No there is real investment going on in Detroit. Roger Penske seems to be leading the charge to bring business to Detroit. Quicken bought one of the buildings downtown and is renovating it while working out of another building. JP Morgan just opened a regional HQ in Detroit, Ernst & young are now in Detroit. These companies are also dumping big bucks into infrastructure as well. Some $12 in private money went to buy and lease 100 police cars and ambulances. Another $5 million for improvements to schools etc.
Just the other day there was a chamber of commerce meeting about reopening the Detroit stock exchange. Canada is heavily involved as well because the heart of their manufacturing is in Windsor, Sarnia, London etc.
The simple reality is that as other cities like NY Boston and Chicago get more expensive for business, Michigan is getting cheaper at the state level and Detroit will be forced to cut back as well. The new international trade crossing bridge will ease the trade bottleneck and be a major boon to business.
“Some $12 in private money went to buy and lease 100 police cars and ambulances.”
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Wow, now that’s what I call value for your buck. Even I could afford that.