Don’t Count Out the Underdog: The 2015 Detroit Regional Chamber’s State of the Region

In July of 2013, the City of Detroit filed for Chapter 9 Bankruptcy.   The jokes pile up, with Detroit being made to look like a third-world country.  Even comedians today take their shots at the city.  But, as highlighted by the Detroit Regional Chamber’s 2015 State of the Region, the message is clear:  Don’t Count Out the Underdog.

And if you have ever thought about starting a business in the Detroit region, I invite you to attend my free workshop entitled “Franchising as a Career, an Investment, or Both!” on January 20 in Farmington Hills, MI or January 21 in Troy, MI. Find out more about entrepreneurship, franchising, and how FranNet’s no-cost, no-obligation consulting can help you find a business concept that was meant for you, your lifestyle and your goals. Click here for more information and to register.

In two years, there has been over $3.4 BILLION in investment and development announced for the 18th largest city in the nation.  Some of the highlights from 2015 include:

• Sakthi announces a $31.9 million dollar manufacturing facility that will employ 650
• Amazon announces a corporate office and technology hub
• Nike announces a Nike Store in downtown Detroit
• 125 restaurants and real estate establishments opened during the year
• Construction on the new Detroit Red Wings arena as part of The District Detroit’s revitalization project.

As I pointed out last year, Detroit’s economic indicators were pointing up.  The great thing is that the numbers are only getting better.  

ECONOMIC INDICATORS
Real Gross Domestic Product
The Detroit region’s GRP growth rate from 2009 to 2014 is 18%, up from the 14% growth rate from 2009 to 2014.  This rate is 7.7 percentage points higher than the national average.  Looking at the top 50 MSAs by population, Detroit has the seventh highest growth rate in real GDP.  Comparing peer metropolitan areas, Detroit ranks second (only to Dallas).

Private Sector Job Growth
From 2009-2014, the private sector job growth rate was 12.2%. This includes nearly 36,000 jobs in 2014. The Detroit region’s rate is 4.4% higher than the national average. 

Unemployment Rate
For the Detroit region (which includes Ann Arbor, Flint and Monroe), the unemployment rate in July 2015 hit 6.7%. This is just 1.1 percentage points behind the national average.   To compare, the Detroit region has a 9.4% unemployment rate in July 2014.

On a larger level, the Michigan unemployment rate fell below the national average in September 2015.

Per Capita Income Growth
The Detroit Region leapfrogged over several peer metropolitan areas in the metric of per capita income growth. From 2009-2014, Detroit’s growth rate was 13%. From 2009-2013, Detroit’s rate was 3.8%. This meant that Detroit went from 6th to 2nd. 

 UNDERDOGS SUCCEED TOGETHER

The Detroit region has done a complete 180 degree turn, and the sky is the limit for this underdog. You can read the full State of the Region report here. (LINK)

Now, if I said that you could start your own business in the Detroit region, you might feel like an underdog too. You don’t have to have a million dollar idea, you can leverage someone else’s idea via franchising.

Franchising is your chance to own your own business, licensing an already successful concept. Combine that concept with the upward momentum of Southeast Michigan, and the sky is the limit.

Don't forget to visit MichiganFranchiseForum.com for upcoming events, including the events on January 20th in Farmington Hills, MI and January 21 in Troy, MI that I mentioned earlier.  

The Detroit Regional Chamber’s State of the Region emphasizes an important lesson about business. Location, location, location. Combine their research with FranNet’s consulting, and you’re no longer an underdog. You’re on the road to success!