Local Economy Will Continue to See Steady Growth in Detroit

News Talk

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The latest Detroit Economic Outlook for 2022-2028, recently released by the University of Michigan, paints a promising picture for the city’s future. The forecast predicts sustained growth in Detroit’s economy, marked by job creation, rising wages, and a commitment to extending opportunities to its residents. Gabriel Ehrlich, director of U-M’s Research Seminar in Quantitative Economics and lead author of the forecast, states, “On balance, we expect Detroit’s recovery to continue over the next several years. Our forecast takes Detroit’s unemployment rate below 6 percent on a sustained basis, while wages rise for city residents and those who work there. We believe that qualifies as an encouraging outlook for Detroit’s economy in the years to come.” Continued Job Gains and Higher Wages One of the highlights of the economic forecast is the city’s projected job growth. The report indicates that Detroit will see ongoing job gains over the next five years, both within the city boundaries and among its residents. In 2023, nearly 5,000 jobs are expected to be added in the city, with 4,300 more anticipated in 2024. This positive trend is expected to continue, with an average of 1,900 jobs per year through 2028. For Detroit residents, this means...