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Detroit metro Economic Vitality Index (EVI) continues its robust advance. The Detroit EVI, a measure of economic conditions that directly impacts households, continues its robust advance in July, and has accelerated from early this year. The local EVI recorded a 0.6 percent gain in July 2017 from one month ago. Only 3 of 20 cities had better performance. From one year ago, the Detroit EVI is up 3.5 percent. Leading the monthly advance is a decline in the unemployment rate. Private employment and home prices added to the EVI in July. Declining real wages remains a concern, and is the sole negative component in the July 2017 EVI. EVI component values greater (less) than 100 indicate gains since January 2007. The Unemployment rate has declined by 37.2 percent since January 2007 while total private employment has gained 8.1 percent.

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About the EVI

The Economic Vitality Index (EVI) is made up of four components for each metropolitan area: The S&P/Case-Shiller home price index, the area unemployment rate (inverted), private job growth, and real wages (average weekly earnings growth minus the CPI). Each of these components are indexed to 100 starting in January 2007. The EVI is the average of the component indices. Increases (decreases) in the EVI represent higher (lower) economic conditions that directly impact households.

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