By: Ella R.
Talk about a turnaround. After being among the hardest-hit cities in the 2008 financial crisis, Detroit is now poised to become one of its biggest success stories. Large-scale public projects are reviving the city’s historic downtown district, investments are soaring and real estate is heating up, thanks to an influx of development capital, new talent and, yes, new jobs. The automotive industry is on the rebound, joined by growing business and tech sectors.
In a sign of the coming business renaissance, Twitter, the world-famous social media giant, is now a proud resident of the historic Madison Building, which is owned by Quicken Loans Inc., the country’s largest online mortgage lender. [1] This diversifying job market is one of the key factors in Detroit’s commercial recovery and a good reason to make Motor City the next step on your career ladder.
Detroit by the numbers
According to the U.S. Bureau of Labor Statistics (BLS), non-farm employment in Detroit increased by 4,700 jobs in 2014, up from a base of 1,879,900. The city is home to two major metropolitan divisions: Detroit-Livonia-Dearborn and Warren-Troy-Farmington Hills. While the former lost 2,800 jobs in the year leading up to September 2014, the latter gained 7,500.
In addition to business and professional services, manufacturing is another contender for Detroit’s fastest-growing job market. Last year, employment in the manufacturing sector increased at 1.1 percent, compared to 1.2 percent nationally, adding 2,500 jobs, primarily within the Warren division. [2]
Opportunities for creative entrepreneurs and young professionals
Once strictly a manufacturing metropolis, Detroit is quickly moving into the digital age with its own miniature version of Silicon Valley: The startup neighborhood is known as the Madison Block. Anchored by the Madison Building, where big-name tenants like Uber and Rockbot rent office space alongside Twitter, the Madison Block acts as an incubator for ambitious startups in a diverse set of industries, from tech, to finance, to entertainment.
The young startup scene is also the city’s epicenter of venture capital investment. Local investment firms are supporting homegrown businesses and attracting talented newcomers from all across the country. [3] One notable investment firm is Detroit Venture Partners, run by Dan Gilbert, the founder of Quicken Loans.
The state of the auto industry in Motor City
While Detroit is branching out into newer digital sectors in an effort to become more competitive, its rich legacy as the birthplace of the American car industry is far from forgotten. Like business, the region’s once struggling automotive sector is on the rise again. Due to the economic downturn and increased competition from overseas, it may be much smaller today than it was in its heyday, but Detroit’s storied car-making region retains its spot as the top producer of cars and trucks in the country.
In addition to floor technicians, local auto plants hire more mechanical and industrial engineers than any other state in the U.S. Throughout Michigan, hundreds of high-ranking programs are preparing students for long-term careers in automotive manufacturing, and the Detroit region remains the global headquarters of the classic American car manufacturers known as the Big Three: Ford, Chrysler and General Motors. [4]
Building a successful career in today’s Detroit
With Detroit’s economic engine roaring back to life, now is a great time to take your career here to the next level. To take advantage of the increasing opportunities in the car-manufacturing field, build on your background with vocational training from respected local institutions. Community colleges Henry Ford, Oakland and Macomb all offer comprehensive training in automotive services and technology.
If business is your area of expertise, there are a variety of local resources you can use to get into Detroit’s growing market for professional services. With perks that run the gamut from free tax advice to year-round networking conferences to online job listings, the Michigan Business & Professional Association is one of the best, along with the entrepreneur-friendly Detroit Young Professionals. [5][6]
If you’re just starting out, the Detroit Job Corps Center is the place to be. Overseen by the U.S. Department of Labor, this organization offers free education and training programs to help prepare young adults between the ages of 16 and 24 for rewarding careers in the Detroit area. [7]
References:
[1] http://www.pps.org/projects/detroit-leads-the-way-on-place-centered-revitalization/
[2] http://www.bls.gov/regions/midwest/news-release/AreaEmployment_Detroit.htm
[3] http://venturebeat.com/2015/02/14/welcome-to-the-detroit-startup-scene/
[4] http://www.detroitchamber.com/econdev/chamber-initiatives/michauto-universal-name/the-auto-industry-in-michigan/
[5] http://michbusiness.org/
[6] http://www.detroityp.org/
[7] http://detroit.jobcorps.gov/home.aspx
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