page_title: Detroit
section_title: Economy
hierarchical_section_title: Detroit / Economy
caption_attribution_description: English: 1st National Building — Detroit Financial District. self made
context_page_description: Detroit is the largest and most populous city in the U.S. state of Michigan, the largest U.S. city on the United States–Canada border, and the seat of Wayne County. The municipality of Detroit had a 2019 estimated population of 670,031, making it the 24th-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 million people, making it the second-largest in the Midwest after the Chicago metropolitan area, and 14th largest in the United States. Regarded as a major cultural center, Detroit is known for its contributions to music and as a repository for art, architecture and design.
  Detroit is a major port on the Detroit River, one of the four major straits that connect the Great Lakes system to the Saint Lawrence Seaway. The Detroit Metropolitan Airport is among the most important hubs in the United States. The City of Detroit anchors the second-largest regional economy in the Midwest, behind Chicago and ahead of Minneapolis–Saint Paul, and the 13th-largest in the United States.
context_section_description: 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, Quicken Loans, Ally Financial, Compuware, 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. Aside from the numerous Detroit-based companies listed above, downtown contains large offices for Comerica, Chrysler, Fifth Third Bank, HP Enterprise, Deloitte, PricewaterhouseCoopers, KPMG, and Ernst & Young. Ford Motor Company is in the adjacent city of Dearborn.
  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 and an array of small and startup companies. New Center bases TechTown, a research and business incubator hub that is part of the WSU system. Like downtown and Corktown, Midtown also has a fast-growing retailing and restaurant scene.
  A number of the city's downtown employers are relatively new, as there has been a marked trend of companies moving from satellite suburbs around Metropolitan Detroit into the downtown core. Compuware completed its world headquarters in downtown in 2003. OnStar, 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. 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.
  In April 2014, the United States Department of Labor reported the city's unemployment rate at 14.5%.
  The city of Detroit and other private-public partnerships 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 itself has cleared sections of land while retaining a number of historically significant vacant buildings in order to spur redevelopment; even though it has struggled with finances, the city issued bonds in 2008 to provide funding for ongoing work to demolish blighted properties. Two years earlier, downtown reported $1.3 billion in restorations and new developments which increased the number of construction jobs in the city. In the decade prior to 2006, downtown gained more than $15 billion in new investment from private and public sectors.
  Despite the city's recent financial issues, many developers remain unfazed by Detroit's problems. Midtown is one of the most successful areas within Detroit to have a residential occupancy rate of 96%. Numerous developments have been recently completed or are in various stages of construction. These include the $82 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.
  Downtown's population of young professionals is growing and retail is expanding. A study in 2007 found out that Downt
caption: The First National Building, a class-A office center in Downtown, within the Detroit Financial District.
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