Detroit

With all of the negativity surrounding Detroit, it’s important to look at some of the positives that may be present in the future. Although there is a fair amount of opposition, Detroit is still planning on building a new hockey stadium for the Detroit Red Wings. Along with the stadium, $200 million of retail, office, residential, and hotel buildings would be built. It’s expected to cost about $650 million altogether, over half of which will be paid by the private sector, mainly the Ilitch family, founders of Little Caesars Pizza and owner of the Red Wings and Detroit Tigers.

The construction alone will create about 8,000 jobs for the construction of the stadium and surrounding buildings. Many other jobs will be created once the construction is complete. This would include retail and service jobs around the stadium. All in all, about $1 billion worth of revenue is expected in the coming years because of the project.

Much of the land where this construction project will be built is currently abandoned and uninhabited. Although much of the population has migrated to the suburbs, Detroit is expected to have more traffic in the coming years. Right now, it is the epitome of ‘buy low, sell high.’ Spaces to operate a business are low to invest in right now. It is a prime city for start-up entrepreneurs. Michigan eliminated a 4.95% tax on small business in 2007. They are also trying to slowly phase out property taxes. There is an enormous amount of unemployed college grads looking for work and many travel to Detroit. The future of business in Detroit has the potential to skyrocket