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Detroit, Michigan
Detroit is the largest city in the U.S. state of Michigan and the county seat for Wayne County. The city is located on the Detroit River, north of Windsor, Ontario. Established in 1701 by French fur traders, it is the center of an industrial area in the American Rust Belt. Today it is known as the world's traditional automotive center and an important source of popular music—legacies celebrated by the city's two familiar nicknames, Motor City and Motown.
Detroit ranks as the United States' 11th most populous city with 900,198 residents; this is half of the peak population it boasted in the 1950s, and Detroit leads the nation in terms of declining urban population. Detroit's crime rate has created international notoriety and a tarnished reputation. The city continues to struggle with the burdens of racial disharmony between itself and its suburban neighbors, and an antiquated economy. In the 1990s and 2000s the city experienced a moderate revival with the construction of the Compuware headquarters and three gambling casinos, amid budget shortfalls and cuts in city services.
The local economy
Detroit and the surrounding region constitute a manufacturing powerhouse, most notably as home to the Big Three auto companies. There are hundreds of offices and plants in the automotive support business: parts, electronics, and design suppliers. Because of its almost singular dependence on the auto industry, Detroit is more acutely vulnerable to economic cycles than most large cities. Greater competition from foreign brands and more inexpensive labor in other regions of the world have led to a steady decline of manufacturing jobs in the region. In the early 21st century, losses and bankruptcy filings by several of the area's auto parts manufacturers have exacerbated Detroit's economic situation. Another factor contributing to the habitability of the city has been historically high taxes, with many unable to afford the cost of citizenship entailed by levys on property and income. In February 2006, the metropolitan Detroit's unemployment rate was 8.6%, topped only by communities devastated by Hurricane Katrina. In the city, the unemployment rate hovered around 15% at the end of 2005, leaving Detroit as the nation's poorest city with more than one-third of residents below the poverty line.
In recent years, rising gasoline prices combined with better fuel economy from Japan and Europe's vehicles has seen Detroit's auto industry's attempting to create "greener" vehicles. In 2006, Ford stated that it will dramatically increase production of its hybrid gas-electric models, as well as promote the use of existing technologies to equip vehicles with mixed ethanol and gasoline fuelled systems. General Motors has made a major investment in fuel cell-equipped vehicles, while Chrysler is focusing much of its research and development into biodiesel. In 2002, the state of Michigan established NextEnergy, a non-profit corporation whose purpose is to enable the commercialization of various energy technologies. Its main complex is located north of Wayne State University.
Other Fortune 500 companies headquartered in Detroit include auto parts maker American Axle & Manufacturing, Comerica, and DTE Energy. Detroit is home to Compuware and the national pizza chain Little Caesars. Casino gaming also plays a major economic role, with Detroit currently the largest city in the United States with legalized gaming. Medical service providers such as the Detroit Medical Center and Henry Ford Hospital are major employers in the city. Other major industries include advertising, chemicals, and computer software.
Source - Wikipedia: Detroit, Michigan
Recent Detroit business news
Links to recent headlines via Topix.net
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See also
External links
- Official website
- Detroit business Chamber of Commerce
