Even during these challenging times the Detroit region is the economic powerhouse for Michigan. Historically, it boasts the most job growth, nearly half the state’s population and is home to many corporations of all sizes.
The Detroit metropolitan area ranks 7th in total number of business establishments nationally. New businesses are opening up every day and the time has never been better to invest in Detroit.
The Detroit region has the 8th largest population (4.5 million) and is the 12th wealthiest metropolitan area in the U.S. Over the past decade, more than $15 billion has been invested downtown by the private and public sectors, building two new professional sports stadiums, live theater and opera venues, gaming casinos and hotels, major new offices, residential, retail, restaurants, and nightclubs. As a result of these investments, the character of downtown Detroit and its neighborhoods has fundamentally changed and more people are moving downtown.
Today the average income in Detroit is higher than 2006 census trend projections…$59,300 versus $44,600. Of the new downtown residents, 83 percent have a college degree or better, compared with the national average of 26 percent. One-third of these new downtown residents have a master’s or other professional degree, compared with the national average of 10 percent.