During last week’s State of the Union address President Trump referenced the resurgence of the Detroit auto industry. Detroit has a rebounding commercial property market, and expanding tech sector and a auto industry that has overcome recent challenges to grow and expand in new and exciting ways.
Said President Trump, “Many car companies are now building and expanding plants in the United States — something we have not seen for decades. Chrysler is moving a major plant from Mexico to Michigan; Toyota and Mazda are opening up a plant in Alabama. Soon, plants will be opening up all over the country. This is all news Americans are unaccustomed to hearing — for many years, companies and jobs were only leaving us. But now they are coming back.”
New Growth Create Real Estate Opportunities
Not only is the the Detroit auto industry expanding and producing new and exciting vehicles it is also attracting a new generation of auto manufacturing and related technology companies. As new companies fuel new growth in the local economy this will certainly create many new opportunities in the real estate markets.Real estate solutions to these changes require us to rethink how we meet the needs within an evolving marketplace. Click To Tweet
“The automotive industry, familiar with disruption, has entered a new and exciting wave of transformation and growth. We are on the verge of an automotive revolution, sparked by technology-driven trends such as diverse mobility, autonomous driving, electrification, and connectivity. Real estate solutions to these changes require us to rethink how we meet the needs within an evolving marketplace.”, says Area Development.
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According to the Detroit Free Press, “Michigan’s auto companies had been in the midst of a resurgence before Trump was elected in November 2016, having had record sales that year, topping seven years of growth after General Motors and Chrysler were steered through structured bankruptcies — and aided by billions in federal investment — during the Obama administration.“