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Detroit: One of America's Most Dynamic Cities

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Detroit: One of America's Most Dynamic Cities

A recent report by Point2Homes gives insight into America’s most dynamic urban centers. The research focuses on the 150 largest urban cities in the United States and ranks them by metrics such as housing and affordability; education and culture; economic growth; and population.

While San Francisco, California topped the ranking, Detroit, Michigan also secured a spot on the basis of its human capital and the increase in the number of people who moved there from elsewhere.

Detroit also scored the top mark in the category “People in Arts and Entertainment Increase,” an indicator of the city’s vibrance. Let’s take a further look at the Motor City, where Benzinga is headquartered. 

Detroit's Long History

Detroit is the most populous city in the state of Michigan and the 23rd-most populous city in the country. After it managed to claw its way back from its 2013 bankruptcy, it earned the nickname, “America’s Greatest Comeback City.” It now boasts the second-largest economy in the Midwest, right after Chicago.

Detroit is mostly known for being the birthplace of the automotive industry.

General Motors Company (NYSE: GM) is headquartered in Detroit's Renaissance Center, while Ford Motor Company (NYSE: F) is headquartered in the suburb of Dearborn and Fiat Chrysler Automobiles NV's (NYSE: FCAU) FCA US division is headquartered in Auburn Hills. 

With over 1.7 million cars and trucks rolling off assembly lines in the Detroit region in 2017, this area continues to be the heart of the automobile industry in the United States.

"Michigan leads the nation in the number of projects and legislation passed for connected and automated vehicle testing. Nearly 117,000 engineers are employed and driving innovation in Michigan, and the Great Lakes State is first in mobility-related patents (data processing, vehicles, navigation, relative location), with 2,583 patents awarded over the past five years," according to the Detroit Regional Chamber.

"Over the past five years, automotive-related jobs grew by 11.3% and are expected to grow another 3% by 2022."

Detroit Hustles Hard

Furthermore, research shows that the city is constantly developing and embracing entrepreneurship, as well as creating new job opportunities. In The Point2Now report, Detroit landed the third spot in the category “Increase in the Number of Companies.”

Plus, if you’re thinking about starting a family, Detroit could be the perfect place to do so.

The report shows that Detroit is inclusive and diverse: it ranked third in the number of foreign-born residents and eighth in “Rise in Median Income,” which reflects steady economic development.

Detroit On The Rise

Additionally, Detroit stole the show in housing affordability. It ranked No. 1 in “Home Price Appreciation,” besting all of the other 149 cities on the list.

Coupled with a less dramatic, but still significant improvement in “Decrease in Vacant Homes,” Detroit seems poised to recover lost ground in the housing sector.

Overall, these rankings show clear progress in Detroit’s development and good prospects for the future. While some urban centers have seen prodigious economic progress and are currently working to discover new opportunities for innovation and growth, Detroit stands out due to its extraordinary comeback and push for innovation.
Related Links: 

Detroit Fintech Academy Connects Motor City Students With Financial Literacy Education, Career Guidance

Stephen Ross, Dan Gilbert Back $300M University Of Michigan Academic Center In Detroit

Posted-In: Detroit Point2HomeNews Education Global General Real Estate Best of Benzinga

 

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