Economy of metropolitan Detroit
Since the DPS is the city s largest employer, this will negatively impact employment. In 2002, the state constructed the NextEnergy Center just north of Wayne State University to focus on fuel cell development and alternative energy. The bank has engaged in a succession of takeovers in other states including Texas, Florida, and California.The area is home to many post-secondary institutions of higher learning and research, including: Baker College, Carnegie Institute, Cleary University, Cranbrook Educational Community, Eastern Michigan University, Lawrence Technological University, Oakland University, Thomas M Cooley Law School-Rochester, Ave Maria School of Law, Walsh College, Rochester College, Madonna University, Marygrove College, University of Detroit Mercy, the University of Michigan, and Wayne State University. The city reported $1.3 billion in restorations and new developments for 2006.
An extensive freeway system, begun in the 1950s and 1960s, facilitates commuting with the city s unemployment partly due to white flight. The sales revenue from just one of Detroit s automakers exceeds the combined total for the all of the top companies in many major U.S.
John, St. The economy of metropolitan Detroit, Michigan is a key pillar of the economy of the United States.
St. Dingell Veterans Affairs Medical Center. Beginning in 2010, Oakland University in Rochester will open Michigan s fourth medical school in a partnership with Beaumont Hospitals.
Coleman A. OnStar and GMAC are a source for growth.
Quicken Loans is the largest online retail home mortgage lender in the United States. The suburbs typically have low unemployment; however, the auto industry s economic cycles affect the entire metropolitan area.
On quality, Cadillac outscored all other luxury automakers in two of three quality surveys by AutoPacific, Strategic Vision, and J.D. Beginning in the 1950s and increasing in the 1970s and 80s, the City of Detroit lost much of its tax base to the suburbs.
The metro area s resilience has kept the State s economy growing in spite of difficulties. As another comparative advantage, Metro Detroit is home to highly successful real estate developers. The region offers mass transit with bus services provided by the Detroit Department of Transportation (DDOT) and the Suburban Mobility Authority for Regional Transportation (SMART).
Ford Field will host the 2009 NCAA Final Four; in April 2007 it hosted WrestleMania 23. Located in nearby Romulus, DTW is metro Detroit s principal airport and is a hub for Northwest Airlines and Spirit Airlines.
pension and benefit funds (OPEB). The school will boost the region s economy with jobs in the life sciences, research, clinical trials, and doctors. Wayne State University in Detroit has the largest single-campus medical school in the United States.
In 2006, Ford announced a dramatic increase in production of its hybrid gas-electric models, In 2008, General Motors global sales reached 8.36 million vehicles. However, the development of Detroit s west river area and its Michigan Central Station, along with an agreement on the expansion or replacement of Cobo Hall which hosts the North American International Auto Show, are the next challenges for the city. The Greater Detroit Foreign Trade Zone (GDFTZ) was created in 1981 through the U.S.
A 2007 study found that Detroit s new downtown residents are predominantly young professionals (57 percent are ages 25–34, 45 percent have bachelor s degrees, 34 percent have a master s or professional degrees, and the overall average income for downtown residents in Detroit exceeded the census projections by 33 percent). Redevelopment of the Fort Shelby Hotel and the Westin Book-Cadillac Hotel has spurred economic growth downtown. On June 26, 2009, General Electric announced that it will create software at a new advanced manufacturing and technology center in Van Buren Township. Metro Detroit ranks among the nation s top five financial districts having all of the big four accounting firms.
Major inter-connected office complexes include the 5,500,000 sq ft (511,000 m2) Renaissance Center, the 2,200,000 sq ft (204,000 m2) Southfield Town Center, and the 1,395,000 sq ft (129,600 m2) Cadillac Place joined with the 487,000 sq ft (45,240 m2) Fisher Building in the historic New Center area. Eventually, the city plans a two mile (3 km) extension to the Ambassador Bridge for the west river development. Lifestyles for rising professionals in Detroit reflect those of other major cities.
In 2008, an economic and financial crisis impacted global auto industry sales. Since the early 2000s recession and the September 11, 2001 attacks, GM, Ford, and Chrysler have struggled to overcome the benefit funds crisis which followed an ensuing volatile stock market which had caused a severe underfunding condition in the respective U.S. Joseph · Tuscola · Van Buren · Washtenaw · Wayne · Wexford .
Young International Airport (DET), commonly called Detroit City Airport, is on Detroit s northeast side, and offers charter service. Major League Baseball s 2005 All-Star Game was held at Comerica Park, as were 2006 World Series games due to the Detroit Tigers success.
GMAC is the largest holder of mortgages in the United States. The Southeast Michigan Council of Governments (SEMCOG) is studying a plan to expand the region s mass transit system to reduce congestion and environmental pollution Amtrak s current passenger facility is north of downtown in the New Center area.
The University of Windsor is home to the University of Windsor/DaimlerChrysler Canada Automotive Research and Development Centre. In the City of Detroit, the Detroit Public Schools voted on April 5, 2007 to close 34 schools as part of a cost-reduction plan which will include lay-offs.
Bishop International Airport in Flint and Toledo Express Airport in Toledo, Ohio are other commercial passenger airports. The refuge includes islands, coastal wetlands, marshes, shoals, and waterfront lands along 48 miles (77 km) of the Detroit River and Western Lake Erie shoreline. The City of Detroit also functions as an entertainment hub for the entire region, The MGM Grand Detroit (2007), Motor City Casino (2008), Caesars Windsor (2007), and Greektown Casino (2008) comprise the regions four major casino resorts. Movie studios in metro area help to establish the state as a legitimate contender in the 12-month-a-year film business. The region s highly educated and innovative workforce is a comparative advantage which has been very successful in organic business growth with notable examples such as Compuware and Covansys. Metro Detroit is diversifying its economic base though initiatives in emerging technologies.
Thomson Gale, Borders Group, and Crain Communications are headquartered in the metro area. Clair · St.
Major health system networks in the region include the University of Michigan, Henry Ford, Beaumont, Detroit Medical Center, St. Joseph, Karmanos Cancer Center, and the John D.
Metro Detroit is one of thirteen U.S. national security. With its major port status, the city s infrastructure accommodates heavy industry.
Clair · Media · Music · Neighborhoods · Parks and beaches · Skyscrapers · Sports · Theatre · Tourism · Transportation Dearborn Heights · Farmington Hills · Grosse Pointe · Macomb Township · Novi · Pontiac · Redford Township · Rochester Hills · Royal Oak · Saint Clair Shores · Shelby Township · Southfield · Taylor · Ann Arbor · Brighton · Flint · Congressional delegation · Governors · History · Lieutenant Governors · Legislature · Lighthouses · Museums · National Historic Landmarks · People · Registered Historic Places · State parks · Supreme Court · Tallest buildings · Timeline · Topics · Visitor attractions Alpena · Ann Arbor · Battle Creek · Bay City · Bloomfield Township · Canton Township · Chesterfield Township · Clinton Township · Commerce Township · Dearborn · Dearborn Heights · Detroit · East Lansing · Eastpointe · Farmington Hills · Flint · Flint Township · Georgetown Township · Grand Rapids · Holland · Jackson · Kalamazoo · Kentwood · Lansing · Lincoln Park · Livonia · Macomb Township · Meridian Township · Midland · Muskegon · Novi · Pontiac · Portage · Redford · Rochester Hills · Roseville · Royal Oak · Saginaw · Saginaw Township · St. Detroit s historic Penobscot Building in the downtown financial district is in the heart of the city s wireless Internet zone. Nevertheless, the sector has suffered some job losses, Comerica Bank in an effort to further expand announced it would move its corporate headquarters to Dallas, Texas in 2007 affecting 200 jobs, however, it will maintain a large presence in Michigan.
cities. The U.S dollar is readily accepted as currency in Windsor. The Michigan Department of Transportation (MDOT) administers the region s extensive freeway system.
Through 2007, General Motors, Ford, and Chrysler made independent efforts to restore fund pensions and had reached agreements with the United Auto Workers union to transfer the liabilities for their respective health care and benefit funds to a 501(c)(9) Voluntary Employee Beneficiary Association (VEBA) raising prospects for corporate turnaround plans. Detroit s automakers are designing future vehicles like the Chevrolet Volt flex fuel hybrid. This trend has begun to change through the 2000s, with increased revitalization and urban development in Detroit. As the world s traditional automotive center, Metro Detroit is headquarters to America s Big Three automakers, General Motors, Ford Motor Company, and Chrysler.
The Detroit television market is the eleventh largest in the United States; though this ranking does not take into account Canadian audiences. The City of Detroit has few big chain retailers, Labor force distribution in Detroit, Michigan by category: Construction Manufacturing Trade, transportation, utilities Information Finance Professional and business services Education and health services Leisure and hospitality Other services President Franklin Roosevelt referred to Detroit as the Arsenal of Democracy. The Ford Motor Company played a pivotal role in the allied victory during World War I and World War II. Architecture · Celebrities · Culture · Economy · Freeways · Government · History · Historic places · International Riverfront · Lake St. Clair Shores · Shelby Township · Southfield · Sterling Heights · Taylor · Troy · Warren · Waterford Township · West Bloomfield · Westland · Wyoming · Ypsilanti Township Alcona · Alger · Allegan · Alpena · Antrim · Arenac · Baraga · Barry · Bay · Benzie · Berrien · Branch · Calhoun · Cass · Charlevoix · Cheboygan · Chippewa · Clare · Clinton · Crawford · Delta · Dickinson · Eaton · Emmet · Genesee · Gladwin · Gogebic · Grand Traverse · Gratiot · Hillsdale · Houghton · Huron · Ingham · Ionia · Iosco · Iron · Isabella · Jackson · Kalamazoo · Kalkaska · Kent · Keweenaw · Lake · Lapeer · Leelanau · Lenawee · Livingston · Luce · Mackinac · Macomb · Manistee · Marquette · Mason · Mecosta · Menominee · Midland · Missaukee · Monroe · Montcalm · Montmorency · Muskegon · Newaygo · Oakland · Oceana · Ogemaw · Ontonagon · Osceola · Oscoda · Otsego · Ottawa · Presque Isle · Roscommon · Saginaw · Sanilac · Schoolcraft · Shiawassee · St.
The area s major financial service employers include Quicken Loans, GMAC, Ford Motor Credit Company, National City Corp., Fifth Third Bank, Comerica, JP Morgan Chase, Bank of America, Deloitte Touche, Ernst & Young, Virchow Krause-Baker Tilly International, and Raymond James. Financial and investment executives have diverse employment opportunities in metropolitan Detroit. Metro Detroit suburbs are among the more affluent in the U.S. The Cool Cities Initiative is an innovative reinvestment strategy for America s northern cities begun by Michigan leaders to rebuild inner cities and downtowns. OnStar, GMAC, and Compuware have brought an influx of employees to downtown Detroit.
The region s abundance of natural lakes and coastal landscape present investment potential for beachfront resorts and luxury high rise condominiums. Professions identified in the 1988 Free Trade Act are permitted TN Visas for legal work in the United States and Canada.
cities with teams from four major sports. The area s 24,000-acre (97 km2) network of Huron-Clinton Metroparks receives about nine million visitors annually. Its ten county area has a population of over 5.4 million, a workforce of 2.6 million, and about 240,000 businesses. About 80,500 people work in downtown Detroit, comprising 21 percent of the city s employment. In April 2008, metropolitan Detroit s unemployment rate was 6.9 percent; by April 2009, it rose to 13.6 percent.
These plans may become keys to the region s prospective bid for the 2020 Olympic Games. Tourism in metropolitan Detroit is an important economic factor, comprising nine percent of the area s two million jobs. In spite of foreign competition for market share, Detroit s automakers have continued to gain volume from previous decades with the expansion of the American and global automotive markets.
The Detroit International Riverfront links the Renaissance Center to a series of venues, parks, restaurants, and hotels by a riverfront walkway. The region hosts large multi-day events with crowds of hundreds of thousands to over three million people for annual events such as the Windsor-Detroit International Freedom Festival, the North American International Auto Show, and the Motown Winter Blast on Campus Martius Park. In addition, there is the Detroit River International Wildlife Refuge which is the only international wildlife preserve in North America, uniquely located in the heart of a major metropolitan area.
As an example, a large number of nurses in Detroit hospitals are Canadians living in Windsor. Although manufacturing in the state grew 6.6% from 2001 to 2006, In January 2009, President Barack Obama formed an automotive task force in order to help the industry recover and achieve renewed prosperity for the region.
There are a range of venture capital firms which finance business start-ups and acquisitions. The bank s lease on Comerica Tower at Detroit Center runs through 2012. On November 12, 2007, Quicken Loans announced its development agreement with the city to move its headquarters to downtown Detroit, consolidating about 4,000 of its suburban employees in a move considered to be a high importance to city planners to reestablish the historic downtown. From the metro area economy, Michigan s 2004 rank was second nationally in new corporate facilities and expansions.
EDS makes Metro Detroit its regional headquarters and one of its largest global employment locations. One of the nation s largest law firms, Miller, Canfield, Paddock & Stone P.L.C., has offices in both Windsor and Detroit.
Department of Commerce to allow for the reduction of taxes across borders and to attract, retain and facilitate international trade Metro Detroit is the nation s number one exporting region and busiest commercial port. Many people commute across the Detroit-Windsor International border daily. Clair College has the Ford Centre for Excellence in Manufacturing. A 2003 study measuring health care industry components ranked the Metro Detroit area as one of the nation s leading health care economies, with the region s hospital sector ranking fourth in the United States.
In January 2007, Pfizer announced it would cut 2400 jobs at its research facility in Ann Arbor. As the traditional automotive center, the region is a major source for related journalism and business news. Greyhound Bus operates a station on Howard Street near Michigan Avenue. Detroit Metropolitan Airport (DTW) is one of America s largest and most recently modernized facilities, with six major runways, Boeing 747 maintenance facilities, and an attached Westin Hotel and Conference Center.
Detroit is an important center for transportation & logistics employment including its aviation, rail, truck, and port facilities. The Southeastern Michigan Council of Governments (SEMCOG) has conducted a feasibility study for a light rail link from downtown Detroit to the Detroit Metropolitan Airport, and is studying the feasibility of light rail or other rapid transit linking Ann Arbor to Detroit. Amtrak provides service to Detroit, operating its Wolverine service between Chicago, Illinois, and Pontiac.
The city s Midtown and New Center areas anchored by Wayne State University attract millions of visitors each year to its museums and cultural centers; for example, the Detroit Festival of the Arts in Midtown draws about 350,000 people. The area has hosted several major sporting events such as Super Bowl XL; in fact, Detroit is the only northern city to have hosted two Super Bowls. The automotive headquarters for the Society of Automotive Engineers (SAE) is in the suburb of Troy.
Thus, the metro area has many opportunities for growth in tourism with great potential for development and expansion. The University of Michigan in Ann Arbor is one of the world s leading research institutions. On the Canadian side of the border, Windsor s two post secondary institutions have partnered with auto makers to open high tech research and training facilities.
Power in 2003. The area includes a variety of manufacturers and is an important component of U.S. Marathon Oil Company maintains a large refinery in Detroit, expanded to refine oil sands from Canada. Metro Detroit accounts for the State s national ranking in emerging technology fields such as life sciences, information technology, and advanced manufacturing; Michigan ranks fourth nationally in high tech employment. Some of the metro area s information technology and software companies with a major presence or headquarters include Compuware, Electronic Data Systems (EDS), IBM, Google, General Electric, Unisys, Fiserv, Covansys, and ProQuest.
