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. 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. 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. 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. JPMorgan Chase Commits Over $1.3 Million to Increase Skills Training and Job Growth in Detroit. 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. 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. 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: