State of Region report: Majority of Metro-Detroiters worried about inflation, but think they’re economically better off than before
March 25, 2022Mar 24, 2022
DETROIT (WWJ) — Some mixed responses coming out of a new State of the Detroit Region report released Thursday morning…
The new 40-page report from the Detroit Regional Chamber looks at everything from consumer habits and industry sectors to economic equity.
Chamber president and chief executive officer Baruah said that 90% of the voters surveyed say they are concerned about inflation and 63% feel the economy is on the wrong track.
On the positive side, however, 74% of voters said they are economically better off or the same as in the past, and only 16% are worried about losing their job.
However, Baruah noted that one thing that is “hugely positive” is applications for new businesses are spiking in Michigan.
The report shows health care, government and manufacturing are the top three industries for jobs in Southeast Michigan.
Baruah said one of the big challenges facing Detroit is filling those jobs, adding that the so-called “great resignation” and people leaving their positions is an issue for the region.
“Our labor force participation continues to be below the national average,” said Baruah. “Michigan’s labor force participation peaked in the year 2000 and has been falling ever since.”
But the report documents that Michigan’s post-pandemic recovery has been going better than other states, adding that Detroit’s unemployment rate has returned to its pre-pandemic levels.
You can read the report here.