Trading Cars for Fashion

21 September 2009 - 2:00pm

Detroit's creative class is making the switch from designing cars to couture, as local boosters push the manufacturing culture into a new industry: Fashion.

"Local development officials view fashion as a key field to nurture. Artistic businesses can help diversify the local economy, but they also draw the kinds of young, educated workers Detroit needs, says Tammy Carnrike, COO of the Detroit Regional Chamber. Detroit routinely loses its young adults to cities with already thriving creative communities, such as New York City, Los Angeles and Chicago -- an exodus city planners would like to stop."

Source: CNNMoney.com, September 21, 2009
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Even if the report overestimates the costs by a factor of two and underestimates the tax-benefit by a similar amount, the conclusion would be pretty much the same: destination resorts cost local government and taxpayers money.