The economies of Michigan: Monroe



 

By the numbers

 

$4.6 billion

Size of local economy, 2013

 

5.5

Percent economic growth, 2012-2013.

 

1st

Rank, among 14 metropolitan
regions in Michigan, in terms
of one-year growth

 

27th

Rank, among 382 metropolitan
regions in country, in terms of one-year change in GDP

 

12th

Rank, among 14 Michigan regions,
in overall economic size

 

326th

Rank nationally, in terms of economic size.
(The region, comprised of Monroe County, has nearly 151,000 people,
ranking 269th in population.)

 

 

The Business Buzz

This region has bragging room to spare, enjoying a 5.5 percent annual rise in gross domestic product in 2013 – the biggest increase in Michigan.

Manufacturing grew by nearly 14 percent, driven in part by Ventower Industries as it expanded to meet growing demand for the 200-foot towers it makes for wind turbines. Retail trade rose nearly 9 percent to $306 million.

On the downside, the construction sector, sputtering across the state, fell by 6.5 percent and remains 46.4 percent below its peak year of 2001.

“Manufacturing is our biggest sector and we think it's very, very important because those are the base jobs that create multiple other jobs,” said Tim Lake, president of the Monroe County Business Development Corp.
“We are still heavily automobile supply-based in our manufacturing sector and we think that will continue to grow in the next three or four years.”

Lake is also bullish on the potential for tourism: A War of 1812 battlefield site - the River Raisin National Battlefield - is being developed by National Park Service.

 

 

Top 10 industries: Recovery spreading through local economy

As the manufacturing sector has risen in Monroe, so too have other sectors, including professional business services and the finance and insurance sector.

Sector2013 GDP
(in $ millions)
Percent of economyPeak yearChange (2013)
from peak
Change from 2007Change from 2012
Manufacturing$83618.8%2004-29.7%-14.9%13.9%
Government$4339.7%2002-20.5%-18.2%-2.6%
Professional and business services$3818.6%2005-0.3%4.2%15.3%
Retail trade$3247.3%2001-4.7%13.7%8.9%
Finance, insurance, real estate, rental, and leasing$3086.9%2004-41.9%-37.5%2.8%
Educational services, health care, and social assistance$3056.9%20130%4.6%5.6%
Wholesale trade$2445.5%20130%9.1%n/a
Construction$1984.4%2001-46.4%-27.7%-6.5%
Arts, entertainment, recreation, accommodation, and food services$1523.4%2007-16.3%-19.4%-2.7%
Other services, except government$1022.3%2004-34.3%-34.8%-7.1%

Although it's not an "industry" by federal definition, government services were included in the list.

Facts matter. Trust matters. Journalism matters.

If you learned something from the story you're reading please consider supporting our work. Your donation allows us to keep our Michigan-focused reporting and analysis free and accessible to all. All donations are voluntary, but for as little as $1 you can become a member of Bridge Club and support freedom of the press in Michigan during a crucial election year.

Pay with VISA Pay with MasterCard Pay with American Express Donate now

Comment Form

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.