Economy of metropolitan Detroit

Downtown Detroit

The metropolitan area surrounding and including Detroit, Michigan, is a ten-county area with a population of over 5.9 million, a workforce of 2.6 million, and about 347,000 businesses.[1] Detroit's six-county Metropolitan Statistical Area has a population of about 4.3 million, a workforce of about 2.1 million,[2] and a gross metropolitan product of $200.9 billion.[3] Detroit's urban area has a population of 3.9 million. A 2005 PricewaterhouseCoopers study estimated that Detroit's urban area had a gross domestic product of $203 billion.[4]

About 180,500 people work in downtown Detroit, comprising one-fifth of the city's employment base.[5][6] Metro Detroit has propelled Michigan's national ranking in emerging technology fields such as life sciences, information technology, and advanced manufacturing; Michigan ranks fourth in the U.S. in high tech employment with 568,000 high tech workers, which includes 70,000 in the automotive industry.[7] Michigan typically ranks third or fourth in overall research and development expenditures in the United States.[8][9] Metro Detroit is the second-largest source of architectural and engineering job opportunities in the U.S.[10] Detroit is known as the automobile capital of the world,[11] with the domestic auto industry primarily headquartered in Metro Detroit.[12] As of 2003, the Alliance of Automobile Manufacturers claimed that new vehicle production, sales, and jobs related to automobile use account for one of every ten jobs in the United States.[13]

In April 2008, metropolitan Detroit's unemployment rate was 6.9 percent; in November 2012, it was 7.9 percent.[2][14] Economic issues include the city of Detroit's unemployment rate at 15.8 percent in April 2012.[2] The suburbs typically have low unemployment. The metropolitan economy began an economic recovery in 2010.[15]

  1. ^ Regional Profile Archived February 3, 2007, at the Wayback Machine. Detroit Regional Chamber. Retrieved on September 18, 2010.
  2. ^ a b c Michigan Department of Labor and Economic Growth. Retrieved May 22, 2011.
  3. ^ "U.S. Metro Economies: GMP - The Engines of America's Growth" (PDF). Archived from the original (PDF) on December 28, 2008.
  4. ^ "City Mayors reviews the richest cities in the world in 2005". www.citymayors.com.
  5. ^ Henion, Andy (03-22-2007). City puts transit idea in motion. The Detroit News. (About 80,500 people work in downtown which is 21% of the city's employment base). Retrieved on May 14, 2007.
  6. ^ The Urban Markets Initiative, Brookings Institution Metropolitan Policy Program The Social Compact, Inc. University of Michigan Graduate Real Estate Program (October 2006).Downtown Detroit In Focus: A Profile of Market Opportunity Archived September 18, 2011, at the Wayback Machine. Downtown Detroit Partnership. Retrieved on September 18, 2010.
  7. ^ MEDC (2009).Michigan: High Technology Focus Archived March 25, 2007, at the Wayback Machine State of Michigan. Retrieved on June 23, 2009.
  8. ^ MEDC,(2009).Michigan Advantage Archived March 21, 2009, at the Wayback Machine State of Michigan. Retrieved on June 23, 2009.
  9. ^ NSF 01-320 (2001).R&D Spending is Highly Concentrated in a Small Number of States National Science Foundation
  10. ^ Cite error: The named reference Anderson was invoked but never defined (see the help page).
  11. ^ "Michigan Cities". Encyclopædia Britannica Online. Archived from the original on September 19, 2010. Retrieved June 17, 2009. [Detroit] is the automobile capital of the world
  12. ^ Sean P. McAllinden, Ph.D. (2003).Economic Contribution of the Auto Industry to the U.S. Economy Archived April 7, 2009, at the Wayback Machine. Center for Automotive Research. Retrieved on January 11, 2009. "The U.S. automotive industry is still the largest automotive industry in the world."
  13. ^ Alliance of Automobile Manufacturers (2006). From the 2003 Study "Contributions of the Automotive Industry to the U.S. Economy" University of Michigan and the Center for Automotive Research[permanent dead link‍]Autoalliance.com. Retrieved on April 12, 2007.
  14. ^ Bureau of Labor Statistics (December 2012). Unemployment rates for metropolitan areas. U.S. Department of Labor. Retrieved December 27, 2012.
  15. ^ Oosting, Jonathan (December 1, 2010).Brookings: Metro Detroit economy on 'road to full recovery'. Mlive. Retrieved July 17, 2011.