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.

Sector 2013 GDP
(in $ millions)
Percent of economy Peak year Change (2013)
from peak
Change from 2007 Change from 2012
Manufacturing $836 18.8% 2004 -29.7% -14.9% 13.9%
Government $433 9.7% 2002 -20.5% -18.2% -2.6%
Professional and business services $381 8.6% 2005 -0.3% 4.2% 15.3%
Retail trade $324 7.3% 2001 -4.7% 13.7% 8.9%
Finance, insurance, real estate, rental, and leasing $308 6.9% 2004 -41.9% -37.5% 2.8%
Educational services, health care, and social assistance $305 6.9% 2013 0% 4.6% 5.6%
Wholesale trade $244 5.5% 2013 0% 9.1% n/a
Construction $198 4.4% 2001 -46.4% -27.7% -6.5%
Arts, entertainment, recreation, accommodation, and food services $152 3.4% 2007 -16.3% -19.4% -2.7%
Other services, except government $102 2.3% 2004 -34.3% -34.8% -7.1%

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

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