The 11-county Detroit Region is a historic and growing epicenter for banking, consumer insurance and fintech (financial technology). Overall the financial services industry has grown 24% in the past five years, ranking #1 against top metros and outpacing the national average. The industry in the region has now grown to a workforce of 347,639 professionals and is ranked #3 in the nation for talent financial services affordability.
With the long-standing financial services industry, the region continues to grow — encompassing a variety of unique community financial districts throughout the region. Two of the #1 mortgage lenders have their headquarters in the Detroit Region including; the #1 U.S. retail lender (Quicken Loans in Detroit) and #1 wholesale mortgage lender (United Shore in Pontiac). The “big four” accounting firms (Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers) all have a strong presence in the region and recently TCF / Chemical Bank announced plans for a new headquarters in Detroit.
“Detroit is the financial hub for advanced manufacturing and mobility and is a growing nexus for entrepreneurs looking to leverage the rich history of innovation and hard work,” said Thomas Schafer, COO at TCF Bank.
Investment Spotlight: DRP Win
Clearcover, a rapidly expanding insurance technology company, announced their plans to hire more than 300 employees and establish a new customer operations hub in the city of Detroit. This will be the company’s first large-scale expansion outside of its Chicago headquarters. Clearcover engaged with CBRE for a month’s long site-selection process assisted by Detroit Regional Partnership (DRP) and other local partners. Click here to learn more about the company’s expansion.
“Detroit’s resiliency and knack for innovation was evident throughout our search. We’re excited about the opportunity to build meaningful partnerships in the city it will soon call home and ensure that our new presence provides real opportunity for Detroiters.”
To showcase the financial services industry and connect companies and partners with regional information, the DRP has created an interactive story map along with a business case PDF.
Click here to access the Detroit Region Financial Services Story Map.
Click here to download the Detroit Region Financial Services PDF.