The Detroit metro area was the tenth fastest-growing economy among the 20 largest US metros in 2016.
In 2015, the Detroit-Warren-Dearborn, MI Metropolitan Statistical Area generated a gross GDP dollar value of $219 billion. In 2016, the metro’s total economic output rose to $223 billion, an increase of 2.11 percent. That makes it the tenth fastest-growing economy among the 20 largest US metros, outpacing all but 9 other MSAs. Detroit narrowly beat out Los Angeles, with its growth rate of 2.1 percent.
The analysis was based on data released last month by the Bureau of Economic Analysis.
Detroit’s strong growth in 2016 follows an even more impressive 2015, when the economy grew 2.7 percent over the previous year.
The total GDP of the 385 metro areas tracked in the BEA study increased by 1.7 percent, putting Detroit’s growth ahead of the curve.
The Detroit-Warren-Dearborn, MI metro is the fourteenth largest metropolitan economy in the USA.
According to the BEA data, the finance, insurance and real estate sector made the biggest contribution to Detroit’s economic expansion, itself accounting for 0.65 percent of total GDP growth. The professional and business services sector and the trade sector also saw strong growth. Only the durable goods manufacturing sector saw a year-over-year decline.
