background preloader

Tech and innovation power Detroit's manufacturing revival

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

http://www.cnbc.com/2015/06/29/and-innovation-power-detroits-manufacturing-revival.html

Related:  ltinoco123cchavez03santosss17

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.

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. 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.

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:

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.

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. Earlier this year, JPMorgan Chase and CSW released a series of reports that examined ways to strengthen Detroit’s workforce systems.

Even when jobs return, Detroit's workers fall short on skills

Related: