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Saturday, December 31, 2011

Building momentum

2011 was a relatively good year for Michigan and Detroit. After a decade of losing jobs, it seems like the state will finally have a net positive in job creation this year (http://www.freep.com/article/20111226/BUSINESS06/112260356/In-Michigan-decade-of-job-loss-is-finally-coming-to-end). While 64 k new jobs may not seem like much, especially compared to the ~1 million jobs in the 2000s, it is definitely a step in the right direction. Unemployment is down, the auto companies making billions and vehicle sales continue to recover. The real estate market is picking up, properties are moving, and transaction prices are rising. Anecdotally, there seems to be more and more interest in young people moving to the City (I have a new co-worker who has moved downtown and it seems properties, including rentals, are moving fast there). There have been a few hiccups (e.g., Detroit's continuing meltdown - I'm starting to feel a bit disappointed in the Mayor's work - an amergency manager may be needed; Governor's failure to get the bridge; decision to scrap light rail plan for high speed buses), but compared to the rest of the country, things are looking and feeling pretty good here in Detroit. 2011 has been a good year for us to build momentum. I have a feeling 2012 could be a breakthrough year, as long as the rest of the country and world doesn't collapse around us and the financial terrorists at the banks don't torpedo our economy again.