Chris Holman welcomes back Eric Lupher, President of the Citizens Research Council, Livonia, with 4 branches across Michigan. 

Topic: New Citizens Research Council Report Analyzes Detroit’s Economic Development Efforts

LIVONIA, Mich., February 2024 – The Citizens Research Council of Michigan released the first in a two-part series of reports assessing and analyzing the City of Detroit’s economic condition, economic development policies, opportunities for reform and alternative approaches to reliance on tax incentives. The reports were developed at the request of the Detroit City Council’s Legislative Policy Division and designed to help inform the debate over the city’s economic development policy. Click here for the full report: An Assessment of Detroit’s Economic Condition and a Critique of its Economic Development Efforts. 

Ten years after the City of Detroit declared bankruptcy, Detroit’s economy has improved substantially. That improvement has not changed the economics of business attraction caused by the city’s significant socioeconomic problems and racial disparities that, when combined with high property tax rates, make the city more expensive and lessen the expected rates of return. 

Detroit has substantial socioeconomic problems to overcome, as evidenced by the report’s income, poverty, and educational data, making it even more difficult for the city to compete, even with nearby metropolitan areas. According to the report, to overcome these socioeconomic problems, city economic development policy relies on tax incentives to make private investment in Detroit more attractive. 

Like the rest of Michigan, Detroit’s population has been steadily declining, which has played a significant role in its weakened economic base. The city’s population peaked in 1950 at 1.8 million and has fallen each decade since, falling to less than an estimated 637,000 in 2022, a 65.4 percent decline. That massive shrinking means fewer people, workers, and business patrons. 

“These assessments of Detroit’s economic development efforts will help local elected officials and Detroit’s residents as they discuss, debate, and decide which policy path the city should take,” said Eric Lupher, Research Council president. “It is up to elected officials and citizens to decide what to do with this information.”

In a Nutshell

Detroit’s economy has improved substantially since it filed for bankruptcy a decade ago, yet the city still has serious socioeconomic problems that, when combined with high property tax rates, make it hard to attract and retain businesses.

The property tax rate is one of the handful of costs to do business that the city controls, and to reduce that cost and subsidize what may otherwise be unprofitable investments the city offers tax business attraction incentives—tax abatement and improvements funded through tax increment financing.
After nearly 50 years of granting tax abatements and using tax increment financing to provide improvements in the downtown areas, it could be hoped that conditions in the city would have improved sufficiently so that their use would no longer be necessary.

A cursory analysis of the cost of locating in the city and the revenues businesses can expect to yield reveals that a gap continues to exist stacking the deck against the city for business attractions. Detroit can ill afford to cease the use of tax abatements until the gap between costs developers face and return on investment is closed. 

The next report will seek to answer what tax incentives are awarded by the city, whether tax incentives are effective, whether tax incentives are cost-effective, and why the city uses tax incentives. Importantly, it will ask if local elected officials and citizens should consider whether city economic development policy is improperly focused on attracting individual businesses.

Michigan Business Beat | Eric Lupher,  New Citizens Research Council Report Analyzes Detroit Results

Pedro answers tough questions about prioritizing tasks in a startup environment, dealing with sales and product challenges, and maintaining a customer-centric approach in marketing. Plus, he leaves a thought-provoking question for the next guest: "What is a marketing strategy that everyone claims works well but has never worked for you, and why?"

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Podcast économie et marchés Athymis Gestion en date du 27 mai 2024

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Les performances et réalisations du passé ne constituent en rien une garantie pour des performances actuelles ou à venir.
ATHYMIS GESTION est une Société Anonyme, au capital de 528 867 Euros ayant son siège 10 rue Notre Dame de Lorette 75009 Paris, immatriculée sous le numéro 502 521 685 RCS Paris, agréée en tant que société de gestion de portefeuille par l’A.M.F. (Autorité des Marchés Financiers)

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DoubleLine Portfolio Manager Samuel Lau and Macro Asset Allocation Analyst Mark Kimbrough end the week of July 8-12 with a roundup of stock (1:44), bond (4:06) and commodity (6:18) markets. Then they survey the week’s macro news (7:34), including a decelerating expansion of consumer credit against a backdrop of rising credit card delinquencies, the latter suggesting that expansion’s days might be numbered. The main event of the week’s macro news, of course, was weaker-than-expected headline and core CPI readings for the month of June. Samuel Lau found little of interest in Fed Chairman Jerome Powell’s congressional testimony (19:16). Sam noted the futures market is pricing in two full quarter-point cuts to the federal funds target rate by the end of 2024 and fully pricing in a third cut at the Jan. 9 FOMC meeting. Looking ahead to macro releases for the week of July 15-19 (22:13), Sam and Mark are especially keen on retail sales reporting due Monday for insights into the consumer component of the economy.

Monday Morning Minutes

Weaker CPI, Conflicting Consumer Signals (E173)

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DoubleLine Quantitative Analyst Eric Dhall and Macro Asset Allocation Analyst Mark Kimbrough cover a very exciting market week of July 29-Aug. 2, including a very rough Friday for stocks. Eric and Mark review the end-of-week selloff in stocks triggered by Friday’s labor market report (00:36), look at a bond market rallying with incredible strength and a 2s10s inversion that has tightened considerably (3:52) and review a commodities market broadly selling off (6:31). It was a jampacked week in Macro Land, which included prints on home prices, job openings and consumer confidence (9:17). But Eric and Mark do deep dives into the two major events of the week: Wednesday’s exuberant Fed Day (15:16) and Friday’s market-moving unemployment report (21:54). On the former, they discuss the factors behind Fed Day’s dovish vibes, leading to their review of a very ugly picture painted by the new labor report. In their breakdown of the labor report, Eric and Mark explain why market followers are now referencing the Sahm recession signal and how it works. Next week will be a light one for macro (27:01), including a consumer credit print and the Senior Loan Officer Opinion Survey. This episode was recorded before market close on Aug. 2, 2024.

Minutes

Dovish Fed Day Flies Into Sahm Recession Signal on Friday (E176)

DoubleLine Portfolio Manager Jeff Mayberry and Macro Asset Allocation Analyst Mark Kimbrough comment on the whipsaws in stocks, bonds and commodities that by the Aug. 5-9 week’s end left markets little changed. The risk-off selloff that began Friday Aug. 2 deepened Monday Aug. 5. But as Mark Kimbrough notes in his review of the week’s macro news (5:00), an upbeat ISM services report “came in for the rescue,” helping to lift stocks and in general lower risk premia. “Now that you look back,” Jeff Mayberry says, “it’s pretty funny seeing all the people calling for all these emergency cuts, and now here we are, down 4 basis points on the S&P on the week.”  

Looking ahead to “inflation week” (12:13)with producer and consumer price indexes for July due Tue. (Aug. 13) and Wed. (Aug. 14), respectively, and the University of Michigan consumer inflation expectations survey (Friday). Given the markets’ anticipation of fed funds rate cuts, starting in September, Jeff Mayberry notes the week of Aug. 12 could prove volatile, particularly given vacation-loaded schedules in August. “Everyone likes to joke,” Jeff Mayberry says, “that the junior traders are on the desk and tend to overreact vs. the old hands who have been through this before.”

A Volatile Week: Much Ado about Not Much? (E177)

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The Home of Business in Michigan. Get on-demand access to audio programs, articles and resources presented by savvy business leaders and industry experts.

Du Poil sous les bras est une émission mensuelle indépendante diffusée en FM sur plus de 50 radios en France, en Belgique, au Luxembourg et au Québec. C'est une émission de transfert de connaissances.

C’est un entretien avec une personnalité qui grâce à son apport théorique ou pratique nous aide à comprendre les systèmes de domination et à agir pour plus d’égalité, d’équité et d’éthique. Et donc pour plus de justice sociale.

We want to know when, how and why our guest small business owners experienced growth and scale. Regardless of how that growth was initiated, we are interested to hear about how it happened, what they did to handle it and their tips and tricks for re-creating it based on experience.

We also key in on stories about Team Leadership and Personal High Performance Habits. We want to hear about both, based on our guest's experience because oftentimes success here serves as the foundation for business growth.

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