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Location: Austin, TX/Chicago, IL/Houston, TX/Washington, DC
10,138 posts, read 16,060,443 times
Reputation: 4047
Quote:
Originally Posted by californio sur
I'm surprised that Minneapolis hasn't had a stronger economy compared to Detroit for many years.
Well, I have family in Detroit suburban area. Detroit has other companies too like Panasonic America is there, and a lot of other companies in the suburban areas. People stereotypically think of Detroit as just the motor city and think there are absolutely no other corporations there. There are plenty, but those are located in the suburbs, and are seeing heavy unemployment and relocation.
My grandfather works in IT and lives in suburban Detroit, and my uncle is VP at Panasonic America... so like they have other employment options to add to their revenue but the largest sectors are the motor companies which is where the stereotypical view of Detroit comes from...
There's plenty of other companies but not enough to keep everyone employed... the metropolitan area has suffered greatly because of Detroit not diversifying it's economy... and now when it tries to, it's too hard for them.
Minneapolis has been stable and growing and very diverse economy, Detroit has been the opposite, and the city has a terrible relationship with it's suburbs. It's a hate/hate relationship...
Well, as of 2007 Minneapolis/St.Paul had the 6th highest GDP per capita in the US. Detroit was 20th. MSP also has the 5th highest concentration of Fortune 500 headquarters.
However, I don't know where the original article got its data. Detroit's 2008 GDP was listed at $253 billion, not $200 billion as the article claims. On the other hand, Minneapolis/St.Paul has already overtaken Detroit in Gross Metropolitan Product - a slightly different measure - according to the 2009 US Conference of Mayors.
Still, the Twin Cities' GDP is growing at a faster rate, and so is the population. Detroit's metro is still larger by about 1.2 million people but had a 1% population loss from 2000-2009. The Twin Cities gained population by more than 10% in the same period.
It seems only to be a matter of time until the Twin Cities overtake Detroit in both GDP and population.
Last edited by Astron1000; 06-21-2010 at 08:21 PM..
Second tallest midget in sclerotic, dying RustBelt
Even Chicago has no corporate HQs of any >$100Bn mkt cap cos. in region; two most valuable cos., Abbott and McD's, are in distant suburbs, not in City, and are paltry ~$60Bn mkt cap cos.
And no region in Midwest has created any valuable new cos. in decades
To benchmark it, SiliconValley has ~8 cos. HQd w/>$100Bn mkt cap each; NYC region has ~6 such HQs; Dallas has 2; Houston and LA: none...
Second tallest midget in sclerotic, dying RustBelt
Even Chicago has no corporate HQs of any >$100Bn mkt cap cos. in region; two most valuable cos., Abbott and McD's, are in distant suburbs, not in City, and are paltry ~$60Bn mkt cap cos.
And no region in Midwest has created any valuable new cos. in decades
To benchmark it, SiliconValley has ~8 cos. HQd w/>$100Bn mkt cap each; NYC region has ~6 such HQs; Dallas has 2; Houston and LA: none...
apple has gone quite insane in market cap...past microsoft now #2 in the world...
better get me an iphone i guess as they are taking over the globe :/
hard to mess with google/apple/cisco/intel/oracle/hp in the bay...I am not a big fan of Jobs or Ellison though, both total douche bag egomaniacs.
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