Since the collapse of the American automobile industry, Detroit has become known for its extremely high rates of unemployment and the flight of its middle-class into the suburbs. The automobile industry laid off hundreds of thousands of Detroiters, which forced the exodus of middle class families from the city. As a result, Detroit lost a bulk of its tax base and left the city in a tailspin. The city of Detroit is now considering how to shrink the area of residence in order to prevent further scarcity of municipal resources. Businesses are considering ways of attracting more of the middle class into the area, as well. Some companies have been offering financial incentives to encourage employees to live within city limits.
Detroit was hit exceptionally hard by the economic downtown because its economy relied primarily on the automotive industry. When the automotive industry collapsed, so did Detroit. Now, Detroit must attract new businesses and become known for new industry.
Here are some of Detroit's prospective growth industries:
Despite Detroit's current situation, it is in a unique position to reinvent itself. There are numerous prospects for business and investment, with only a handful listed above. Visit the links below to discover more business opportunities.
"Economic and fiscal impacts of the Michigan film tax credit" Ernst and Young 2/11
"Outsourcing turns from Rio and Bangalore to . . . Detroit?" CNN Money 9/22/10
"State’s auto sector sees higher fuel economy standards as a threat, a challenge – and even an opportunity" Crain's Detroit Business 8/3/11
"Analysts rate Detroit auto stocks a good value" Detroit Free Press 8/11/11
"The Detroit Blog" TIME
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