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Poll of Detroit residents finds grim conditions but optimistic outlooks
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Residents of Detroit- almost all residents- in the three county metropolitan area see their economy in ruins, according to aWashington Post-Kaiser Foundation-Harvard University poll of Detroiters. At the same time 63% of Detroiters feel optimistic that things will change for the better. Detroit's dependence on the auto industry has led to a marked precipitous decline with the highest unemployment in the country. Michigan has 14.7% unemployment and Detroit has 16.7%, the highest in the country. Seven of ten residents see a revitalization of the auto industry needed to rejuvenate Detroit, and three fourths of residents polled say this is likely to happen, even though the state government is looking to diversify the economy. A senior economist at the Upjohn Institute, an independent research group in Kalamazoo, Michigan, says creating a new diversified economy which includes biotech, medical, green energy in addition to electric cars and other fields in auto, will take years. One, two or even five years won't be enough to replace all the jobs lost in the auto industry, it may take adecade or longer. Some workers will be retrained in new areas, others will move and some will take lower wages at new jobs. Because of the area divided along racial lines with the black city neighborhoods and the white suburbs, the pain while distributed throughout the region, is seeing a marked deterioration in the life in the city. Governor Granholm says the state governmet has spent $400 million to help enroll 100,000 people in retraiing programs to become nurses, medical technicians, truck drivers and welders. Granholm says her office has helped create 163,000 jobs in 2009.
Sinking demand in 2008 and the Detroit automakers future.
02/13/2006
Sinking demand is casting a long shadow on the future of Detroit automakers, not the sinking demand of the 3rd quarter which was bad, but the sinking demand for the 4th quarter 2008 and in 2009. Something that GM and Ford with their optimistic forecasts of 13-14 million vehicles for 2009 as stated in theSenate on November 18, 2008 by their CEO's, may have missed as sales may be in the neighborhood of 10 million or lower in 2009.
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