Detroit Evening Report: U-M report says Detroit economy likely to grow
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Dodge Fountain at Hart Plaza in downtown Detroit.
The University of Michigan says Detroit’s economy will continue growing at a steady pace — even if there is a mild national recession.
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The university made the forecast in its Detroit Economic Outlook for 2022-2027 released this week. The study says it expects the city to add between 2,200-2,700 jobs annually over the next four years.
Growth in blue collar jobs and recovery in the leisure and hospitality sector should off-set losses in the financial industry.
Wages are also expected to increase by 4.3% in 2023 and outpace inflation for the next three years starting in 2024.
“We expect Detroit’s resilience in recovering from the pandemic to date to translate into continued growth — even amid a challenging national economy,” Gabriel Ehrlich, director of U-M’s Research Seminar in Quantitative Economics, told DBusiness Magazine.
Residents can hear more about the city’s economic outlook at a revenue estimating conference on Monday, Feb. 13.
Other headlines for Feb. 7, 2023:
- U.S. Justice Department says Detroit’s Green Light Project did not reduce crime
- Previewing President Biden’s State of the Union address
- Police: Three missing rappers were killed by gunshots
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