If you have a list of Detroit restaurants to visit, and it just keeps going longer. If you think about a retailer you’d like to have in Southeast Michigan and then read an announcement that they’re coming. If you post a job opening with the hashtag #dreamjob and then see one of your friends announce they got the gig…
Then you know you’re in Metro Detroit, where the region is growing at a rate that is well within respectable. In fact, it’s pretty darn remarkable. And that is why so many groups, including big rollers like Goldman Sachs and others, are working to see that growth continue as well as expand. More on that in a minute.
This week, the Detroit Regional Chamber released its second annual State of the Region report comparing metro Detroit’s economic performance to its peer regions. The report shows that while Southeast Michigan’s economy is stronger with growth rates that led the nation following the Great Recession, they have begun to return to normal levels and are comparable with current national averages.
The report includes data on key economic indicators for the 11-county, 7,061-square mile region that is home to 5.4 million people and more than 300,000 businesses, including 13 Fortune 500 companies. Highlights of the report include:
• Between 2009 and 2014, Detroit’s gross domestic product growth outpaced the national average by 7 percentage points.
• Private sector job growth outpaced the national average by 4 percentage points since 2009.
• In 2013, the Detroit MSA was awarded 3,000 utility patents, the most ever in a single year for the region.
• The region’s industrial vacancy rates have declined by 9 percentage points since 2010 and are now on par with the national average.
• Detroit led its peer regions in median home value growth at 2%, between 2013 and 2014.
• In 2014, 109 foreign-held companies announced investment of nearly $3.9 billion in Michigan facilities, creating 15,000 jobs.
• Detroit leads its peer regions in STEM occupation growth at 8% since 2009.
That leads us to a nifty little event that all those interested in growing the region – particularly construction, engineering, suppliers and trucking firms – should attend. The Michigan Department of Transportation, Goldman Sachs 10,000 Small Business Program and the Southwest Detroit Business Association are partnering to hold what they describe as a “Metro Detroit Region Meeting and Networking Session.
The event, which will run from 1:30 to 5 p.m. Tuesday, Dec. 15, will take place at the MDOT Detroit Operations and Service Center on the second floor inside the Fisher Conference Room. The Center is located at 1060 W. Fort Street in Detroit. There is gated parking behind the building.
Attendees will hear from MDOT about upcoming construction industry contracting opportunities within Metro Detroit and surrounding communities for 2016. Other groups, including local and city governmental agencies, will be on hand to go over their construction projects planning for next year as well.
Background: Goldman Sachs 10,000 Small Businesses is an investment to help entrepreneurs create jobs and economic opportunity by providing greater access to education, capital and business support services. 10,000 Small Businesses is funded by Goldman Sachs and the Goldman Sachs Foundation.
Established in 1957, the Southwest Detroit Business Association (SDBA) fosters innovation, drive, and commitment. It works with investors, entrepreneurs, customers, and neighbors to capitalize on Southwest Detroit’s competitive advantage. It supports its community’s vision for a healthy, vibrant neighborhood. The Association is a coalition of businesses and community interests committed to facilitating the continuation and enhancement of a stable, economically healthy Southwest Detroit.
To register, contact JoAnn Harris at firstname.lastname@example.org or call (517) 373-3282.