The Sai Blog
New data from the Brookings Institution shows a relatively strong economic recovery going on in Metro Detroit.
The Brookings Institution’s MetroMonitor report has been watching how the country’s 100 largest metro areas recover from the Great Recession. Metro Detroit has posted one of the strongest recoveries—in part because the area slid into an earlier and deeper recession than most places around the country.
For the third quarter of 2012, Brookings ranks the Detroit-Livonia-Warren metro ninth overall in terms of recovery. Employment has increased across most sectors of the economy in the past year, with manufacturing jumping 5.3%. Overall economic activity is up almost 10% from three years ago, though it ticked up only 0.5% in the past quarter.
However, the unemployment rate has ticked up a bit over the past year. It now stands at 10.7%–significantly lower than the 16% peak in the … Read More »
Michigan’s economy will enjoy moderate growth and more job gains over the next two years, University of Michigan economists said Friday in their widely watched annual forecast of the state’s economic outlook.
U-M economist George Fulton and colleagues Joan Crary and Donald Grimes forecast that the state will add 111,000 jobs during 2013 and 2014 — coming on the heels of 165,000 job gains since the end of 2009.
“For many reasons, it’s not hard to feel upbeat about the Michigan economy,” Fulton, director of U-M’s Research Seminar in Quantitative Economics, said during the annual forecast conference in Ann Arbor.
“Our signature auto sector has been strong, housing is showing signs of turning around, the highest wage sectors have recorded the most rapid growth and the unemployment rate has dropped 5 percentage points since the end of 2009. Most important, the fundamentals seem … Read More »
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DETROIT, MI- Connections that were made last week between Israeli and Michigan companies could lead to big economic impacts for the state, according to officials.
About 30 delegates from 18 Israeli companies visited Metro Detroit automotive suppliers and manufacturers during the “Michigan Israel Automotive Event” from Monday through Friday in an effort to “foster economic development and partnerships.”
“The companies that we have here today are all companies that are actively engaged in doing business here in the states,” said Michigan Economic Development Corp. President and CEO Mike Finney following a panel Wednesday morning at the Compuware Building in downtown Detroit for the delegates and Michigan business representatives. “Several of them are looking to expand their operations into North America and we want to make sure that Michigan is a primary area of location for them,” he continued. According to … Read More »