The Detroit Region’s reputation as the global epicenter of mobility is well earned and supported by dynamic automotive and advanced manufacturing sectors.
However, Detroit is so much more than cars and trucks and factories. It offers advantages in numerous other high-tech industries and is the place to be to design, launch, and scale just about anything.
Here are three industries Detroit does not get enough credit for, despite serving as a national leader in each sector.
#1. Research, Engineer, and Design (RED): Detroit Is the First and Only UNESCO City of Design in the Nation
A UNESCO designation is not just a title – it means you have the talent, creativity, and chops to design the world of tomorrow. As the place that invented and perfected industrial design, Detroit has the requisite research and engineering resources that continue to drive innovation as the world gets more technologically advanced. It’s a city that profoundly impacts the way the world works, lives, and moves.
- Detroit ranks as the #2 metro for engineers and technicians in the U.S. with more than 90,000 engineers.
- Detroit is the top spot for design talent, ranking #1 for commercial and industrial designer density at nearly three-times more than the U.S. average which is more than New York, Los Angeles, and Chicago.
- Design powers Detroit, making up 20% of Detroit’s economy and most of the design firms (70%) are small businesses.
- Some of the nation’s top design programs are located in the Detroit Region at the College of Creative Studies (CCS) and Cranbrook Academy of Arts along with a top architecture program at the University of Detroit Mercy.
#2. Digital Technology: Detroit Is the Top Location for the Fastest Growing Startups
Small businesses looking to launch and scale quickly while gaining access to the North American market should look no further than the Detroit Region. Anchored by top-notch research universities and innovation Districts, the Region is one of the most fertile environments for digital technology.
- Detroit is the #1 U.S. location for the fastest growing startups with more than 690 deals valued at $4 billion in 2023.
- There were more than $1.2 billion venture capital investments in Michigan, which has increased year-over-year by 28% outpacing the national average.
- The Detroit Region is supported by nearly 200 technology-related support assets including accelerators, incubators, co-working spaces, venture capital networking, and robust partners.
- There are more than 97,000 technology talent in the Detroit Region, which ranks #3 for tech talent cost vs quality out of the top tech markets in 2023.
- The Detroit Region is home to four unicorn companies (startups, privately held companies worth more than $1 billion: Duo Security, Rivian, OneStream, and StockX) along with nearly 3,000 technology-related companies.
- Michigan’s University Research Corridor (URC) is an alliance of Michigan State University, the University of Michigan, and Wayne State University. URC is one of the top academic research clusters in the nation and a leading engine for talent and innovation. The URC is #2 in annual patent applications, and #3 in the nation in both R & D spending growth and degrees awarded.
#3. Financial Services: Detroit Has Banking Talent and the Top Mortgage Lenders
Every industry, past, present, and future relies on financial services and the Detroit Region supports the industry’s biggest players with a fast-growing talent pool and four of the country’s big accounting firms. Detroit also offers affordability rates that make it an attractive place for employers with talent that are priced out of the coasts.
- There are more than 97,000 financial-related workers in the Detroit Region, which is nearly 30% more affordable than national rates.
- Detroit ranked as one of the fastest growing locations for banking talent in the past five-years, which grew to more than 32,000 workers in 2023.
- There is a historic and growing financial services hub in the Detroit Region.
- There are 17 companies in the Fortune 1000, 9 of which are in the Fortune 500, that have a combined value of more than $465 billion in 2023.
- Top ranking mortgage lenders (United Wholesale Mortgage and Rocket Mortgage) along with a presence of the big four accounting firms (Deloitte, Ernest & Young (EY), KPMG, and PricewaterhouseCoopers (PwC)).
Interested in locating in the Detroit Region? Contact the Detroit Regional Partnership’s business development team.
