Tech and innovation power Detroit's manufacturing revival. Similar efforts are under way in Detroit to foster innovation and entrepreneurism. These include the Obama administration's manufacturing innovation institute, called Lightweight Innovations for Tomorrow (LIFT), launched in January, and the philanthropic New Economy Initiative (NEI), an economic development initiative working to build a network of support for entrepreneurs and small businesses. "We don't support entrepreneurs directly, but the ecosystem that does," explained David Egner, executive director of NEI, which has raised $135 million to fund entrepreneurs and programs like LIFT.
Egner said that about 20 percent of its recipients are budding manufacturers, making things like heated motorcycle jackets, wooden pallets and carbon dioxide-based coolants for machinery. Many are former autoworkers who have hooked up with TechTown, a nonprofit innovation hub and incubator situated in a 135,000-square-foot downtown facility provided by General Motors. —By Bob Woods, special to CNBC.com.
5 trends to watch in Michigan's economy. If the prognosticators are right, Michigan's still recovering economy is poised for another round of substantial growth by riding an expected banner year for auto sales. The nation's 10th largest state by population is still making up ground on real estate prices, average personal income and the level of education afforded to its key group of young workers. But the spillover effects of record annual auto sales should continue to boost jobs, especially for those who build homes, serve popular tourist communities and keep government offices running, according to state, business and academic experts.
Rip-roaring auto sales will continue to soar to at least 18 million a year in the U.S for the next two years, forecasters from the U-M Research Seminar in Quantitative Economics say. And declining gasoline prices are expected to pump sales of fuel-thirsty SUVs and trucks, further boosting the profit margins for the Detroit Three automakers. But who will produce the state's new jobs? Workforce Development Agency - About Us. What Bankrupted Detroit: China? Or Robots? - The Atlantic. We know that, unlike most defeats, Detroit's bankruptcy has a thousand fathers -- everything from mismanaged pension funds to interest rate swaps gone the wrong way to years of racial animus that hollowed out the core of an already too-sprawling metropolis. But the fundamental problem of late has been the city's depleted population: More than a quarter of its residents leaving town between 2000 and 2010. That's a function of bad city services and urban blight, but it's also because it's hard to make a living there.
You can see that reflected in the chart above. Jobs in the Detroit metropolitan area, which held fairly steady through the nineties, plunged after 2000, as the unemployment rate rose. Between 2001 and the end of 2012, Detroit's Wayne County lost more than 60,000 manufacturing jobs alone. What changed in 2000? Besides the popping of the tech bubble, it's easy to point to trade normalization with China. Effort to match Detroit workers' skills to jobs gets a boost. Workforce training programs often have been the weak link in labor markets, with millions of dollars spent preparing people for jobs that don't exist and giving them skills that aren't in demand.
That record has gotten better in Detroit in recent years, and now JPMorgan Chase is hoping to improve the performance even more. The bank, as part of its $100-million commitment to Detroit redevelopment efforts, has selected 22 workforce training professionals for a yearlong Detroit Workforce System Leadership Development Academy. Drawn from organizations including Focus: HOPE, Goodwill Industries, and the City of Detroit, the 22 participants will take part in retreats, seminars, and training programs to expose them to data findings and best practices culled from nationwide experience.
Read more: "A lot of times employers are to blame. JPMorgan Chase is sponsoring the academy in partnership with the Corporation for a Skilled Workforce and the Aspen Institute. JPMorgan Chase Commits Over $1.3 Million to Increase Skills Training and Job Growth in Detroit | JPMorgan Chase & Co. September 27, 2016 (Detroit, MI) – JPMorgan Chase & Co. is investing over $1.3 million to increase the number of Detroiters receiving skills training for in-demand jobs and to strengthen partnerships between job seekers, local employers and training providers, the firm announced today.
As part of JPMorgan Chase’s $100 million commitment to the city’s economic recovery, the new grants will support the Detroit Employment Solutions Corporation, United Way for Southeastern Michigan and Corporation for a Skilled Workforce (CSW). Specifically, the investments will create an innovative and new leadership development academy for local workforce professionals, improve connections between Detroiters and existing job openings in growing local industries and address the skills mismatch between local employers and job seekers.
Earlier this year, JPMorgan Chase and CSW released a series of reports that examined ways to strengthen Detroit’s workforce systems. About JPMorgan Chase JPMorgan Chase & Co. The Death of American Manufacturing. Crossing into the latter half of the first decade of the new millennium, we reflect on the most profound events of the past year. Though they would appear to offer little hope of world peace, they do, in fact, point to the imminence of far, far better times to come! Certain profound events in 2005 underscored that the world has entered a period of deep crisis. It is the emerging crisis at the close of one age of man and foreshadowing entry into another. The transition is slated to become the most painful in all of mankind’s history. Any retrospective on the year 2005 must be viewed within this context of the crisis at the close of the age.
But there is hope—real, genuine, practical hope—in these hugely negative events currently impacting this planet. Yet for those who have eyes to see, embedded within the events of the year 2005 are real signs of the imminence of the coming of mankind’s great, and only, hope for world peace and an end to all suffering for mankind. Washington London Tel Aviv. Even when jobs return, Detroit's workers fall short on skills. The rise and fall of Detroit: A timeline. Sign Up for Our free email newsletters On Thursday, Detroit made history — and not in a good way. The heart of the U.S. auto industry and home to the Detroit Tigers, Eminem and the White Stripes, Motown, and (maybe) Jimmy Hoffa's body became the largest city ever to file for bankruptcy.
In many ways, this financial crisis is 60 years in the making. As the Motor City faces an uncertain future, here's a look back at some key dates in the long, storied past of one of America's great cities: July 24, 1701Antoine de La Mothe Cadillac establishes a French settlement, Fort Ponchartrain du Détroit (the strait), along with 100 French soldiers and an equal number of Algonquins. 1760Britain wins the city from the French. 1796U.S. forces capture Detroit from the British.
Feb. 1, 1802Detroit becomes a chartered city, covering about 20 acres. 1827Detroit adopts its forward-looking city motto: Speramus Meliora; Resurget Cineribus (We hope for better days; it shall rise from the ashes). 1899Ransom E.