Tuesday, February 21, 2012
What it takes to be in the top 1% in Detroit
Here in Michigan, we were hit pretty hard by the Great Recession. We had some dark times, and it feels as if we hit rock bottom.The unemployment levels are much higher here than in the rest of the country, and there seemed to be a large wealth gap between those at the top and those at the bottom. While poverty levels in Detroit have fallen even lower, so have the income levels of those at the top. In Detroit, to be in the top 1%, you don't have to make an extraordinary income. In fact, according to US Census Bureau data, you have to earn $341,700 to be in that category.
While it seems we have hit hard times, I believe that things are turning around in Detroit. These statistics are from 2010, and I would be interested to know what the trends are today. While it only takes a short time for things to go to hell in a hand basket, a turnaround will take some time. But I believe Detroit is headed in the right direction. As business returns to Detroit, watch for the entire national economy to turn around. The Big Three are posting big profits, hiring new employees, and pumping out tons of new vehicles. Have you seen any signs of a turnaround? Or do you think things are looking grim still in Detroit?
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I (like most) who grew up and/or live in the area, have great pride in Detroit its local communities, and want it to succeed.
ReplyDeleteManufacturing and the automotive industry is improving. General Motors alone last week reported profits of $7.6B in 2011 (a record year, after coming out of bankruptcy in 2009).
However i don't think we're out of the woods yet, and honestly think we need to show a few years of continued growth in jobs and corporate revenue in order to regain our stride.
Home values continue to be at an all-time low, however, they are appear to be stable and have seen signs of increased value in some local communities.
Great post!