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Would Detroit be better protected against an economic recession? It could be, according to an analysis from the University of Michigan's Detroit Economic Outlook, which was presented last week.
Detroit raised its fiscal 2023 and 2024 revenue projections but is proceeding with caution as a potential recession could put a dent in collections and pressures loom as pension payments resume.
The report finds that the average annual wage in the city has risen since 2014 from around $26,600 dollars to nearly $39,200.
The University of Michigan says Detroit’s economy will continue growing at a steady pace — even if there is a mild national recession.
Despite lingering inflation, Detroit is expected to break historical trend and avoid the worst effects of a national economic slowdown.