Strong Employment Prospects Means More Demand for Homes in Detroit
Interesting article on Detroit ‘Motor City’s’ housing market revival.
After years of decline, exposed and caricatured by satirist and filmmaker Michael Moore, Detroit is finally seeing growth with organisations such as the Detroit Economic Growth Corporation working to attract new business and working capital into the city and its surrounding area.
The US automobile industry, has long played a key role in the ‘Motor City’ of Detroit’s economic recovery, is also showing strong growth. The Ford Motor Co., for example, posted a $2.1 billion profit for the first quarter 2010, continuing the run of four straight quarterly profits since 2005.
In addition to this, as private and government investment flows in, demand for affordable accommodation and prospects for future employment look strong. Amongst recent projects is a proposal to construct the $5.3 billion Detroit River International Crossing project. This new project will connect Detroit to Windsor, Ontario on the Canadian side. It is forecast to create 10,000 construction jobs and more than 221,000 jobs in Michigan, many of which will go to outside workers and skilled crafts people from outside the area who will be looking for homes to rent in Detroit.