CREATING ECONOMIC SUCCESS IN DETROIT
Detroit’s strength as a business location is evident through its successes. Since 2012, Detroit has seen almost $1 billion invested in automotive manufacturing at new and existing suppliers and $96 million invested in over 14 full-service grocery stores. Downtown Detroit’s office vacancy rate has fallen 12 percent in the past five years to 17.5 percent. Additionally, according to the 2014-2015 Annual Michigan Venture Capital Fund Research report, Detroit is becoming a new focal point of venture capital activity, with 24 firms receiving $186 million in investment. Over 52 percent of those are tech-related.
For nearly 40 years, DEGC has served as the lead nonprofit economic development entity in Detroit. We are governed by a 42-member Board of Directors consisting of civic leaders, corporate executives, government officials and other stakeholders.
DEGC is considered a critical citywide tool in deploying both place-based and job creation strategies. We work to support existing businesses and bring new companies and investments to the city. From identifying potential development sites and negotiating development agreements, to managing construction projects and eliminating obstacles to growth, DEGC is dedicated to being an advocate for businesses large and small. We are Detroit’s economic development experts and a one-stop shop for both emerging and expanding businesses.
Detroit Economic Growth Corporation (DEGC) is a 501(c)(4), and has been Detroit’s lead agency for business retention, attraction, and economic development since 1978. DEGC provides general economic development services and management services for the various governmental authorities it administers
Detroit Economic Growth Association (DEGA) is a 501(c)(3) entity, that performs economic development services. DEGA receives foundation funding and corporate contributions and uses those funds as directed for project management services for those grant portfolios.