Editing Detroit (section)

==Economy==
{{See also|Economy of metropolitan Detroit|Planning and development in Detroit}}
{| class="wikitable" style="float:right; font-size:90%; text-align:center; margin-left:1em;"
|-
|+ style="background-color:tan;"|Top city employers as of 2014<br><small>Source: ''[[Crain's Detroit Business]]''</small><ref name="cdb2013">''[[Crain's Detroit Business]]'': [http://www.crainsdetroit.com/assets/PDF/CD90222816.PDF Largest Detroit Employers] (August 2013 ). Retrieved on January 12, 2014.</ref>
|-
! Rank !! Company or organization!! #
|-
| 1
|[[Detroit Medical Center]]
|11,497
|-
| 2
|City of Detroit
|9,591
|-
| 3
|[[Quicken Loans|Rocket Mortgage]]
|9,192
|-
| 4
|[[Henry Ford Health System]]
|8,807
|-
| 5
|[[Detroit Public Schools]]
|6,586
|-
| 6
|[[Federal government of the United States|U.S. Government]]
|6,308
|-
| 7
|[[Wayne State University]]
|6,023
|-
| 8
|[[Chrysler]]
|5,426
|-
| 9
|[[Blue Cross Blue Shield of Michigan|Blue Cross Blue Shield]]
|5,415
|-
| 10
|[[General Motors]]
|4,327
|}
[[File:American Courage.jpg|thumb|The Detroit River is one of the busiest straits in the world. Pictured is [[lake freighter]] ''[[MV American Courage]]'' passing the strait.]]

Several major corporations are based in the city, including three Fortune 500 companies. The most heavily represented sectors are manufacturing (particularly automotive), finance, technology, and health care. The most significant companies based in Detroit include [[General Motors]], [[Rocket Mortgage]], [[Ally Financial]], [[Compuware]], [[Shinola Detroit|Shinola]], [[American Axle]], [[Little Caesars]], [[DTE Energy]], [[Lowe Campbell Ewald]], [[Blue Cross Blue Shield of Michigan]], and [[Rossetti Architects]].

About 80,500 people work in downtown Detroit, comprising one-fifth of the city's employment base.<ref name=Marketprofile>The Urban Markets Initiative, Brookings Institution Metropolitan Policy Program, The Social Compact Inc., University of Michigan Graduate Real Estate Program, (October 2006).[http://www.downtowndetroit.org/ddp/newsroom/Downtown_Detroit_in_Focus.pdf Downtown Detroit in Focus: A Profile of Market Opportunity] {{webarchive|url=https://web.archive.org/web/20110812084749/http://www.downtowndetroit.org/ddp/newsroom/Downtown_Detroit_in_Focus.pdf |date=August 12, 2011 }}. ''Detroit Economic Growth Corporation'' and ''Downtown Detroit Partnership''. Retrieved on June 14, 2008.</ref><ref>Henion, Andy (March 22, 2007). City puts transit idea in motion. ''The Detroit News''.(About 80,500 people work in downtown Detroit which is 21% of the city's employment base). Retrieved on May 14, 2007.</ref> Aside from the numerous Detroit-based companies listed above, downtown contains large offices for [[Comerica]], [[Chrysler]], [[Fifth Third Bank]], [[HP Enterprise Services|HP Enterprise]], [[Deloitte]], [[PricewaterhouseCoopers]], [[KPMG]], and [[Ernst & Young]]. [[Ford Motor Company]] is in the adjacent city of [[Dearborn, Michigan|Dearborn]].<ref>{{cite web|title=Ford Motor Company {{!}} History & Facts|url=https://www.britannica.com/topic/Ford-Motor-Company|access-date=January 14, 2021|website=Encyclopedia Britannica|language=en}}</ref>

Thousands more employees work in Midtown, north of the central business district. Midtown's anchors are the city's largest single employer [[Detroit Medical Center]], [[Wayne State University]], and the [[Henry Ford Health System]] in New Center. Midtown is also home to watchmaker [[Shinola (retail company)|Shinola]] and an array of small and startup companies. [[New Center, Detroit|New Center]] bases TechTown, a research and business incubator hub that is part of the Wayne State University system.<ref>{{cite web |url=http://media.wayne.edu/2015/03/02/wsu-economic-development-leader-named-techtown-president |title=WSU economic development leader named TechTown president and CEO – Wayne State University |access-date=March 20, 2015 |archive-date=March 19, 2015 |archive-url=https://web.archive.org/web/20150319121109/http://media.wayne.edu/2015/03/02/wsu-economic-development-leader-named-techtown-president |url-status=dead }}</ref> Like downtown, [[Corktown, Detroit|Corktown]] Is experiencing growth with the new Ford Corktown Campus under development.<ref>{{cite web|url= https://media.ford.com/content/fordmedia/fna/us/en/news/2020/11/17/ford-plans-mobility-innovation-district.html |title= Ford Motor Co. REVEALS PLANS for its New Corktown Campus. | date=November 17, 2020}}</ref><ref>{{cite web |url=https://corporate.ford.com/operations/locations/corktown.html |title=The Corktown campus is composed of several buildings |access-date=June 8, 2021 |archive-date=June 8, 2021 |archive-url=https://web.archive.org/web/20210608144327/https://corporate.ford.com/operations/locations/corktown.html |url-status=dead }}</ref>

Many downtown employers are relatively new, as there has been a marked trend of companies moving from satellite suburbs into the downtown core.<ref>{{cite web|last=Muller|first=David|url=http://www.mlive.com/business/detroit/index.ssf/2013/03/while_companies_move_into_down.html|title=While companies move into Downtown Detroit, suburbs continue to suffer|website=Mlive.com|date=March 8, 2013|access-date=August 18, 2017}}</ref> Compuware completed its [[One Campus Martius|world headquarters]] in downtown in 2003. [[OnStar]], [[Blue Cross Blue Shield of Michigan|Blue Cross Blue Shield]], and [[HP Enterprise Services]] are at the Renaissance Center. [[PricewaterhouseCoopers]] Plaza offices are adjacent to [[Ford Field]], and [[Ernst & Young]] completed its office building at [[One Kennedy Square]] in 2006. Perhaps most prominently, in 2010, Quicken Loans, one of the largest mortgage lenders, relocated its world headquarters and 4,000 employees to downtown Detroit, consolidating its suburban offices.<ref name=Howes>Howes, Daniel (November 12, 2007). [http://www.detnews.com/apps/pbcs.dll/article?AID=/20071112/UPDATE/711120450/1361 Quicken moving to downtown Detroit]. ''The Detroit News''. Retrieved on November 12, 2007.{{dead link|date=June 2016|bot=medic}}{{cbignore|bot=medic}}</ref> In July 2012, the U.S. Patent and Trademark Office opened its Elijah J. McCoy Satellite Office in the Rivertown/Warehouse District as its first location outside Washington, D.C.'s metropolitan area.<ref>{{cite web |url=http://www.uspto.gov/news/pr/2012/12-41.jsp |title=Press Release, 12–41 |publisher=Uspto.gov |date=July 13, 2012 |access-date=June 29, 2014 |archive-date=June 25, 2014 |archive-url=https://web.archive.org/web/20140625063919/http://www.uspto.gov/news/pr/2012/12-41.jsp |url-status=dead }}</ref>

In April 2014, the [[United States Department of Labor]] reported the city's unemployment rate at 14.5%.<ref name=MILMI2>{{cite web|url=http://ycharts.com/indicators/detroit_mi_unemployment_rate |title=Detroit, MI Unemployment Rate |publisher=Ycharts.com |access-date=July 21, 2014}}</ref>

The city of Detroit and other [[public–private partnership]]s have attempted to catalyze the region's growth by facilitating the building and historical rehabilitation of residential high-rises in the downtown, creating a zone that offers many business tax incentives, creating recreational spaces such as the Detroit RiverWalk, [[Campus Martius Park]], [[Dequindre Cut]] Greenway, and Green Alleys in Midtown. The city has cleared sections of land while retaining some historically significant vacant buildings to spur redevelopment;<ref name=autogenerated3>Morice, Zach (September 21, 2007).[http://info.aia.org/aiarchitect/thisweek07/0921/0921p_detroit.cfm Planting community in fallow fields] {{webarchive|url=https://web.archive.org/web/20110723030222/http://info.aia.org/aiarchitect/thisweek07/0921/0921p_detroit.cfm |date=July 23, 2011}}. American Institute of Architects. Retrieved on December 23, 2009.</ref> even though it has struggled with finances, the city issued bonds in 2008 to provide funding for ongoing work to demolish blighted properties.<ref name=NextDetroit /> Two years earlier, downtown reported $1.3&nbsp;billion in restorations and new developments which increased the number of construction jobs in the city.<ref name=partnership /> In the decade prior to 2006, downtown gained more than $15&nbsp;billion in new investment from private and public sectors.<ref name=autogenerated2>The Urban Markets Initiative, Brookings Institution Metropolitan Policy Program The Social Compact, Inc. University of Michigan Graduate Real Estate Program (October 2006).[http://www.downtowndetroit.org/ddp/market_data.htm Downtown Detroit In Focus: A Profile of Market Opportunity] {{webarchive |url=https://web.archive.org/web/20110918050029/http://www.downtowndetroit.org/ddp/market_data.htm |date=September 18, 2011}}. Downtown Detroit Partnership. Retrieved on July 10, 2010.</ref>

[[File:HudsonsSiteAug13.jpg|thumb|left|Construction progress at [[Hudson's Detroit]], slated to be the [[List of tallest buildings in Detroit|second-tallest building in Detroit]].]]

Despite the city's recent financial issues, many developers remain unfazed by Detroit's problems.<ref>Maynard, Micheline (July 29, 2013). [https://nation.time.com/2013/07/29/detroits-developers-unfazed-by-bankruptcy/ "Detroit's Developers Unfazed by Bankruptcy"]. ''Time''. Retrieved on September 5, 2013.</ref> Midtown is one of the most successful areas within Detroit to have a residential occupancy rate of 96%.<ref>[http://www.mlive.com/news/detroit/index.ssf/2013/05/lawrence_tech_to_anchor_new.html Lawrence Tech anchoring Midtown Detroit development, joining neighborhood's boom]. MLive.com (May 7, 2013). Retrieved on September 5, 2013.</ref> Numerous developments have been recently completed or are in various stages of construction. These include the $82&nbsp;million reconstruction of downtown's [[David Whitney Building]] (now an [[Aloft Hotel]] and luxury residences), the Woodward Garden Block Development in Midtown, the residential conversion of the [[David Broderick Tower]] in downtown, the rehabilitation of the [[Book Cadillac Hotel]] (now a Westin and luxury condos) and [[Fort Shelby Hotel]] (now Doubletree) also in downtown, and various smaller projects.<ref>{{cite news |url=https://www.huffpost.com/entry/detroit-development-projects-real-estate_n_3288459 |title=Detroit Development Projects, Real Estate Investments Are Booming in 2013 |first=David |last=Sands |work=[[HuffPost]] |date=June 1, 2013}}</ref><ref name="partnership" />

Downtown's population of young professionals is growing, and retail is expanding.<ref name=Detroitres/><ref>{{cite news|url=https://www.forbes.com/sites/joannmuller/2012/07/10/a-shocking-sight-in-downtown-detroit/|title=A Shocking Sight in Downtown Detroit – People|last=Muller|first=Joanne|date=July 10, 2012|work=[[Forbes]]|access-date=August 10, 2013}}</ref> A study in 2007 found out that Downtown's new residents are predominantly young professionals (57% are ages 25 to 34, 45% have bachelor's degrees, and 34% have a master's or professional degree),<ref name=Marketprofile/><ref name=Detroitres/><ref name=Detroitstudy/> a trend which has hastened over the last decade. Since 2006, $9&nbsp;billion has been invested in downtown and surrounding neighborhoods; $5.2&nbsp;billion of which has come in 2013 and 2014.<ref>{{cite web|title=Detroit 7.2|url=http://detroitsevenpointtwo.com/|url-status=usurped|archive-url=https://web.archive.org/web/20150811042531/http://detroitsevenpointtwo.com/|archive-date=August 11, 2015|access-date=August 15, 2015|publisher=Hudson-Webber Foundation}}</ref> Construction activity, particularly rehabilitation of historic downtown buildings, has increased markedly. As of 2014, the number of vacant downtown buildings has dropped from nearly 50 to around 13.<ref name="Crain">{{cite web|date=September 28, 2014|title=MARY KRAMER: Rebuilding city takes patience, vision – Crain's Detroit Business|url=http://www.crainsdetroit.com/article/20140928/BLOG018/309289997/rebuilding-city-takes-patience-vision|access-date=July 23, 2017|website=Crainsdetroit.com}}</ref>

In 2013 [[Meijer]], a midwestern retail chain, opened its first supercenter store in Detroit;<ref>{{cite news|url=http://www.freep.com/article/20130724/BUSINESS06/307240146/Meijer-Detroit |title=First Meijer super center store opens in Detroit |website=Detroit Free Press |access-date=June 29, 2014}}</ref> this was a $20&nbsp;million, 190,000-square-foot store in the northern portion of the city and it also is the centerpiece of a new $72&nbsp;million shopping center named Gateway Marketplace.<ref>[http://detroit.cbslocal.com/2013/07/25/new-20m-meijer-store-opens-in-detroit/ New $20M Meijer Store Opens In Detroit]. CBS Detroit (July 25, 2013). Retrieved on September 5, 2013.</ref> In 2015 Meijer opened its second supercenter store in the city.<ref>{{cite web|last=Helms|first=Matt|url=http://www.freep.com/story/news/local/michigan/detroit/2015/06/11/meijer-second-store-detroit/71062968/ |title=Meijer opens its 2nd Detroit store amid song, donations |website=Detroit Free Press |date=June 11, 2015 |access-date=July 23, 2017}}</ref> In 2019 [[JPMorgan Chase]] announced plans to invest $50&nbsp;million more in affordable housing, job training, and entrepreneurship by the end of 2022, growing its investment to $200&nbsp;million.<ref>{{cite web|last=Livengood|first=Chad|url=https://www.crainsdetroit.com/economic-development/jpmorgan-chases-detroit-investment-growing-200-million |title=JPMorgan Chase expanding Detroit investment to $200 Million |date=June 26, 2019}}</ref>