Detroit is attempting to recover economically from the pandemic. | Doug Zuba/Unsplash
Detroit is attempting to recover economically from the pandemic. | Doug Zuba/Unsplash
The city of Detroit is making clear progress in its attempt at an economic recovery after the COVID-19 pandemic. Specific progress has been made in employment, wages, and decreases in joblessness. This progress is anticipated to expand over the next several years, according to a University of Michigan (U-M) study.
Current estimates demonstrate that the city’s unemployment rate decreased from approximately 22% in 2020 to 10% in 2021, according to a mid-February press release from the city. Experts expect that the rate for 2021 will be moved upward, but it is projected that the jobless rate will decrease to below 10% later this year.
“We have been encouraged by the data showing Detroit’s ongoing recovery,” Gabriel Ehrlich, director of U-M’s Research Seminar in Quantitative Economics, said in the release. “The pandemic has created important challenges for our nation’s large cities, but we expect Detroit to recover its pandemic job losses next year and continue growing from there.”
The rate is expected to decline to 8.7% in 2023 – lower than in 2019 – and will stay around that level through the year 2026, according to the release. Job spikes in the city of Detroit are anticipated to add up to 12,200 this year. That growth is expected to be moderate during the remainder of the forecast period, but as of 2026, the city's job total will move to 8,500 higher than it was in 2019.
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