Detroit should look over the shoulder of Pittsburgh and grab a few its answers.
Excerpt:
Many locals call it the “Meds and Eds” economic approach. It seems to be working.
The University of Pittsburgh Medical Center is now the biggest
employer in town with 26,000 people. Carnegie Mellon University is well
known for an innovative Robotics program, and biotech is hot here.
Even the first office tower in downtown in 20 years is under
construction. Guess who’s building it? PNC Financial Services … a bank!
Call it luck, but PNC pretty much got out of the mortgage business
before the whole subprime mess and never wrote bad loans so they are
actually growing without any stimulus money! Their conservative style
paid off.
These reasons are why experts say Pittsburgh might make a good model
for Detroit. Both cities long relied on one industry, have strong
research universities and have seen their populations shrink.
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