The Detroit Regional Chamber’s Data and Research team tracks key statistics highlighting the Detroit region’s automotive economic growth and recovery.
The Detroit Regional Chamber’s Data and Research team tracks key statistics highlighting the Detroit region’s automotive economic growth and recovery.
The seasonally adjusted annual rate (SAAR), or selling pace increased to 15.8 million in February 2024 an improvement over January 15.0 million level.
The Cox Automotive Economic and Industry Insights team anticipates weak economic growth, higher new-vehicle inventories, and an end to the seller’s market. Overall, the team expects 2024 to be the best year for car buyers since the pandemic.
In January 2024, U.S. auto production decreased to 138,800 units—a decline of almost 4% from the previous month and a 6% decline year-over-year.
Michigan vehicle production totaled 164,301 units in September 2023, decreasing 15.6% from September 2022. Michigan accounted for 18.0% of the U.S. total production this month. In September 2023, auto production increased 15.0 percent year-over-year in Michigan and up 1.7 percent nationally; truck production decreased 18.5 percent in Michigan but was down 4.2 percent nationally.
Monthly U.S. vehicle sales in January totaled 1.11 million units down 25% compared to the previous month, but up 3% from year-ago levels. January is typically one of the lowest-volume sales months in any given year
Michigan’s automotive manufacturing employment totaled 163,500 in December 2023, decreasing 3% compared to the previous year. Michigan’s vehicle manufacturing employment decreased 6% in October 2023 due to the UAW strikes and have yet to recover to levels seen before strikes.
To view additional economic indicators, visit the Chamber’s Regional Overview of Monthly Economic Indicators.
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