Jerome Vaughn
The University of Michigan says Detroit’s economy will continue to grow 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 assumes that the city will create between 2,200 and 2,700 jobs annually over the next four years.
Growth in blue-collar jobs and recovery in leisure and hospitality should offset losses in the financials sector.
Wages are also expected to increase by 4.3% in 2023, outpacing inflation for the next three years from 2024.
“We expect Detroit’s resilience in its recovery from the pandemic to date will result in continued growth — even amid a challenging national economy,” Gabriel Ehrlich, director of UM’s research seminar in quantitative economics, told DBusiness Magazine.
Residents can learn more about the city’s economic prospects at a revenue estimation conference on Monday, February 13.
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