Detroit’s economy has grown at a rate of more than 6 percent a year for the past four years, but it remains one of the most depressed cities in the country.
As the economy rebounds, Detroit is set to become a destination for tourists and the influx of capital is expected to make the city a magnet for business.
Read moreDetroiter Mark Karpov says that, although the city’s economy is strong, there are still hurdles ahead.
He and other business owners are concerned about the impact of the city being shut down.
“The economy in Detroit is not great,” Karposov said.
“The whole reason we’re here in Detroit, is because we need this business.
We need to have a good product.
If you look at the statistics, we’re making about 20 percent more than we were in 2006.
It’s not going to be good.”
Karpov’s concern stems from a recent report that said the city lost about 1.2 million jobs during the recession, which ended in mid-2009.
The city was the worst-performing of the metropolitan areas in terms of job creation.
The number of vacant homes is expected rise again this year, and the city is bracing for an influx of new businesses to come in.
At the moment, Karpowitz and other downtown businesses are hoping for a boost from the return of the Great Recession.
But he is also worried about a potential loss of job opportunities.
“If we get into a recession again, there’s no way I would be able to do the business I want to do,” Karsov said, adding that he does not know how many jobs could be lost.
Karsov also expressed concern about the city getting shut down in the event of an economic downturn.
According to the Michigan Department of Economic Development, the state lost about 3.4 million jobs between 2010 and 2020.
That’s a lot of people that could be out of work.
“I think a lot more people could lose their jobs,” he said.
A recent report from the National Federation of Independent Business found that about one in five workers in Detroit are looking for a job.
The report found that the average unemployment rate for workers in the city was 4.5 percent, and that most people were either out of the labor force or were retired.
Many are concerned that if they were to lose their job, they might not have a place to live.
“It’s going to take some people to get back to work,” Karosov added.
In order to make ends meet, the city has to raise the property taxes, which have been stuck at 3.5 cents a year.
With the city facing a $4.9 billion deficit, many in the business community are worried about the potential for layoffs if the city does not have more money to meet the revenue shortfall.
Business owners say they have seen an increase in demand for their goods and services.
On the positive side, the number of residents living in Detroit has grown by about 1,200 over the past year, according to the Economic Development Department.
But with a population of just over 8 million, the Detroit metropolitan area has more than 1 million people who do not have jobs.