Assignment:

Analyze your city or county's economic factors that influence government policy using macroeconomic indicators.

1. Conduct research on your selected city or county, by gathering the following data from credible sources such as the city or county website, Bureau of Labor Statistics, or Federal Reserve Bank.
   • Economic Indicators
   • Employment Statistics
   • Income Data
   • Federal Reserve
2. Analyze your selected city or county's macroeconomic indicators including the following:
   • Determine whether the city or county facing challenges or opportunities, based on the four previously selected macroeconomic indicators.
   • Provide current facts and statistics about the city or county's indicators
   • Provide tables, graphs, and figures to support your position
3. Analyze your city or county's major businesses, industries, and markets.
   • Describe the major businesses, industries, and markets.
   • What financial and economic contributions do these businesses, industries, and markets provide to the city or county, i.e. jobs, services to the city/county, internships, social outreach?
   • Provide tables, graphs, and figures to support your position.

Economic Development Project Proposal | Part 1 - Introduction and City/County Evaluation

The city of Detroit, Michigan has a long and storied history. Founded in 1701 by French explorer Antoine Laumet de La Mothe, sieur de Cadillac, Detroit was the first European settlement in the region. The city quickly became a major trade hub due to its strategic location on the Detroit River, which connects Lake Erie to Lake St. Clair. Detroit's growth was further fueled by the arrival of the automobile industry in the early 20th century. Today, the city is home to a number of major corporations, including General Motors, Ford, and Chrysler.

However, Detroit has faced a number of challenges in recent years. The city's population has been in decline since the 1950s, falling from a peak of 1.8 million in 1950 to just over 700,000 in 2010. This population decline has been accompanied by a decrease in GDP and an increase in unemployment. The city's auto industry has also been hit hard by competition from foreign manufacturers, resulting in plant closings and job losses.

One way to address these challenges is to focus on economic development. Economic development is the process of improving the economic well-being of a region or community. This can be done through initiatives such as attracting new businesses, encouraging entrepreneurship, and investing in infrastructure.

The city of Detroit has already taken some steps towards economic development. In 2010, the city launched the Detroit Works Project, a long-term planning effort to revitalize the city. The project includes a number of initiatives, such as attracting new businesses, investing in infrastructure, and improving the quality of life for residents. The city of Detroit, Michigan has been struggling economically for many years. The city has a long history of manufacturing and automotive production, but these industries have declined in recent years. The city has a

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Economic Development Project Proposal | Part 1 - Introduction and City/County Evaluation

population of approximately 673,000 and a GDP of $51.3 billion. The unemployment rate is high, at 8.4%, and the city has a large budget deficit. The major industries in Detroit are automotive manufacturing, healthcare, and tourism. The main tradable industry or commodity is automotive production. There are several factors that have contributed to Detroit's economic decline. The city has been hit hard by the decline of the automotive industry. Many of the city's jobs were dependent on the automotive industry, and when this industry declined, the city's economy suffered. Additionally, the city has been hit hard by the global recession. The recession has caused job losses, foreclosures, and a decline in consumer spending. There are several ways to improve Detroit's economy. One way is to diversify the city's economy. The city should promote other industries, such as healthcare and tourism, to create new jobs. Additionally, the city should invest in infrastructure and education. Improving the city's infrastructure will make it more attractive to businesses and investors.

Another way to improve Detroit's economy is to attract new businesses and investment. The city should offer tax incentives and other incentives to businesses that locate in Detroit. Additionally, the city should work to improve its image. Improving the city's image will make it more attractive to businesses and investors. Improving the economy of Detroit will require a concerted effort from the city government, businesses, and citizens. However, if these efforts are successful, the city will be able to create new jobs and attract investment. The four macroeconomic indicators that will be analyzed are GDP, employment, inflation, and interest rates. GDP is the total value of all goods and services produced in a city or county. Detroit's GDP has been declining in recent years, as the city has been hit hard by the decline of the

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Economic Development Project Proposal | Part 1 - Introduction and City/County Evaluation

automotive industry. In 2018, Detroit's GDP was $51.3 billion, a decrease from $52.3 billion in 2017.Employment is another important macroeconomic indicator. The employment situation in Detroit has been very difficult in recent years. The unemployment rate in the city was 8.4% in 2018, up from 7.9% in 2017. The number of jobs in the city has declined in recent years, as many businesses have left the city.

Inflation is the rate at which prices for goods and services increase. Inflation in Detroit has been relatively low in recent years. The consumer price index in the city was 2.1% in 2018, down from 2.4% in 2017.Interest rates are the rates at which banks lend money to businesses and consumers. Interest rates in Detroit have been relatively low in recent years. The prime rate in the city was 5.25% in 2018, down from 5.50% in 2017.

The status of the city or county's condition for each macroeconomic indicator

The city of Detroit, Michigan has been struggling economically for many years. The city has a long history of manufacturing and automotive production, but these industries have declined in recent years. The city has a population of approximately 673,000 and a GDP of $51.3 billion. The unemployment rate is high, at 8.4%, and the city has a large budget deficit. The major industries in Detroit are automotive manufacturing, healthcare, and tourism. The main tradable industry or commodity is automotive production.

There are several factors that have contributed to Detroit's economic decline. The city has been hit hard by the decline of the automotive industry. Many of the city's jobs were dependent on the automotive industry, and when this industry declined, the city's economy suffered. Additionally, the city has been hit hard by the global recession. The recession has caused job

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Economic Development Project Proposal | Part 1 - Introduction and City/County Evaluation

losses, foreclosures, and a decline in consumer spending. The city of Detroit is in a difficult economic situation. The unemployment rate is high, at 8.4%. The city has a large budget deficit. Additionally, the city has been hit hard by the decline of the automotive industry and the global recession. These factors have caused the city's GDP to decline and the city to lose jobs. The major challenges (economic, financial, social) facing your selected city or county.The major challenges facing Detroit are economic, financial, and social.

The city has been hit hard by the decline of the automotive industry. Many of the city's jobs were dependent on the automotive industry, and when this industry declined, the city's economy suffered. Additionally, the city has been hit hard by the global recession. The recession has caused job losses, foreclosures, and a decline in consumer spending.

The city has a large budget deficit. The city's tax base has declined, as many businesses have left the city. Additionally, the city has a large number of retirees and a declining population. These factors have put a strain on the city's finances.

The city has a high crime rate. The city also has a high poverty rate. These social problems have made it difficult for the city to attract new businesses and investment.

The city government, businesses, and citizens need to work together to address these challenges. The city needs to diversify its economy and attract new businesses and investment. Additionally, the city needs to improve its infrastructure and education. Improving the city's image will also be important. The city or county's major economic and financial strengths. The city of Detroit has a long history of manufacturing and automotive production. These industries have declined in recent years, but they have left the city with a skilled workforce. Additionally, the city has a

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Economic Development Project Proposal | Part 1 - Introduction and City/County Evaluation

a large number of retirees. These retirees often have good pensions and health insurance, which can help to support the city's economy.

Despite the challenges it faces, the city of Detroit has several strengths. The city has a skilled workforce, many retirees, and a long history of manufacturing and automotive production. These factors could help the city to attract new businesses and investment.A plan to improve the city or county's economic development by improving the economy of Detroit will require a concerted effort from the city government, businesses, and citizens. The city needs to diversify its economy and attract new businesses and investment.

Additionally, the city needs to improve its infrastructure and education. Improving the city's image will also be important. The city government should offer tax incentives and other incentives to businesses that locate in Detroit. The city should also work to improve its image. Improving the city's image will make it more attractive to businesses and investors.

The city should also invest in infrastructure and education. Improving the city's infrastructure will make it more attractive to businesses and investors. The businesses and citizens of Detroit need to work together to improve the city's economy. The city needs to attract new businesses and investment. Additionally, the city needs to improve its infrastructure and education. Improving the city's image will also be important.

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References

Farabaugh,K. 2013, July 18. City of Detroit files for bankruptcy. VOA News. https://www.voanews.com/a/major-us-city-files-for-bankruptcy/1704828.html.

Markus, G.B. and Krings, A. 2020, July 20. Planning, Participation, and Power in a Shrinking City: The Detroit Works Project. Journal of Urban Affairs. Loyola eCommons, Social Work: School of Social Work Faculty Publications and Other Works,http://dx.doi.org/10.1080/07352166.2020.1779009.