Perception warming to investing in Detroit since bankruptcy
There’s a positive outlook for future investments in Detroit, according to new survey data from Detroit Future City.
Detroit’s 2013 bankruptcy hurt the city in numerous ways. One of them was by making it harder for the city to attract investment from developers and businesses.
Detroit Future City records perceptions of investment interest from people locally and nationally with an annual survey, known as the Detroit Reinvestment Index. The most recent data revealed that more national business leaders see Detroit as an “excellent opportunity” for investment and see “high potential” for investment opportunities over the next five to 10 years.
“We’re finally at the point where we can be competitive nationally with other cities in terms of investment, whether you are a large business, mid-size business or small business.” — Anika Goss, CEO of Detroit Future City
Listen: How perceptions of investing in Detroit have gotten rosier over the last decade.
Anika Goss is the CEO of Detroit Future City, a local think tank that recently wrote a report about Detroit’s Reinvestment Index. It tracked local and national perceptions of Detroit and its economic growth since its historic bankruptcy in 2013.
Goss says Detroit has caught up with other cities by opening itself up to investment opportunities.
“We’re finally at the point where we can be competitive nationally with other cities in terms of investment,” says Goss, “whether you are a large business, mid-size business or small business.”
Wendy Jackson is the managing director for the Detroit Program for The Kresge Foundation, which funded the report. She says the reinvestment index helps track the progress of Detroit’s business opportunities.
“Perceptions matter,” says Jackson, “and we wanted to make sure that not only at The Kresge Foundation, but in the philanthropic landscape here in the city we had the kind of tools, especially the data tools, that would help not only us determine where to make investments.”
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