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 196,066 units in October 2024, accounting for almost 20% of all North American production.
Annual U.S. Light Vehicle Sales (SAAR)
registered at 16.0 million units for October 2024, strongest pace in over three years.
- U.S. Manufacturing PMI®
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PMI® Contracted For The Eighth Consecutive Month in October
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 Poised to End the Year on a Strong Note
New vehicle sales for October reached a seasonally adjusted annual rate of 16.0 million, the strongest pace in over three years. Cox Automotive senior economist, Charlie Chesbrough, anticipates that vehicle sales will finish in a strong position due to consumer confidence moving higher and vehicle affordability improving, thanks to higher incentives and falling auto loan rates. Read more
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 October 2024
Vehicles sales increased by 12% in October 2024, totaling 1.36 million units sold this month.
- U.S. Automotive Production
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U.S. Auto Production Slows in 2024
In September 2024, U.S. auto production amounted to 123,900 units—a decline of 14% year-over-year.
- Michigan Vehicle Production
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Michigan Vehicle Production Increased in October
Michigan vehicle production increased in October to 196,066 total units. Michigan’s October production was 4.9% higher than September production and 44.4% above the level in October 2023, the increase was due to production halts during the United Auto Worker strike which lasted from September 15- October 30, 2023. Nationally, production totaled 1,004,284 units, Michigan totaled 19.5% of the nation’s total vehicle production in October 2024.
- Automotive Manufacturing Employment
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Vehicle Manufacturing Employment Slightly Down in October
Michigan’s automotive manufacturing employment totaled 163,900 in October 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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