Is there a magic recipe for this growth and rebuilding power? In addition to fiscal stabilization policies, investments by large international companies were the key for the city to grow at exponential levels. This caught the attention of new investors, small companies and individuals who entrusted their capital to the most varied industries: it began with the installation of automotive plants such as Ford Motor Company, General Motors and Chrysler.
Today, the city has taken an innovative turn and today offers countless technological services, which have made it a thriving center of innovation and a great entrepreneurial spirit. Two clear examples were, on the one hand, the landing of Amazon, which recently invested to expand its facilities with a 75,000 m² logistics center that will create more than 5,000 new jobs; and on the other, the arrival of Apple, which will open its first Development Academy making a large investment in the city, added to those already installed such as Google, Wymo and 100 Companies that are among the most important within the FORBES 500.
This is how they came to receive the largest venture capital investments: more and more companies from various sectors (health, defense, aerospace, technology, software and logistics) envision in Detroit a market to establish themselves, with great possibilities of growth and development. This is possible thanks to the technological offer and infrastructure of services that the city offers, added to a low cost of living for the American average. This reconversion and development provide great investment possibilities in the real estate market, due to the increase in the demand for qualified labor in various sectors. It should be noted that during the pandemic year a profile of younger and first-time buyers was added with regard to real estate investments abroad.
As a sign of his support for investment in infrastructure and automotive growth, President Biden visited the Ford plant in the city, where the company’s new electric pick-up will be produced. There he reaffirmed his commitment to investment in infrastructure, especially in the Green Economy (those that reduce the impact on the environment). Along the same lines, it sought to generate support to transform the automotive industry towards a green future with fully electric cars, proposing as a first measure to gradually replace the 650,000 government vehicles with electric vehicles.
Actions like these are what brought the city to the center of investment and increased jobs by thousands. Hard work is being done to position the state of Michigan as a leader in mobility and the center of the advanced automotive (Electric and Self-Driving Vehicles) industry. So much so that in August 2020 the construction of the first freeway exclusively for autonomous vehicles was announced that will cross Michigan from Detroit to Ann Arbor.
In this way, they are committed to reconverting the urban landscape and becoming an attractive workplace, all framed in the concept of smart cities or smart cities that prioritize sustainability and use infrastructures, innovation and technology to reduce energy consumption and reduce CO2 emissions.
Investments in technology applied to security
In times of crisis, insecurity had taken over the streets of Detroit, so bringing peace of mind to citizens and new investors was another key step in the city’s industrial resurgence. The Detroit Police Department (DPD) invested in facial recognition cameras, which allow it to analyze and optimize the way protection is provided in the city. In this way, taking advantage of the high definition equipment installed throughout the city by the Project Green Light Detroit program, the sites and businesses that participate in the program are enabled to send live transmissions of their internal and external cameras to the DPD. When suspicious movements are identified (with first and last names thanks to facial recognition) the police are given the option of reinforcing that area of the city.
Small investors, a growing market
Even Argentine gastronomy arrived in Detroit: the Barda restaurant is promoted as the first inspired by Argentine cuisine that will open its doors in the heart of the city. On the menu you can find everything from grilled chorizo and roast beef, to Fernet, wine and local beers, and it is positioned as a “Gourmet” restaurant.
Detroit has become an optimal city to invest in different areas such as health, gastronomy or real estate. The arrival of these companies and the reforms will attract people who decide to move for the new jobs, the modernization of the city and considering the number of real estate projects.
Everyone wants to be in Detroit, and that’s the secret to success. A site that has great potential ahead to evaluate investment possibilities, a city with aspirations for growth in all its areas.
CEO of IDG Homes Detroit