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:: This section was prepared to present an overview of the economic condition of the region, including trends in economic activities, listings of major employers, and financial resources available in the area to expand economic development. Methodology :: A number of different sources of data are available to examine the status of the economy in Wayne County. The Bureau of the Census publishes economic statistics in many different forms. Some of the most useful sources include: the County Business Patterns and Economic Census; in addition to the decennial census. In 1997 a new system of classifying sectors of the economy was devised, referred to as NAICS, North American Industry Classification System Description. This system replaced the SIC, Standard Industrial Classification system. :: This transition has created some inconsistencies between the various sectors of the economy before and after 1997, although comparative analysis is still useful. The County Business Patterns reports provide a summary of the total number of jobs, establishments, and industrial classification of jobs on a yearly basis. The most recent County Business Patterns in 1999 and Economic Census in 1997, characterizes an era when the economy was still on the upswing. Therefore, the statistics that describe the employment base of the region do not totally represent current conditions. At the same time, the value of the Economic Census is the high level of detail available, particularly for manufacturing, the crux of the local economy. :: Other helpful sources of economic data including the Michigan Employment Security Agency [MESA] which release monthly employment figures on the city, county, regional and state levels. MESA also completes an Annual Planning Information Report that tabulates economic conditions and changes on multiple geographic levels. A local source of information is Crain's Business Detroit, a weekly business journal that reports on the local employment scene including detailed reports on the largest employers and commercial banks in the region.
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