How Would a National Recession Affect Detroit?

October 14, 2019

Curbed Detroit

Aaron Mondry

Many economists believe a national economic recession is on the horizon. A number of indicators, like the inversion of the yield curve and shaky stock market, point to a downturn of some sort in the near future. Not to mention that economic health is cyclical and the United States is undergoing the longest period of growth in the country’s history.

Given the likelihood, it’s worth asking how a recession would affect the local economy. Are Detroit’s fundamentals different enough from other cities that it would be hit harder by one or able to weather it better?

Detroit’s poverty rate still hovers around 35 percent and the population has plateaued—a modest improvement after decades of loss.

These numbers concern Mark Skidmore, a professor in the Department of Economics at Michigan State University.

Detroit’s housing prices may have stabilized after bottoming out during the mortgage and tax foreclosure crises. But because population isn’t increasing alongside housing prices, Skidmore says, “There shouldn’t be much more demand for housing. That’s as a whole; there might be pockets where demand is pretty high. But there are huge areas where it’s not.”

On the other hand, banks have been relatively tight despite the steady increase in home mortgages. That might not be great for homeownership now, but means there’s little chance of another subprime mortgage crisis.

“The credit available for housing in Detroit has continued to be a challenge and that’s been an impediment to the current recovery,” Sandy Baruah, president and CEO of the Detroit Regional Chamber, says. “People being underwater on mortgages is highly unlikely because lending standards have increased so much and credit has been so careful, particularly in Detroit.

“When comes to housing,” he adds. “We don’t anticipate seeing anything like the Great Recession.”

Read the full article here

Magnet Consulting Introduces The Mettle Foundry Featuring The Forge

Professional, career development has taken on an exciting new twist at Magnet Consulting’s ‘The Mettle Foundry’, now open in Rochester Hills.

The Mettle Foundry is a professional development center built on the idea that true leadership is unfinished, rough, and beautifully flawed. The goal at TMF is to examine professional strengths and weaknesses in a fun, productive setting to refine and fortify authentic mettle as an individual or team.

The Mettle Foundry features ‘The Forge’, a problem solving room similar to the escape rooms that are growing in popularity across the country. Unique to The Forge is that it is staffed by trained behaviorists and psychologists who observe and evaluate team and individual behavior.

Each Forge session will include pre-consultation with one of Magnet Consulting’s behavioral experts, an onsite post-Forge class on whatever was the biggest concern for that team, and behavioral reports for the team and each individual. Teams walk away with tools for better communication, problem solving, conflict management and success.

“We believe that better people equals business success,” said Sandy Fiaschetti, Ph.D., Magnet Consulting Co-Founder. “The professionals at Magnet Consulting have spent decades assisting companies with their employee selection, team and leader development, and corporate culture. It was a natural flow for us to create a dedicated space for our clients and the community to sharpen their talents and develop more tools for success.”

In addition to The Forge, The Mettle Foundry will also offer career development workshops, internship training and bootcamps, staff retreats and individual on-site coaching.

“Based upon the response of the community as we have previewed The Mettle Foundry, I’m excited to launch Intern Bootcamp this summer. Intern Bootcamp is the last, and possibly most important, camp a parent will send their high-school senior or pre-college student to 17-22 to and the first place an employer will send a new intern,” said Nicole Lentz, Magnet Consulting Co-Founder. “Here, students will have a week simulation of ‘real work’ and receive real-time feedback on their performance. They will also learn the practical aspects of work that so often are overlooked, like office etiquette, scheduling conference calls, how to talk on that call, and much more.”

Sandy Fiaschetti, PhD and Nicole Lentz, MSF founded Magnet Consulting in 2012, bringing together both organizational psychology and financial experience from automotive, international, and regional industries to clients across the country.

Magnet Consulting works with businesses and municipalities helping them achieve their goals through proven scientific methods of workplace selection and development. Magnet Consulting’s passion is to engage each individual within an organization from the time of hire through the entire career.

The Mettle Foundry, Magnet Consulting’s onsite development facility, is located at 455 South Livernois Road Suite C12 in Rochester Hills, MI. For more information, visit www.themettlefoundry.com.

American Society of Employers (ASE) expands training curriculum with new course aimed at bridging the generational divide at work

The American Society of Employers (ASE), one of the nation’s oldest and largest employer associations, announces a new course in its training curriculum: Generations at Work: Bridging the Generation Gap.

Generations at Work: Bridging the Generations Gap, a full-day course scheduled for May 4th, is geared towards helping bridge the generational divide by creating better understanding of generational differences and teaching strategies for building on the strengths of each generational cohort to optimize organizational effectiveness and productivity. This course counts for 6.5 HRCI and SHRM-CP credits towards HR professional certification as well as .70 CEUs.

ASE CEO Mary E. Corrado says the new course reflects the growing list of workplace issues that fall under the umbrella of Human Resources Management.

“As the generation gap widens in the workplace, with Millennials now making up the largest demographic in our workforce and Baby Boomers waiting longer to retire, we need to bridge the divide,” Corrado said. “Employers and employees alike only benefit when there is better communication and understanding in the workplace.”

ASE currently offers more than 65 courses in its curriculum catalog. Classes are open to ASE members and non-members. To register for this or other courses offered by ASE, please visit the ASE website.

About the American Society of Employers (ASE) – a Centennial Organization
The American Society of Employers (ASE) is a not-for-profit trade association providing people-management information and services to Michigan employers. Since 1902, member organizations have relied on ASE to be their single, cost-effective source for information and support, helping to grow their bottom line by enhancing the effectiveness of their people. Learn more about ASE at www.aseonline.org.

Auburn Hills announces grand opening of four developments in the city’s downtown

City celebrates addition of The DEN, University Center, apartments with retail space and parking structure

Auburn Hills, Mich.—Oct. 14, 2013— The city of Auburn Hills, along with the Auburn Hills Tax Increment Finance Authority (TIFA), announced the opening of four developments in downtown Auburn Hills earlier this month at a ribbon cutting ceremony. The new projects include:

 The DEN (Downtown Education Nook) – 1,546 square feet that includes two fireplaces and five rooms to provide students and the community a quiet and casual study space for individuals and/or small groups. The DEN’s structure is built from the log cabin, a historic landmark in Downtown Auburn Hills. The reinvention of the space, is true to the city’s motto of “Honoring the Past, Building the Future.”
 University Center – a partnership between the Auburn Hills TIFA, Avondale School District and the following Auburn Hills based colleges and universities: Oakland University, Oakland Community College, Baker College and Thomas M. Cooley Law School. The space provides 4,800 square feet on the first floor to host college level classes and 2,400 square feet on the second floor to hold classes for the Avondale Virtual Academy.
 Auburn Square apartments and retail – 97 apartments consisting of studios, one bedroom and two bedroom units aimed to bring pedestrian traffic to the downtown area and continued success in the expansion of Downtown Auburn Hills. The additional 5,800 square feet at street level is dedicated to retail space to bring visitors and additional energy downtown.
 Parking structure – funded and operated by the Auburn Hills TIFA, the 233 spot space parking structure was built with the long-term growth of the downtown in mind while still meeting the immediate needs of the apartments and retail space.
“These developments would not have been possible without the hard work, collaboration and dedication of the city’s development team, as well as the architects, construction managers, interior designer, owners and renovation/restoration teams that made each project come to life,” said Tom Tanghe, assistant city manager of Auburn Hills and executive director of the Auburn Hills TIFA.

The DEN and University Center will both be officially open January 2014 for use by students and the public; the parking structure is substantially complete and is expected to be accessible by early November; approximately 25 percent of the apartments are complete, with some units already leased; final apartment completion date is slated for January 2014.

To learn more about economic development in Downtown Auburn Hills and the city, visit www.auburnhills.org.

The following businesses comprised the development teams for these projects:
• Architects: Glenda Meads Architects, Birmingham; Mayotte Group Architects, Lansing
• Interior Design: Dakin Design, Birmingham
• Construction Managers: Frank Rewold & Sons, Inc., Rochester; Haussman Construction, Lansing
• Renovation/Restoration:

The DEN: Renovation/Restoration, Woodlake Construction, Troy; Architect, Glenda Meads Architects, Birmingham; Interior Design, Dakin Design, Birmingham

University Center: Renovation/Restoration. Frank Rewold & Son, Rochester, Architect, Glenda Meads Architects, Birmingham; Interior Design, Dakin Design, Birmingham

Parking Structure: Construction Manager, Haussman Construction, Lansing; Architect, Mayotte Group Architects, Lansing

Apartments & Retail: Construction Manager, Auburn Hills Housing, LLC; Architect, Mayotte Group Architects, Lansing

About Auburn Hills TIFA
The Auburn Hills Tax Increment Finance Authority (TIFA) is responsible for capturing the growth in tax revenue in three separate and distinct development districts within the community and establishing priorities for the use of that capture. The Board of Directors strategically reinvests these captures dollars back into the community through infrastructure improvements and other public/private partnerships as a means of promoting greater private capital investment in the community.

About Auburn Hills
Celebrating 30 years as a city in 2013, Auburn Hills is home to 21,000 residents and also serves as Michigan’s global business address, with 40 international corporations from 32 countries housed here, including Chrysler Group LLC and Borg Warner headquarters. Auburn Hills’ residents enjoy the amenities of city and suburban living with parks, a revitalized downtown district and a welcoming city complex with a library and community center. Additionally, the city has five colleges and universities, the award winning Palace of Auburn Hills entertainment complex and Great Lakes Crossing Outlets, one of the state’s largest destination shopping centers, providing a variety of cultural, social and educational opportunities to residents, workers and visitors. Learn more at www.auburnhills.org.