CreatedbyBonnerAdvisoryGroupJanuary2016.pdfVIP

Economic Profile Created by Bonner Advisory Group January 2016 1 ECONOMIC OVERVIEW Located in Oakland County in the Southeast Region of the state, the City of Southfield has a population of approximately 73,000 people living within 26.27 square miles. The city is a major commercial and business center in Southeast Michigan, with more than 10,390 firms and over one hundred Fortune 500 companies located within its borders. Notable companies located in Southfield include DENSO, Lear Corporation, IHS Automotive, and the Michigan headquarters locations for Plante Moran and Federal Mogul. Key industries include the automotive, advanced manufacturing, software and IT, and business services— specifically call centers—industries. AUTOMOTIVE AND ADVANCED MANUFACTURING The City of Southfield is home to tier one automotive suppliers, such as Federal Mogul, Denso and Lear Corporation, and numerous companies supporting the robust automotive industry in surrounding Southeast Michigan. Oakland County has some of the highest concentrations of Engineering Design workers in the nation, with skilled trades and engineering employment in the region reaching almost 200,000 in 2014. With a location quotient of 9.05, which measures the relative concentration of workers in an area compared to the nation as a whole which uses the baseline measurement of 1.0, Oakland County has an 805% higher concentration than the average US community. The automotive and manufacturing industries continue to be a cornerstone of the city’s local, regional and statewide economy. SOFTWARE AND IT With location quotient measures ranging from 0.97 to 1.94, Oakland County and the City of Southfield boast a competitive concentration o