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State of the Region 2019-2020 Table of Contents

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State of the Region 2019-2020 Table of Contents DECEMBER 2019 The Detroit Regional Chamber is proud Detroit is keeping pace with our evolving to bring the business community economy. Our talent pool, affordable real the sixth annual State of the Region, estate and low cost of living have created which benchmarks the Detroit region’s a technology boom in our region, fueling economic health against our national a sense of optimism among both small peers. and large organizations. The region has continued to progress over the past year. Job growth, The future of transportation is being born right here with new technologies office and industrial vacancy rates, and median home values are all a like autonomous vehicles and green mobility. The Motor City remains a testament to that. Over the past five years, the region has experienced leader in the automotive industry, undeterred by the rapid technological significant median household income growth of 15.3% since 2014, rising changes needed to compete in today’s market. And young people are to $60,513. noticing. Since 2014, Detroit’s millennial population has increased by 10.9%, ranking us second among peer regions. This report not only highlights where the region is performing well, it also showcases areas for continued improvement. This past July, the Innovation and an entrepreneurial spirit are thriving in Michigan, unemployment rate increased for the first time since 2009 and despite demonstrated by our remarkable patent record over the last five years. increases in values, the region is last among peers in key economic Between 2014 and 2018, we’ve seen a 30.6% increase in the number of indicators including educational attainment and labor force participation. patents awarded, over 26 percentage points above the national average. Detroit’s poverty rate, while declining over the past five years, still remains the highest among peers. Progress is being made, but we cannot take At Citizens, we’re excited to see continued economic growth, but work our eye off the prize. remains to be done to ensure the overall health of our region. That is why we continue to support local organizations to strengthen our community, Through the University Economic Analysis Partnership – a collaboration including the Detroit Regional Chamber with its focus on education, between the City of Detroit, Michigan State University, University of economic development and workforce preparedness, as well as the Michigan and Wayne State University – the City will be providing Detroit- Gleaners Community Food Bank that works to provide a hunger-free specific data that will help the city and region to better measure areas of summer to children. opportunity and continue on an upward trajectory. We’re happy to join you as we recognize our region’s success over the Moving into a new decade, there is a lot to celebrate and to double down past year – and look forward to working together to ensure an even on. Through regional collaboration and continued support from civic, brighter future. business, and government leadership, the city, region, and state will continue to build on the progress that has been made. Sandy K. Baruah Rick Hampson President and CEO President, Michigan Detroit Regional Chamber Citizens Bank Data Center Genesee Lapeer St. Clair Shiawassee Equip your business with the comprehensive data Macomb resource it needs. Explore the Detroit Regional Livingston Oakland Data Center to create custom charts and graphics, Washtenaw DETROIT stay informed on industry performance, track Wayne economic trends, and understand the region’s Monroe Lenawee changing demographics. Learn more at detroitdatacenter.org 2 STATE OF THE REGION 2019-2020 TABLE OF CONTENTS POPULATION OVERVIEW 2018 Number of DEFINING THE Population Population 2010-2018 Households 2010 2018 % Change REGION (2018) The Detroit region is a united 11-county Detroit Region 5,389,392 5,421,194 0.6 2,151,419 area that encompasses more than 300 municipalities and 7,062 square miles with Genesee 425,790 406,892 (4.4) 169,469 rich geographic, human, and business Lapeer 88,319 88,028 (0.3) 33,560 assets. Home to numerous best-in-class educational institutions and more than Lenawee 99,892 98,266 (1.6) 38,388 300,000 businesses including 10 Fortune 500 companies, and 1,300 foreign firms Livingston 180,967 191,224 5.7 72,676 from 38 countries – the region has the Macomb 840,978 874,759 4.0 347,508 talent, resources, and cutting-edge facilities to drive innovation. Anchored Monroe 152,021 150,439 (1.0) 61,586 by the city of Detroit and located on an Oakland 1,202,362 1,259,201 4.7 503,645 international border supported by robust logistics infrastructure, the region offers St. Clair 163,040 159,337 (2.3) 65,751 unrivaled opportunities to compete in the global economy. Shiawassee 70,648 68,192 (3.5) 28,218 Washtenaw 345,066 370,963 7. 6 138,672 With a population more than 5.4 million people, the region has seen 0.6% growth Wayne 1,820,641 1,753,893 (3.7) 687,546 since 2010. The counties that have Detroit 713,777 672,662 (5.8) 266,333 experienced the largest growth include Washtenaw, Livingston, and Oakland. Michigan 9,883,640 9,995,915 1.1 3,957,466 Source: U.S. Census Bureau, 2018 QuickFacts Note: Data benchmarked against peer Metropolitan Statistical Areas (MSA) use the six-county Detroit region. All other data, unless specified city or state, use the 11-county Detroit region. DETROITCHAMBER.COM 3 ECONOMIC DEVELOPMENT STRATEGY POSITIONING THE REGION FOR GLOBAL COMPETITIVENESS The Detroit Regional Chamber has an economic development strategy to ensure the 11-county Detroit region is educated, employed, and healthy to compete in the 21st century global economy. The strategy is centered around key metrics used to measure our region against successful peer regions. GLOBAL NEXT-GENERATION PEOPLE COMMUNITY TALENT CONNECTIVITYGLOBAL NEXT-GENERATIONMOBILITY PEOPLE COMMUNITY TALENT CONNECTIVITY MOBILITY REGIONAL JOBS PUBLIC TRANSIT THIRD-GRADE FOREIGN DIRECT MOBILITY TESTING Goal: Goal: 55 million READING SCORES INVESTMENT FACILITIES/ 1.5% above the ridership Goal: 58% Goal: $12.1 billion PROJECTS national average Current: 42.6 million Current: 43.2% Current: $10 billion Goal: No. 1 in the Current: ridership (2018-2019) world 1.4% (Detroit) INTERNATIONAL Current: Tied for 1.5% (National) POPULATION ADULTS WITH FIRMS No. 1 in the world GROWTH POSTSECONDARY Goal: 125 new with Germany and UNEMPLOYMENT Goal: 1.0% annual DEGREES foreign facilities Japan Goal: 4.5% growth Goal: 60%* Current: 132 new Current: Current: 0.6% Current: 40.7%** foreign facilities INCREASE CAV 4.0% (Detroit) annual growth *Professional POLICIES 3.3% (National) certificates and above FOREIGN-BORN Goal: No. 1 in CAV DETROIT’S by 2030 POPULATION WITH policies implemented PER CAPITA COMMUNITY **Associate degree A DEGREE Current: Tied for INCOME WELL-BEING INDEX and above Goal: Top five ranking No. 1 in CAV policies Goal: $37,577 Goal: Above 50th among peer regions implemented with Current: $33,733 percentile PATENT GROWTH Current: Ranked fifth Nevada Current: 117 out of Goal: Grow faster 156 than national average Current: 3.4% (Michigan) -3.6% (National) (2017-2018) OUR PROGRAMS DETROIT PROMISE MICHIGAN 2030 PLAN 4 STATE OF THE REGION 2019-2020 ECONOMIC INDICATORS OVERVIEW PHOTO: The Detroit regional economy continues to grow in jobs, per capita income, median home values, and educational attainment among other indicators. Additionally, population, labor force participation, and poverty rates have slightly improved. However, over the past year growth has decreased for key metrics including exports, Construction underway on FCA LLC’s new Detroit plant. Credit: FCA LLC housing permits, and foreign direct investment, while unemployment rates increased slightly. REAL GDP GROWTH, MICHIGAN 2014-2018 In 2018, Michigan’s real Gross Domestic Washington 19.1% Product (GDP) reached $468 billion, ranking 12.6% Georgia the 13th largest GDP in the U.S. The five-year Texas 10.9% and one-year growth lagged slightly behind the Massachusetts 10.6% national average. National 10.2% Michigan 8.8% Minnesota 7.5% ONE-YEAR CHANGE 7.1% Pennsylvania Michigan: 2.7% Ohio 5.5% National: 2.9% Illinois 4.1% 3.5% Among peers in Missouri #3 year-over-year change 0% 5% 10% 15% 20% REAL GDP GROWTH, DETROIT MSA 2013-2017 In 2017, the Detroit region’s real GDP five-year Seattle 18.3% growth lagged slightly behind the national 16.4% Dallas average, while one-year growth outperformed Atlanta 16.0% the national growth rate. Pittsburgh 11.0% Boston 10.8% Minneapolis 9.7% ONE-YEAR CHANGE 9.5% Cleveland Detroit: 2.7% National 9.4% National: 2.2% Detroit 8.9% Among peers in Chicago 7.3% #7 year-over-year change St. Louis 2.5% 0% 5% 10% 15% 20% Note: The Detroit region GDP data for 2018 will be available in mid-December 2019 and Source: U.S. Bureau of Economic Analysis an updated comparison will be available in January 2020. DETROITCHAMBER.COM 5 ECONOMIC INDICATORS LABOR FORCE PARTICIPATION RATE 2018 80% The Detroit region’s highly skilled 71.6% workforce of 2.67 million is larger than the 68.8% 68.8% 68.7% 70% 67.1% 67.1% 65.4% workforces of 28 states. The labor force 63.8% 63.3% 63.0% 62.6% participation rate in the region slightly 60% increased over the past year to 62.6%, 50% outpacing the national rate and tying with Seattle. However, the region has the 40% lowest labor force participation among 30% peer regions. 20% 10% ONE-YEAR CHANGE 0% Detroit: 0.3 percentage points National: 0.1 percentage points Among peers in #4 year-over-year change Source: U.S. Census Bureau, 2018 American Community Survey One-Year Estimates UNEMPLOYMENT RATE, NATIONAL COMPARISON 2008-2019 20% The Detroit region, which includes the cities of Ann Arbor, Detroit, Flint, and 16.7% Detroit Region Monroe, experienced a rise in the monthly United States unemployment rate in July 2019 for the first time since 2009.
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