From 2006 to 2009, the Detroit Metropolitan Area faced an economic deprivation that left the city in shambles. Chrysler and GM had to fight for a bailout with the government that involved borrowing around $17 billion in order to avoid bankruptcy. The automobile industry crisis also led to the layoff of many employees, which increased the unemployment rate in Detroit to a 19 percent. This combined with the national real estate recession of 2008 created a treacherous atmosphere for the city, causing it to lose a lot of its working population and increasing the insecurity of its residents with a rise in crime. In 2013, the city filed for bankruptcy. Detroit’s charming qualities were overseen by the American population because of its growing reputation as a city that thrives off crime and poverty. However, we are beginning to see a shift as the automobile city is now experiencing a revival of sorts.
Since 2016, Bank of America and JPMorgan Chase have been investing into the city in order to assist it in redeveloping as a powerful city in the United States. These two companies trace a lot of their economic and corporate heritage to Detroit and therefore have been prompted to show interest for the city’s recovery. Chase alone is planning on imbursing $19 million into different sectors of the city in order to make it a more appealing branch of their corporate department. Along with Chase, Quicken Loans has been increasingly supportive of the Detroit revival movement, specifically in real estate mortgage loans. The company has dispersed around 170 million loans since 2016, which allowed people to move into the city. The involvement from these companies has caused Detroit to become more stable economically as well as safe.
With the upcoming holiday season, Quicken Loans and 50 other local businesses have created a marketplace in the downtown that is both prosperous and visually appealing. The little plastic igloos provide an aesthetic to the city as well as house multiple companies from the area to give city residents and tourists the desire to walk around the streets in the cold. As you continue walking down Woodward Avenue, you will also find beautiful Christmas decorations on every strip in sight. Quicken Loans has also built an ice skating rink and hosted an annual Christmas Tree lighting ceremony to commence the season with cheer in the city. This corporate participation has combined with the arts to remind people of Detroit’s glamour and to revive a positive connotation with the municipality. In fact Detroit’s unemployment rate dropped to 5.3 percent from the high 19 that plagued it and its poverty percentage is lower than the national average at 13.4 percent. These two factors confirm a favorable future for the city.
As well as the holiday economic prosperity, Detroit has also innovated new exhibits into the Detroit Institute of Art (DIA) and implemented a bicycle rental system to inspire residents to go outside and exercise. Not only that, Detroit created an efficient public transportation tram system as an alternative for traffic congested streets. Property wise, multiple companies have begun tearing down deteriorating buildings in order to begin construction on new condominiums to house the rapidly increasing population. These changes and innovations are just a few signs of the beneficial atmosphere that Detroit is making and are evidence of a flourishing city that in 5 years can become a national interest for other businesses in the United States. It’s exciting to see the rise of near-death city and develop into another industrial haven for the working populace of the country. All we can do now, is sit and observe to see how well the plans, that the Municipal township have presented, grow and create a healthier and safer city in Michigan.
