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Economists from the University of Michigan delivered a pretty strong forecast for Oakland County last week, telling us that we’ve bounced back from the COVID pandemic that has been such a disruptive economic force locally and across the nation.
Our 39th Economic Outlook luncheon was an opportunity for us to get a snapshot of how the county is faring during both good times and bad. This annual assessment allows us to look at what challenges we may face in the future and where we currently are succeeding.
And it’s an important tool that we use as we’re developing a budget for the county that provides the services and resources that are most important to our residents.
Here are a few high-level points from the report:
- Oakland County’s economy has now recovered from the pandemic recession.
- Unemployment rates are at 2.9 percent, a half-percentage point below the average in 2019.
- The number of jobs in the county will grow by about 8,000 in each of the next three years, with the private health and social services sector leading the way.
- Oakland County excels at providing support services for advanced manufacturing industries, led by the Project DIAMOnD initiative, which has supplied 3D printers and training to more than 250 companies, with a goal of providing the resources for 3D printers for 40 percent of the county’s small manufacturers.
While jobs are here in Oakland County and unemployment is low, one area of opportunity is the outlook for real wage growth in the county. Salaries have remained stagnant and are expected to increase by just 0.5 percent per year during the next three years.
That’s why I’ve been so focused on programs like Oakland80, which has a goal of 80 percent of our adult population earning a college degree or certified training by 2030. The data is clear. This type of education or training is necessary to get higher paying advanced manufacturing or skilled trade jobs.
The county spends a lot of time trying to retain and attract businesses to Oakland County, but we also want to make sure the jobs that come with those businesses pay a wage that will allow people to raise their families and be successful.
The data is clear. If you want your wages to go up, you need training or college to get the advanced manufacturing or skilled trade jobs.
I’m proud that Oakland County continues to be a primary engine for Michigan’s economy, accounting for 20 percent of the state’s GDP and 42 percent of the region’s research and development facilities. And we recorded $387 million in new or expanded business investment in the county during 2023.
And, while this wasn’t part of the Economic Outlook report, we learned last week that Moody’s and S&P Global Ratings agencies reaffirmed our AAA bond rating. It doesn’t get any better than that.
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