Dashing Dynamic Detroit in 2015!
In recent times, Metro Detroit has seen a growth in population, with the economic situation improving by leaps. The general business outlook has seen a trend towards positive growth. Many companies have actually started to move their headquarters from cities like New York and San Francisco to Detroit, contributing to the growth of the state of Michigan.
Surge in Suburbs
Suburbs like Southfield and Novi have seen an increase in new businesses opening and people have started to move into these places in good numbers. This has actually triggered an increase in real estate prices with even single and double bedroom apartments going for $1200 or more. Median house prices have increased 50% from the low of 2010 , and in just a short five years the outlook has gone from gloomy to glorious!
Motor vehicle production, engineering services and temporary staffing are powering the recent up-growth in Mo town. Crains Detroit weekly published an article showing a Detroit coffee shop and 10 other community organizations and establishments getting help this week from Farmington Hills-based Mercedes-Benz Financial Services and its volunteers.
Cities like Ann Arbor where Google has moved into and Grand Rapids where Amway Global is headquartered showcase a Michigan where the industrial giants are not afraid to venture into and call home.
Even smaller companies like garage door repair companies or a roofing contractor company have seen the general uptick in business a positive sign. Banks are lending more easily now, and that helps the cash flow of small and medium sized business flowing which is a very important factor for small businesses.
Now that it looks like the worst is past for Metro Detroit, the only place it has to go is up. With the recession behind , and the former corrupt mayor who bankrupted the city behind bars, businesses are booming.
Grand Rapids which is the biggest city in Michigan and Ann Arbor which is the 2nd largest city in Michigan have seen a 25% increase in population and in new businesses just in the last 18 months.
Cities like Warren and Flint and even smaller cities like Northville and Livonia have seen developments like new hotels and high rise apartments come up in the last couple of years.
Many companies, be it a spray foam company or a mom and pop grocery store have seen the economic climate conducive to growth. This results in people spending more, which in turns helps businesses to expand which increases profits, which results in an increase in salaries to employees which then prompts them to spend more. This positive cycle is so crucial to the well being and functioning of a local economy.