Both during the Great Depression and the Great Recession, public-private-partnerships helped to recover Detroit’s economy.
Forbes reports that the city’s mayor’s office and local business groups have teamed to stabilize neighborhoods, train the workforce, and attract new investors. JPMorgan Chase committed $100 million in 2014, and may increase that to $150 million by 2019.
As a result, unemployment has been cut in half over the last four years, thousands of homes have been rehabbed and reoccupied, and the downtown area has new businesses, restaurants, and attractions.
But Detroit’s recovery is not just the feel-good story of America’s rustbelt – it’s a lesson in urban revival. The city’s revitalization is about more than access to capital. It’s about collaboration and public-private-partnership. A thriving city means thriving companies and an evolving, growing workforce that calls that place home.