By the numbers
Size of local economy, 2013
Percent economic growth, 2012-2013.
Rank, among 14 metropolitan
regions in Michigan, in terms
of one-year growth
Rank, among 382 metropolitan
regions in country, in terms of one-year change in GDP
Rank, among 14 Michigan regions,
in overall economic size
Rank nationally, in terms of economic size.
(The region, comprised of Bay County, has nearly 107,000 people,
ranking 342nd in population.)
The Business Buzz
This region posted solid numbers for overall GDP growth at 2.3 percent in 2013 compared to 2012, above the state average of 2 percent. It was one of five regions in the state to reach pre-recession output of 2007.
The professional, scientific and technical service sector saw a 10 percent increase and education services, up 3.1 percent in 2013, stands more than 17 percent above pre-recession levels at $404 million. Manufacturing lost 4 percent in 2013, mostly in durable goods and is 19.2 percent below the region’s peak year of 2003. It remains the single largest economic sector, but at 15 percent of GDP represents a smaller share than other regions of the state.
“The region is stable and poised for growth. Whether manufacturing is up 4 percent or down 4 percent, we are going to continue to work for manufacturers knowing they are the lifeblood of an economy,” said Trevor Keyes, acting interim president and CEO of Bay Future Inc., a public-private economic development organization.
Keyes said Consumers Energy is upgrading its coal plant, a $250 million upgrade.
“I am very positive about Uptown Bay City. It's a total redevelopment that is going to change the face of our community for the better.”
Top 10 industries: Education boosts economy
As manufacturing declines in region, other parts of local economy have seen solid growth, broadening Bay City’s economic prospects
(in $ millions)
|Percent of economy||Peak year||Change (2013)|
|Change from 2007||Change from 2012|
|Educational services, health care, and social assistance||$432||13.4%||2013||0%||14.9%||3.1%|
|Professional and business services||$342||10.6%||2013||0%||12.9%||8.6%|
|Finance, insurance, real estate, rental, and leasing||$266||8.2%||2002||-24%||-10%||-1.2%|
|Arts, entertainment, recreation, accommodation, and food services||$151||4.7%||2011||-4%||-0.7%||-1.4%|
|Other services, except government||$99||3.1%||2008||-22.6%||-25.8%||6%|
Although it's not an "industry" by federal definition, government services were included in the list.