Industry Clusters Blog: Corporate & Professional Services (CPS) and Financial Services
CORPORATE & PROFESSIONAL SERVICES INDUSTRY CLUSTER
Corporate & Professional Services Business Case PDF
Corporate & Professional Services Story Map
Industry Overview: With low business costs, nationally recognized institutions providing exceptional talent, global connectivity, and an elevated quality of life, the Detroit Region is strategically positioned for professional service companies to thrive and grow.
- Detroit ranks #2 most affordable big city in the U.S. (2020) by Smart Asset.
- There are 20 Fortune 1000 companies located in the Detroit Region, half of which are in the Fortune 500, and a steadily growing presence.
CPS Talent: The Detroit Region is a top location for corporate and professional services related talent, due to having a large and diverse pool of skilled individuals and opportunity to maintain growth in this sector.
- There are nearly 131,000 corporate and professional services industry talent jobs in 2021, which is 13% above the national average.
- Along with having more than 32,000 annual graduates in programs related to corporate and professional services.
- Michigan ranks 13th state for the lowest outflow of graduates with more than 65% of recent graduates stay in state (higher than the national average, 2017).
FINANCIAL SERVICES INDUSTRY CLUSTER
Financial Services Industry Cluster Business Case PDF
Financial Services Industry Cluster Story Map
Industry Overview: The 11-County Detroit Region is a historic and growing epicenter for banking, consumer insurance and fintech. The Region has had a long growing financial services industry and today is still ever expanding, with multiple unique community financial districts.
- Two of the #1 mortgage lenders have their headquarters in the Detroit Region including the #1 U.S. retail lender (Rocket Mortgage 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.
Financial Services Talent: The Detroit Region is a top location for growing and quality financial talent, along with having robust supporting and technical talent for top-notch financial operations.
- There’s more than 98,000 financial industry talent in the 11-county Detroit Region in 2021.
- Nationally, the Detroit Metro ranked among the top 10 for financial talent growth, adding more than 13,000 jobs (2016-2021) and for the lowest financial talent turnover rate at 31% (2020).
- For Banking related talent Detroit ranked #4 metro in the U.S. for total related industry talent, there’s more than 29,000 jobs in the Detroit Region, 2021.
- Detroit ranked the #3 best U.S. metro for tech talent quality vs. cost by CBRE, there’s more than 28,000 software developers in the Region, 2021.
CPS & FINANCIAL SERVICES INDUSTRY CLUSTERS:
Education Talent Pipeline: The Detroit Region is home to some of the nation’s leading academic institutions, supplying a robust pipeline of talent related to business and finance.
- University of Michigan’s Ross School of Business ranks #3 in the nation for undergraduate business programs and #8 for their graduate finance program in the nation by U.S. News, 2020. The school also ranked #6 in the nation among part-time MBA programs and #9 among full-time MBA programs.
- Wayne State University’s Mike Ilitch School of Business in Detroit has 13 MBA concentrations, 4,300 enrolled students, is featured in the Princeton Review’s “Best Business Schools,” and offers a variety of focuses on finance, accounting, and more.
- Michigan State University’s Broad College of Business in Lansing is home to the #1 undergraduate for finance in Michigan by U.S. News & World Reports in the top 50 in the U.S. in 2020. The CFA University Affiliation Program is considered the investment profession’s most rigorous credentialing program.
Investment Spotlight: Huntington Bank – Detroit Headquarters
- Huntington Bank is developing a new $100+ million high-rise headquarters in Detroit dubbed the Huntington Tower that will be 20-stories with plans to open in 2022 that will house more than 800 employees.
- Merged with TCF Bank in 2021, creating one of the largest banks in the nation with more than $168 billion in assets, according to the U.S. Federal Reserve Bank.
- Ten floors (185,000 sq. ft.) will be used for parking and nine floors (227,000 sq. ft.) will be office space with street-level commercial space.
- The facility features a roof entertainment venue, 19th floor veranda, big glass doors, and spaces for community gatherings.
“The HQ brings jobs and banking services to the residents and businesses of Detroit, a city the company loves.” Gary Torgow, Chairman of the Board of Directors at Huntington Bank.
The Detroit Regional Partnership’s (DRP) seven-industry cluster program received the C2ER Research Award for Project Impact in its first year. In keeping with current industry trends, data for each cluster is being updated and re-launched on the DRP website.