Detroit's got problems
Friday morning, the city's emergency financial manager unveiled unprecedented restructuring measures that will involve painful cuts to creditors and retirees alike.
Earlier this year, the city topped the list of Forbes' 'most miserable cities' list this year.
The city's finances had to be taken over by the state of Michigan.
And former mayor Kwame Kilpatrick is likely going to jail for a long, long time.
But we're banking on the city getting its act together — and it's not just because things can't get any worse.
We've put together 25 signs Detroit is on the mend. Here's the summary:
- In several major economic indicators, Detroit's rate of improvement has matched or exceeded the national average.
- Kilpatrick aside, the city enjoys strong leadership
- The auto industry is booming
- And its sports teams keep winning titles
Hear us out.
Let's start with the obvious: cars.
The auto industry is leading the entire nation in the recovery: manufacturers sold more than 14 million vehicles in the United States last year, up 13% from 2011, according to UPI's Al Swanson. Credit Suisse said vehicle purchases accounted for around 30% of domestic economic growth during the first six months of last year, Swanson reported.
Here are GM's recent and projected revenues — up every year since 2010...
And Ford's, on pace to break $140 billion next year.
See the rest of the story at Business Insider