The Detroit Regional Chamber’s Data and Research team tracks key statistics highlighting the Detroit Region’s automotive economic growth and recovery.
- U.S. Manufacturing PMI®
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PMI® Expanded in March After Contracting for 16 Consecutive Months
The Manufacturing PMI® registered at 50.3% in March, up 2.5 percentage points compared to February’s reading of 47.8%, according to the Institute for Supply Management® (ISM®).
ISM® states a reading above 50% shows that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting. The index is based on a monthly survey of supply chain managers and measures general direction of economic trends in manufacturing and other sectors.
- Annual U.S. Light Vehicle Sales (SAAR)
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New-Vehicle Sales Up From Last Year’s Pace in March 2024
The seasonally adjusted annual rate (SAAR), or selling pace finished at 15.5 million, up 0.6 over last year’s pace but down slightly from February’s surprisingly strong 15.8 million level.
2024 Forecast
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.
- U.S. Automotive Production
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U.S. Auto Production Increased in February 2024
In February 2024, U.S. auto production increased to 142,500 units—a increase of over 6% from the previous month and a 3% decline year-over-year.
- Michigan Vehicle Production
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Michigan Vehicle Production Down from Year Ago
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. Light Vehicle Sales
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Vehicle Sales Continue to Increase in March 2024
Monthly U.S. vehicle sales in March totaled 1.47 million units up 15% compared to the previous month and up 4% from year-ago levels.
- Automotive Manufacturing Employment
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Vehicle Manufacturing Employment Still Recovering From UAW Strikes
Michigan’s automotive manufacturing employment totaled 165,600 in February 2024, decreasing 2% 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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