DETROIT (WWJ) - What impact does the upcoming North American International Auto Show have on Metro Detroit's economy? Plenty.
David Sowerby, vice president and portfolio manager at Loomis Sayles and Company in Bloomfield Hills, says the auto show is like Detroit's version of the Super Bowl.
He says it adds just over $400 million to the local area economy:
"About $402 million to be precise," said Sowerby. "And this isn't just the preview week - this week is so well profiled as to when it's open to all the people of Detroit who want to see cars -- but it really starts the first time they put hammer and nails to build a facility to the time they tear it down."
Look for dozens of new models at the auto show this week.
"This year there will be 50 new models introduced by the auto producers," he said. "The average is usually in the high 30's and I think that's going to generate more interest. The economy is certainly better - selling about 17 million cars and lite-trucks at an annualized rate, confidence is at a seven-year high, (and) replacement rate in the industry is going up."
Find more Auto Show 2015 news [here].
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