Detroit's history of shrinking and reduced economic has culminated in bankruptcy. It is the largest municipal bankruptcy filing in U.S. history by debt. Detroit is also the largest city by population in the U.S. history. Detroit has steadily lost population since the 1950s, going from a peak of 1.9 million residents to fewer than 700,000 today.
Detroit’s big three automakers - General Motors, Ford, and Chrysler - are rebounding, making it one of the city’s few success stories in recent years. All three reported strong gains in global sales for the first half of 2013. One factor boosting revenue: China. All three car companies have opened factories or established supply chains there. GM leads competitors in sales; it enjoyed a nearly 11 percent jump in Chinese sales for the first half of the year, a record for the company and a figure that nearly matched its car sales in North America.
Detroit now has double-digit unemployment and once thriving suburbs are filled with derelict homes which sell for as little as a few hundred dollars.
