A study conducted by The United States Conference of Mayors and The Council for the New American shows the jobs that have been lost in Metro Detroit in the decade long recession are unlikely to recover until 2020, reports Mlive.com.
Unfortunately, Metro Detroit’s 11.3 percent unemployment rate remains one of the highest in the nation, and the report offers several other sobering statistics and predictions for the region.
Most notably, Metro Detroit — along with rustbelt compatriots like Cleveland, Dayton, Toledo and Youngstown — is unlikely to return to its peak employment level until at least 2020. The region lost an estimated 323,400 jobs in the past decade after peaking in the first quarter of 2005.
Overall, the report suggests nearly half of the nation’s metro areas — many greatly impacted by the housing bubble burst and reliant on manufacturing — face the prospect of such a “lost decade.” Most metro areas are on the mend, but some of them are healing more slowly than others.
The report also stated that while the unemployment rate for Metro Detroit may have dropped 3.5 percent through the first quarter of 2011 the area’s economy only rose .6 percent in the past ten years and has lost hundreds of thousands of jobs.