Detroit, Michigan, United States

Economy

🇺🇸 Detroit is the largest and most-populous city in the U.S. state of Michigan, and the seat of Wayne County. The metropolitan area, known as Metro Detroit, is the second-largest in the Midwest. Regarded as a major cultural centre, Detroit is known for its contributions to music and as a repository for art, architecture and design, along with its historical automotive background.

Detroit is a major port on the Detroit River, one of the four major straits that connect the Great Lakes system to the Saint Lawrence Seaway. The City of Detroit anchors the second-largest regional economy in the Midwest, behind Chicago and ahead of Minneapolis–Saint Paul, and the 14th largest in the United States. Detroit is best known as the centre of the U.S. automobile industry, and the "Big Three" auto manufacturers General Motors, Ford, and Stellantis North America are all headquartered in Metro Detroit. As of 2007, the Detroit metropolitan area is the number one exporting region among 310 defined metropolitan areas in the United States. The Detroit Metropolitan Airport is among the most important hubs in the United States. Detroit and its neighbouring Canadian city Windsor are connected through a highway tunnel, railway tunnel, and the Ambassador Bridge, which is the second-busiest international crossing in North America, after San Diego–Tijuana.

In 1701, Antoine de la Mothe Cadillac founded Fort Pontchartrain du Détroit, the future city of Detroit. During the late nineteenth and early twentieth century, it became an important industrial hub at the centre of the Great Lakes region. The city's population became the fourth-largest in the nation in 1920, after only New York City, Chicago and Philadelphia, with the expansion of the auto industry in the early 20th century. As Detroit's industrialisation took off, the Detroit River became the busiest commercial hub in the world. The strait carried over 65 million tons of shipping commerce through Detroit to locations all over the world each year; the freight throughput was more than three times that of New York and about four times that of London. By the 1940s, the city's population remained the fourth-largest in the country. However, due to industrial restructuring, the loss of jobs in the auto industry, and rapid suburbanisation, among other reasons, Detroit entered a state of urban decay and lost considerable population from the late 20th century to the present. Since reaching a peak of 1.85 million at the 1950 census, Detroit's population has declined by more than 65 percent. In 2013, Detroit became the largest U.S. city to file for bankruptcy, which it successfully exited in December 2014, when the city government regained control of Detroit's finances.

Detroit's diverse culture has had both local and international influence, particularly in music, with the city giving rise to the genres of Motown and techno, and playing an important role in the development of jazz, hip-hop, rock, and punk. The rapid growth of Detroit in its boom years resulted in a globally unique stock of architectural monuments and historic places. Since the 2000s conservation efforts have managed to save many architectural pieces and achieved several large-scale revitalisations, including the restoration of several historic theatres and entertainment venues, high-rise renovations, new sports stadiums, and a riverfront revitalisation project. More recently, the population of Downtown Detroit, Midtown Detroit, and various other neighbourhoods have increased. An increasingly popular tourist destination, Detroit receives 19 million visitors per year. In 2015, Detroit was named a "City of Design" by UNESCO, the first U.S. city to receive that designation.

Top city employers include: 1 Detroit Medical Center; 2 City of Detroit; 3 Quicken Loans; 4 Henry Ford Health System; 5 Detroit Public Schools; 6 U.S. Government; 7 Wayne State University; 8 Chrysler; 9 Blue Cross Blue Shield; 10 General Motors; 11 State of Michigan; 12 DTE Energy; 13 St. John Providence Health System; 14 U.S. Postal Service; 15 Wayne County; 16 MGM Grand Detroit; 17 MotorCity Casino; 18 Compuware; 19 Detroit Diesel; 20 Greektown Casino; 21 Comerica; 22 Deloitte; 23 Johnson Controls; 24 PricewaterhouseCoopers; 25 Ally Financial.

Economy The Detroit River is one of the busiest straits in the world. Lake freighter MV American Courage passing the strait.

Several major corporations are based in the city, including three Fortune 500 companies. The most heavily represented sectors are manufacturing (particularly automotive), finance, technology, and health care. The most significant companies based in Detroit include General Motors, Quicken Loans, Ally Financial, Compuware, Shinola, American Axle, Little Caesars, DTE Energy, Lowe Campbell Ewald, Blue Cross Blue Shield of Michigan, and Rossetti Architects.

About 80,500 people work in downtown Detroit, comprising one-fifth of the city's employment base. Aside from the numerous Detroit-based companies listed above, downtown contains large offices for Comerica, Chrysler, Fifth Third Bank, HP Enterprise, Deloitte, PricewaterhouseCoopers, KPMG, and Ernst & Young. Ford Motor Company is in the adjacent city of Dearborn.

Thousands of more employees work in Midtown, north of the central business district. Midtown's anchors are the city's largest single employer Detroit Medical Center, Wayne State University, and the Henry Ford Health System in New Center. Midtown is also home to watchmaker Shinola and an array of small and startup companies. New Center bases TechTown, a research and business incubator hub that is part of the WSU system. Like downtown, Corktown Is experiencing growth with the new Ford Corktown Campus under development. Midtown also has a fast-growing retailing and restaurant scene.

A number of the city's downtown employers are relatively new, as there has been a marked trend of companies moving from satellite suburbs around Metropolitan Detroit into the downtown core. Compuware completed its world headquarters in downtown in 2003. OnStar, Blue Cross Blue Shield, and HP Enterprise Services are at the Renaissance Center. PricewaterhouseCoopers Plaza offices are adjacent to Ford Field, and Ernst & Young completed its office building at One Kennedy Square in 2006. Perhaps most prominently, in 2010, Quicken Loans, one of the largest mortgage lenders, relocated its world headquarters and 4,000 employees to downtown Detroit, consolidating its suburban offices. In July 2012, the U.S. Patent and Trademark Office opened its Elijah J. McCoy Satellite Office in the Rivertown/Warehouse District as its first location outside Washington, D.C.'s metropolitan area.

In April 2014, the United States Department of Labor reported the city's unemployment rate at 14.5%.

The city of Detroit and other public–private partnerships have attempted to catalyze the region's growth by facilitating the building and historical rehabilitation of residential high-rises in the downtown, creating a zone that offers many business tax incentives, creating recreational spaces such as the Detroit RiverWalk, Campus Martius Park, Dequindre Cut Greenway, and Green Alleys in Midtown. The city itself has cleared sections of land while retaining a number of historically significant vacant buildings in order to spur redevelopment; even though it has struggled with finances, the city issued bonds in 2008 to provide funding for ongoing work to demolish blighted properties. Two years earlier, downtown reported $1.3 billion in restorations and new developments which increased the number of construction jobs in the city. In the decade prior to 2006, downtown gained more than $15 billion in new investment from private and public sectors.

Despite the city's recent financial issues, many developers remain unfazed by Detroit's problems. Midtown is one of the most successful areas within Detroit to have a residential occupancy rate of 96%. Numerous developments have been recently completed or are in various stages of construction. These include the $82 million reconstruction of downtown's David Whitney Building (now an Aloft Hotel and luxury residences), the Woodward Garden Block Development in Midtown, the residential conversion of the David Broderick Tower in downtown, the rehabilitation of the Book Cadillac Hotel (now a Westin and luxury condos) and Fort Shelby Hotel (now Doubletree) also in downtown, and various smaller projects.

Downtown's population of young professionals is growing and retail is expanding. A study in 2007 found out that Downtown's new residents are predominantly young professionals (57% are ages 25 to 34, 45% have bachelor's degrees, and 34% have a master's or professional degree), a trend which has hastened over the last decade. Since 2006, $9 billion has been invested in downtown and surrounding neighbourhoods; $5.2 billion of which has come in 2013 and 2014. Construction activity, particularly rehabilitation of historic downtown buildings, has increased markedly. The number of vacant downtown buildings has dropped from nearly 50 to around 13.

On July 25, 2013, Meijer, a midwestern retail chain, opened its first supercenter store in Detroit; this was a $20 million, 190,000-square-foot store in the northern portion of the city and it also is the centerpiece of a new $72 million shopping centre named Gateway Marketplace. On June 11, 2015, Meijer opened its second supercenter store in the city. On June 26, 2019, JPMorgan Chase announced plans to invest $50 million more in affordable housing, job training and entrepreneurship by the end of 2022, growing its investment to $200 million.

Detroit, Michigan 
Detroit, Michigan
Image: Adobe Stock espiegle #226929768

Detroit is rated Beta − by the Globalization and World Cities Research Network (GaWC) which evaluates and ranks the relationships between world cities in the context of globalisation. Beta level cities are cities that link moderate economic regions to the world economy.

Detroit is ranked #40 by the Global Urban Competitiveness Report (GUCR) which evaluates and ranks world cities in the context of economic competitiveness. Detroit was ranked #1046 by the Nomad List which evaluates and ranks remote work hubs by cost, internet, fun and safety. Detroit has a population of over 677,116 people. Detroit also forms part of the wider Detroit-Ann Arbor-Flint metropolitan area which has a population of over 4,248,699 people. Detroit is the #171 hipster city in the world, with a hipster score of 3.6708 according to the Hipster Index which evaluates and ranks the major cities of the world according to the number of vegan eateries, coffee shops, tattoo studios, vintage boutiques, and record stores. Detroit is ranked #49 for startups with a score of 8.402.

To set up a UBI Lab for Detroit see: https://www.ubilabnetwork.org Twitter: https://twitter.com/UBILabNetwork

Detroit is a member of the UNESCO Creative Cities Network for Design see: https://en.unesco.org/creative-cities

Twin Towns, Sister Cities Detroit has links with:

🇷🇴 Bucharest, Romania 🇨🇳 Chongqing, China 🇦🇪 Dubai, UAE 🇿🇲 Kitwe, Zambia 🇧🇾 Minsk, Belarus 🇧🇸 Nassau, The Bahamas 🇯🇵 Toyota, Japan 🇯🇵 Toyota City, Japan 🇮🇹 Turin, Italy
Text Atribution: Wikipedia Text under CC-BY-SA license | GaWC | GUCR | Hipster Index | Nomad | StartupBlink

Antipodal to Detroit is: 96.955,-42.329

Locations Near: Detroit -83.0449,42.3294

🇨🇦 Windsor -83.034,42.318 d: 1.6  

🇺🇸 Dearborn -83.2,42.3 d: 13.2  

🇺🇸 Warren -83.033,42.5 d: 19  

🇺🇸 Royal Oak -83.133,42.483 d: 18.6  

🇺🇸 Southfield -83.233,42.467 d: 21.7  

🇺🇸 Dearborn Heights -83.281,42.336 d: 19.4  

🇺🇸 Taylor -83.267,42.222 d: 21.8  

🇺🇸 Clinton Township -82.917,42.583 d: 30.1  

🇨🇦 Essex -82.9,42.083 d: 29.9  

🇺🇸 Mount Clemens -82.867,42.583 d: 31.8  

Antipodal to: Detroit 96.955,-42.329

🇦🇺 Bunbury 115.637,-33.327 d: 18099.5  

🇦🇺 Mandurah 115.721,-32.529 d: 18038.8  

🇦🇺 Rockingham 115.717,-32.267 d: 18020.7  

🇦🇺 City of Cockburn 115.833,-32.167 d: 18005.2  

🇦🇺 Vincent 115.834,-31.936 d: 17988.7  

🇦🇺 Perth 115.857,-31.953 d: 17988.2  

🇦🇺 Wanneroo 115.803,-31.747 d: 17977.3  

🇦🇺 Guildford 115.973,-31.9 d: 17976.1  

🇦🇺 Midland 116.01,-31.888 d: 17972.5  

🇦🇺 Albany 117.867,-35.017 d: 18032.8  

Bing Map

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