. Hermann delivered the keynote address to more than 500 area business, nonprofit and government representatives.
Local researchers said there are some positive signs in the area's economic numbers, despite the state's economic problems and high jobless rate. The region is losing jobs in traditional employment sectors like construction and manufacturing, but it's growing in the health care, administrative and professional sectors.
The five-county area gained more than 4,400 jobs from 2004-08, expanding by about 4.5 percent.
"It's really a product of our employment mix," said Matt McCauley, an associate director at the Northwest Michigan Council of Governments. "We are not as reliant on manufacturing as the rest of the state."
The region also is lowering the wage gap from the rest of Michigan. The median or midpoint wage per worker this year is $42,993, almost equal to the statewide median wage. The area also continues to gain in population, McCauley said.
Area companies have diversified to retain their market share. Scott Jozwiak, director of engineering for Team Elmers in Traverse City, said the 350-worker contractor experienced a falloff in residential and commercial work, but picked up the slack through more excavation jobs in places like oil fields due to increased energy exploration.
"We've had a pretty good year this year," Jozwiak said. "All of our eggs aren't in one basket."
Hermann said businesses should be positive but pragmatic in planning for next year. He suggested businesses create one set of goals based on what they hope to accomplish next year.
But they also should ready a back-up plan in case the economy continues to worsen in 2009, or the state or region is hit with a major economic blow like a bankruptcy in the auto industry.
Where people work
There are an estimated 104,449 employees working in the five-county area around Traverse City this year, according to data from the Northwest Michigan Council of Governments. The largest employment sector is in retail trade, representing about 12.8 percent of the region's work force.
Other major employment sectors, and the growth or contraction in those areas since 2004, are:
| Sector | # of employees | % change |
| since 2004 | ||
| Retail trade | 13,377 | -2.9% |
| Health care/social assistance | 11,253 | +9% |
| Government | 10,935 | -2.6% |
| Accommodations/food services | 9,455 | -1.8% |
| Construction | 8,953 | -5.6% |
| Manufacturing | 8,107 | -1.5% |
| Professional/technical services | 6,652 | +13.5% |
| Real estate/rental and leasing | 6,055 | +26.5% |
Source: Northwest Michigan Council of Governments
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