R E S I D E N T I A L C O N S T RU C T I O N P E R M IT S G R OW T H 2 01 4 - 2 01 8 60%
Over the past five years, the region’s residential construction permits totaled 38,510, with a record high of 10,000 in 2017. However, the permits declined 29% in the region over the past year, most significantly impacted by a decrease in construction permits for structures with five units or more. Detroit ranks sixth among peer regions, with a residential construction growth rate of 13.8% since 2014.
59.4%
50%
47.8%
40%
64.9%
46.0%
28.4%
30%
26.9%
18.0%
20%
13.8%
12.8%
10%
ONE-YEAR CHANGE
4.9% 1.9%
-3.9%
Detroit: -29.0% National: 3.6%
0%
#10
-10%
Among peers in year-over-year change
Source: U.S. Census Bureau, 2018 American Community Survey One-Year Estimates
BUSINESS The Detroit region is home to 10 of Michigan’s 16 Fortune 500 companies with headquarters located in the state. The region’s dynamic business bases are anchored by the automotive, health care, and manufacturing sectors. As the epicenter of the global automotive industry, Ford Motor Company and General Motors Co. are among the top 15. Kelly Services also continues to near the list at 503. Penske Corp. and Rock Ventures lead as the Detroit region’s largest private companies with a combined revenue of more than $38 billion. Additionally, FCA US LLC, located in Auburn Hills, employs more than 35,000 people in Southeast Michigan, and earned $79.1 billion in revenue in 2018.
2019 LARGEST PRIVATE COMPANIES
2019 FORTUNE 500 COMPANIES COMPANY
RANK
2018 REVENUES (MILLIONS)
RANK
COMPANY
2017 REVENUES (MILLIONS)
12
Ford Motor Company
$160,338
1
Penske Corp.
$31,800
13
General Motors Co.
$147,049
2
Rock Ventures
$6,560
136 Penske Automotive Group
$22,785
3
MeridianHealth, A WellCare Company
$3,811
147 Lear Corp. 220 DTE Energy
$21,148
4
Ilitch Companies
$3,600
$14,212
5
Plastipak Holdings Inc.
$2,782
301 BorgWarner
$10,529
6
Barton Malow Co.
$2,591
303 Ally Financial
$10,466
7
Inteva Products LLC
$2,500
321 Autoliv
$9,801
8
Moroun Family Holdings
$2,404
366 Masco
$8,359
9
The Suburban Collection
$2,294
418 American Axle & Manufacturing Inc. (AAM)
$7,270
10
International Automotive Components (IAC)
$2,200
Source: Fortune magazine
Source: Crain’s Detroit Business
D ET RO I T C H A M B E R . C O M
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