Detroit's latest financial forecast projects growth through 2029, according to the City's biannual Revenue Estimating Conference. Officials and economic experts updated revenue projections on Monday, expecting slight increases in resident and payroll employment over the next year. More details are available on the City of Detroit's website.
Detroit residents can expect their wages to rise, with average salaries projected to grow at a rate of 3.8% per year. Forecasts indicate an increase from about $45,000 in 2025 to nearly $55,000 by 2029. Income tax collections are also expected to rise, suggesting economic growth and job improvements. Detroit’s CFO, Jay Rising, noted that this could help the city maintain its budget and fund essential services, as stated by the City of Detroit.
Detroit's recurring general fund revenue is projected to increase from $1.402 billion in FY2025 to $1.547 billion in FY2029, exceeding previous estimates by $20.3 million to $39.2 million. The updated figures were approved by City CFO Jay B. Rising, Michigan Treasury Chief Economist Eric Bussis, and University of Michigan Research Professor Emeritus George A. Fulton. These projections will guide the City's FY2026 budget and long-term fiscal plan. The increases reflect steady economic activity and revenue growth, with factors such as tax collections, state funding, and economic development influencing future outcomes. Officials noted that the estimates could be affected by federal economic policy changes, as reported by the City of Detroit.
