Detroit Market Report
Economy Regaining Footing After Big Hit; Investor Confidence Reviving as Businesses Reopen and Unemployment Tightens
Employment rebounding after significant fall. After enduring one of the nation’s stricter lockdowns that placed the unemployment rate among the highest in the country at 23.2 percent in May, Detroit’s economy is improving. As of September, more than half of the 500,000 positions eliminated in March and April have returned, cutting the unemployment rate to 9.8 percent. The rate is still 190 basis points above the national level, however, and total employment is short 211,200 people from the end of 2019. Although all sectors lost jobs, reductions were uneven among employment categories. Leisure and hospitality, and education and health services were especially hit hard, each down more than 40,000 positions as of the third quarter. Construction, financial services, and information, on the other hand, have fared much better and are each short less than 5,000 employees.