Detroit Evening Report: U-M report says Detroit economy likely to grow

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City of Detroit skyline and Hart Plaza.

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:

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  • Previewing President Biden’s State of the Union address
  • Police: Three missing rappers were killed by gunshots

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  • Jerome Vaughn
    Jerome Vaughn is News Director at 101.9 WDET. His interest in news reporting began when he was five years old, after his mom bought him a yellow Panasonic ball and chain radio.