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Economy of metropolitan Detroit : ウィキペディア英語版
Economy of metropolitan Detroit

The economy of metropolitan Detroit, Michigan, is a key pillar of the economy of the United States. Its ten county area has a population of over 5.3 million, a workforce of 2.6 million, and about 247,000 businesses.〔(Regional Profile ). ''Detroit Regional Chamber''. Retrieved on September 18, 2010.〕
Detroit's six county Metropolitan Statistical Area has a population of about 4.3 million, a workforce of about 2.1 million,〔(Michigan Department of Labor and Economic Growth ). Retrieved May 22, 2011.〕 and a Gross Metropolitan Product of $200.9 billion.〔(U.S. Metro Economies: GMP - The Engines of America's Growth )〕 Detroit's urban area has a population of 3.9 million. A 2005 PricewaterhouseCoopers study estimated that Detroit's urban area had a Gross Domestic Product of $203 billion.〔(The 150 richest cities in the world by GDP in 2005 )〕
About 80,500 people work in downtown Detroit, comprising one-fifth of the city's employment base.〔Henion, Andy (03-22-2007).City puts transit idea in motion.''The Detroit News''. (About 80,500 people work in downtown which is 21% of the city's employment base). Retrieved on May 14, 2007.〕〔The Urban Markets Initiative, Brookings Institution Metropolitan Policy Program The Social Compact, Inc. University of Michigan Graduate Real Estate Program (October 2006).(Downtown Detroit In Focus: A Profile of Market Opportunity ). ''Downtown Detroit Partnership''. Retrieved on September 18, 2010.〕 Metro Detroit has propelled Michigan's national ranking in emerging technology fields such as life sciences, information technology, and advanced manufacturing; Michigan ranks fourth in the U.S. in high tech employment with 568,000 high tech workers, which includes 70,000 in the automotive industry.〔MEDC (2009).(Michigan: High Technology Focus ) State of Michigan. Retrieved on June 23, 2009.〕 Michigan typically ranks third or fourth in overall research and development expenditures in the United States.〔MEDC,(2009).(Michigan Advantage ) ''State of Michigan''. Retrieved on June 23, 2009.〕〔NSF 01-320 (2001).(R&D Spending is Highly Concentrated in a Small Number of States ) National Science Foundation〕 Metro Detroit is second largest source of architectural and engineering job opportunities in the U.S.〔 Detroit is known as the automobile capital of the world, with the domestic auto industry primarily headquartered in Metro Detroit.〔Sean P. McAllinden, Ph.D. (2003).(Economic Contribution of the Auto Industry to the U.S. Economy ). ''Center for Automotive Research''. Retrieved on January 11, 2009. "The U.S. automotive industry is still the largest automotive industry in the world."〕 New vehicle production, sales, and jobs related to automobile use account for one of every ten jobs in the United States.〔Alliance of Automobile Manufacturers (2006). (From the 2003 Study "Contributions of the Automotive Industry to the U.S. Economy" University of Michigan and the Center for Automotive Research )''Autoalliance.com''. Retrieved on April 12, 2007.〕
In April 2008, metropolitan Detroit's unemployment rate was 6.9 percent; in November 2012, it was 7.9 percent.〔〔Bureau of Labor Statistics (December 2012). (Unemployment rates for metropolitan areas ). ''U.S. Department of Labor''. Retrieved December 27, 2012.〕 Economic issues include the city of Detroit's unemployment rate at 15.8 percent in April 2012.〔 The suburbs typically have low unemployment. The metropolitan economy began an economic recovery in 2010.〔Oosting, Jonathan (December 1, 2010).(Brookings: Metro Detroit economy on 'road to full recovery' ).''Mlive''. Retrieved July 17, 2011.〕
==Real estate and corporate location==

From the metro area economy, Michigan was second in the U.S. in 2004 for in new corporate facilities and expansions.〔MEDC (March 3, 2005) (Michigan #2 in the Nation for New Corporate Facilities and Expansions in 2004 ) Globeinvestor.com ''PR NEWS WIRE''. Retrieved on May 2, 2007.〕 From 1997 to 2004, Michigan was the only state to top the 10,000 mark for the number of major new developments.〔 Among metro areas with more than one million people, Metro Detroit was fourth in the U.S. from 2007 to 2009 for new corporate facilities and expansions.〔Lane, Amy (March 5, 2010). (Michigan retains 3rd-place ranking by Site Selection magazine ).''Crains Detroit Business''. Retrieved on April 17, 2010.〕〔Medernach, Karen and Mike O'Conner (March 2010).(2007-2009 New Corporate Facilities and Expansions ).''Site Selection magazine''. Retrieved on April 17, 2010.〕 Metro Detroit has one of the nation's largest office markets with .〔(Metro Detroit Office Market report ). ''Colliers International''. Retrieved on August 16, 2008.〕 Major inter-connected office complexes include the Renaissance Center, the Southfield Town Center, and the Cadillac Place joined with the Fisher Building in the historic New Center area.
The metro area's resilience has kept the state's economy growing in spite of difficulties.
From the third quarter of 2006 to the fourth quarter of 2009, Metro Detroit's residential resale housing market struggled, along with the residential real estate trend across the United States creating opportunities for buyers.〔''Mortgage Foundation'' (website). (Michigan Housing Market Report: Detroit Home Prices Plummet ). Retrieved on April 7, 2007.〕〔Bourdet, Dorothy (22 November 2006).(The incredible deflating housing market ). ''Detroit Free Press''.〕 The Case–Shiller index projects Metro Detroit as the nation's third strongest housing market by 2014, attracting interest from international investors.〔http://images.businessweek.com/ss/10/08/0803_strongest_housing_markets/23.htm〕 Among the top fifty metropolitan areas, Detroit ranked as the third most affordable in the United States in a Forbes 2011 report.〔(Forbes ranks Cincinnati #5 for affordable cities ).''Fox 19.com'', (January 11, 2011). Retrieved January 12, 2011.〕 Detroit was among the top five cities in the U.S. for job growth from 2010 to 2012.〔(Detroit among top five cities across country for job growth ). ''ABC News 7 WXYZ.com'', October 28, 2012.〕〔Giang, Vivian (October 26, 2012).(The 10 US Cities with the Best Job Growth ). ''Business Insider'' Yahoo.com.〕〔Headapohl, Jackie (March 30, 2011).(Detroit in top 5 markets for engineering services sector ).''MLive''〕 A 2011 economic study showed Metro Detroit with the highest share of employment (13.7%) in the technology sectors in the U.S.〔(Technology industry report 2011 ).''Anderson Group'', 2011.〕 The state repealed its business tax in 2011 and replaced it with a 6% corporate income tax which substantially reduced taxes on business. Michigan became the 24th Right to Work state in the U.S. in 2012.
Metro Detroit is home to highly successful real estate developers. Area suburbs are among the more affluent in the U.S.〔 〕 Some of the newer multimillion-dollar estates in the metro area include those of the Turtle Lake development in Bloomfield Hills by Victor International.〔(Turtle Lake in Bloomfield Hills ). Retrieved on March 31, 2007.〕 The region is the headquarters for Pulte Homes, one of the USA's largest home builders, and Taubman Centers, one of the USA's largest shopping mall developers. There are a full range of retail shopping centers from upscale stores to discount chains. In 2007, Bank of America with regional offices in Troy announced that it would commit $25 billion to community development in Michigan.〔Crain's Detroit Business (October 4, 2007).(Bank of America commits $25 B for community development in Michigan ). ''Metro Mode Media''.Retrieved on September 6, 2008.〕
The ''Cool Cities Initiative'' is an innovative reinvestment strategy for America's northern cities begun by Michigan leaders to rebuild inner cities and downtowns.〔(''Cool Cities Initiative'' ) Retrieved on April 7, 2007.〕 Immigration continues to play a role in the region's projected growth with the population of Detroit-Ann Arbor-Flint (CMSA) estimated to be 6,191,000 by 2025.〔(Metro Area Factsheet: Detroit-Ann Arbor-Flint, Michigan CMSA ).''Federation for Immigration Reform.'' Retrieved on April 4, 2009.〕 Cities with existing infrastructure like Detroit are equipped to accommodate future increases in projected U.S. population growth.〔Haya El Nasser (May 27, 2006).().''USA Today''. Retrieved on May 5, 2009.〕 A 2007 report showed the city of Detroit's average household income at $47,962.〔 Redevelopment of historic buildings is priority for the city.〔Kaffer, Nancy (March 31, 2010).(Detroit to begin demolition of dangerous buildings ). ''Crain's Detroit Business''. Retrieved on July 1, 2010.〕
OnStar, Ally Financial, Compuware, Quicken Loans, and Blue Cross Blue Shield Association have brought an increased employment base to downtown Detroit. In decade leading up to 2006, downtown Detroit gained more than $15 B in new investment from private and public sectors.〔 The Detroit Riverfront conservancy has been able to acquire the $500 M investment for Detroit International Riverfront development through a series of public and private grants to complete the first phase of the 5½-mile (8.8 km) parkway along the riverfront east from the Hart Plaza and the Renaissance Center to the Belle Isle Bridge with phase II west of Hart Plaza to the Ambassador Bridge.〔(Detroit Riverfront Conservancy ) Retrieved on April 2, 2007.〕 In 2010, Henry Ford Health System and Vanguard Health Systems announced substantial renovations and expansions in New Center and Midtown Detroit.〔Greene, Jay (April 5, 2010).(Henry Ford Health System plans $500 million expansion ). ''Crains Detroit Business''. Retrieved on June 12, 2010.〕〔
Lifestyles for rising professionals in Detroit reflect those of other major cities. 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 degree).〔〔Reppert, Joe (October 2007).(Detroit Neighborhood Market Drill Down ). ''Social Compact''. Retrieved on July 10, 2010.〕〔Harrison, Sheena (June 25, 2007). (DEGA enlists help to spur Detroit retail ). ''Crain's Detroit Business.'' Retrieved on November 28, 2007."New downtown residents are largely young professionals according to Social Compact."〕 This dynamic is luring many younger residents to the downtown area.〔〔〔Halaas, Jaime (December 20, 2005).(Inside Detroit Lofts ) Model D Media.〕 Some are choosing to live in the grandiose mansions of Grosse Pointe in order to be closer to the urban scene. The river east development is a plan investing billions of dollars in a new mixed use residential, commercial, and retail space for downtown Detroit to serve the people where they work and live. To spearhead the development, Michigan created the William G. Milliken State Park and Harbor downtown along the Detroit International Riverfront. In 2007, downtown Detroit was named among the best big city neighborhoods in which to retire by CNN Money Magazine editors.〔Bigda, Carolyn, Erin Chambers, Lawrence Lanahan, Joe Light, Sarah Max, and Jennifer Merritt.(Detroit Best place to retire: Downtown ).''CNN Money Magazine''. Retrieved on October 22, 2007.〕 In 2008, Troy, Michigan ranked as the fourth most affordable U.S. city with a median household income of 78,800.〔Gopal, Prashant. (August 29, 2008). (America's Most and Least Affordable Housing Markets ). ''Business Week''〕 Oakland County is the fourth wealthiest county in the United States among counties with more than one million people.〔
Redevelopment of the Fort Shelby Hotel and the Westin Book-Cadillac Hotel has spurred economic growth downtown. Cobo Hall convention and exhibit facility which hosts the North American International Auto Show has begun a nearly $300 million renovation to be completed in 2014. Development of Detroit's west river area and its Michigan Central Station are the next important challenges for the city.

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