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| Detroit Apartment Locator Services : Detroit Apartments |  | Contents | |
| Economy |
A United States Coast Guard Cutter passes the Renaissance
Center, headquarters of General Motors. |
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| Detroit and its suburbs constitute a manufacturing
powerhouse, most notably as home to the American automobile
industry and the Big Three auto companies. General Motors is
based in Detroit, Ford Motor Company in nearby Dearborn, and
one of the two world headquarters for DaimlerChrysler in Auburn
Hills (the other is in Stuttgart, Germany). Dotting the Detroit
landscape are countless offices and plants in the automotive
support business: parts, supplies, electronics, and design.
It is not uncommon in Detroit to hear radio ads or to spy billboards
in which multimillion-dollar auto corporations make insider
sales pitches to one another. But there's a flip side to the
automotive dominance: Because of its almost singular dependence
on the auto industry, Detroit is more acutely vulnerable to
economic cycles than most large cities. According to one saying,
"When the auto industry hiccups, Detroit coughs, and when
the auto industry catches a cold, Detroit gets pneumonia." |
| Including the Big Three, there are 17 Fortune
500 companies headquartered in metro Detroit, including Kmart
Corporation, Borders Books and Music, Comerica Inc., Federal-Mogul,
Kelly Services and Lear Corporation. Metro Detroit is also home
to the national pizza chains Domino's and Little Caesars. |
| Other major industries include advertising, computer
software and casino gambling. |
| In addition to property tax, the city levies an
income tax of 2.65% on residents, 1.325% on non-residents, and
1.6% on corporations. |
| City has looming budget deficit estimated at $214
to $400 million, and default or rising of taxes is expected. |
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