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®
registered at 48.4% in November, the manufacturing sector has contracted the last eighth months.
Michigan Vehicle Production
totaled 173,594 units in November 2024, accounting for almost 20% of all U.S. production.
Annual U.S. Light Vehicle Sales (SAAR)
registered at 16.5 million units for November 2024, strongest pace in over three years.
- U.S. Manufacturing PMI®
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PMI® Contracted For The Eighth Consecutive Month in November
The Manufacturing PMI® registered at 48.4% in November, 1.9 percentage point higher compared to the 46.5 percent reported in October according to the Institute for Supply Management® (ISM®). According to Timothy Fiore, Chair of the Institute for Supply Management Manufacturing®, after breaking a 16-month streak of contraction by expanding in March, the manufacturing sector has contracted the last eight months.
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 Pace Beat Expectations
New vehicle sales in November 2024 beat expectations with monthly SAAR of 16.5 million units, the highest since May 2021. November’s SAAR also increased 6.7% from November 2023.
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.
- Monthly U.S. Light Vehicle Sales
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Vehicle Sales Increase in November 2024
Vehicles sales increased by almost 10% year-over-year in November 2024, totaling 1.39 million units sold this month.
- U.S. Automotive Production
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U.S. Auto Production Slows in 2024
In October 2024, U.S. auto production amounted to 122,500 units—a decline of 9% year-over-year.
- Michigan Vehicle Production
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Michigan Vehicle Production Decreased in November
Michigan motor vehicle production decreased in November to 173,594 total units. Michigan’s November production was 11.5% lower than October’s production and 13.3% above the level in November 2023. Nationally, motor vehicle production totaled 894,437 units, 2,079 units higher than the 892,358 units from a year ago. In November, Michigan’s car production was 5,413 units while the State’s truck production was 168,181 units.
- Automotive Manufacturing Employment
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Vehicle Manufacturing Employment Slightly Down in November
Michigan’s automotive manufacturing employment totaled 163,500 in November 2024, decreasing slightly from the previous month.
To view additional economic indicators, visit the Chamber’s Regional Overview of Monthly Economic Indicators.
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