President Bush will tour two factories today where GM and Ford make hybrid vehicles. His visit to the Kansas City auto plants is the first of his presidency to domestic auto factories and is also an effort to improve relationships with Detroit’s Big Three after a tumultuous year. Their troubles are having a significant economic ripple effect on the city the automakers call home. CNBC’s Mike Huckman went to Detroit to check on the struggling city.
Over the past year nearly 40,000 manufacturing jobs have left Detroit and they are not exclusive to the auto industry. Comerica Bank's chief economist said last week that Michigan was “stuck in a one-state recession.”
“It’s amazing, when I go out and show houses, how many of them are vacant. So many people have already left,” said Gary Banister, a Detroit real estate agent.
When former Detroit Mayor Dennis Archer was asked about Detroit’s current state, he replied, the city of Detroit and the state of Michigan are "having its share of challenges.” But Archer also is an optimist.