Troy Recognized for Supporting Businesses
The City of Troy has been recognized for its successes and efforts in contributing to Michigan’s entrepreneurial growth and economic development in the annual eCities study conducted by researchers at iLabs, University of Michigan-Dearborn’s Center for Innovation Research. Troy was honored as a five star community along with 90 other communities across the state.
“The City of Troy is proud to be a participant in the eCities program and appreciates the University of Michigan Dearborn utilizing eCities to encourage best practices in economic development,” Mayor Dane Slater said. “Troy is proud to be a five star community and I believe this recognition highlights the value of Troy’s collaborative economic development activities.”
The eCities study analyzed publicly available data from 277 communities from 54 Michigan counties. Researchers focused on the five-year changes in property values, community assets, and tax rates, which can demonstrate the growth, investments and cost of doing business within the community. For example, over the five-year period of 2013-2017, these communities increased their capital assets by an average of 2 percent per year by investments such as street and building improvements, technology, and emergency vehicles and equipment.
“While accounting for only about 15 percent of the cities and townships in Michigan, the 277 communities analyzed are home to 70 percent of the population and 85 percent of the state’s commercial property,” said Tim Davis, director, iLabs. “By analyzing these high-performing communities, our goal is to showcase what cities and townships are doing to spur growth and how we can continue to support their efforts in developing business and encouraging entrepreneurs.”
The City of Troy was acknowledged at UM-Dearborn’s Executive Speaker Series panel discussion on Thursday, November 29.
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