That allows them to stay here and plant roots, while still working wherever they want to because of the flexibility. “Students don’t have to run to the coasts for a job. He also touted similar advantages for homegrown talent. “It’s become an even easier way for us to attract talent that isn’t familiar with Detroit, but they become increasingly excited (about it after taking the job),” said Farner. The pandemic is also allowing employers like Quicken Loans or Rock Mortgage to take a different approach to recruiting prospective talent by allowing new hires to test out employment before moving to the area. Farner noted talent is migrating to the city because the cost of living and the quality of life is far better in Detroit than many other locations. “That flexibility isn’t going away, I think it benefits our teammates, it benefits our business, it benefits our clients,” said Farner, noting those realities have resulted in his companies investing heavily in technology over the long-term to maintain flexibility and productivity moving forward.ĭetroit’s talent attraction efforts benefitting from remote work trends.ĭetroit’s competition against other cities for top tier talent is benefitting from the life flexibility created by the pandemic. “We see the value of the office more as the catalyst for great ideas and innovative thinking versus the day-to-day work that can be done better at home.” “We’ve made some massive investments in our buildings in Detroit…to go from work places to collaboration spaces,” Farner said. “People are recognizing they can do so much from home and that’s a healthy thing for the housing market for years to come.”Įmployee expectations of flexible schedules are here to stay.įarner predicted that companies that fail to maintain some of the flexibility created by working from home over the past 12 months will struggle and said that reality is driving decisions at the Rock family of companies. It’s a great time to put shovels in the ground and launch developments,” said Farner. “If you’re a builder, you’re going to have access to capital and great demand. COVID has put a real emphasis on homeownership and yet inventory will remain low.” “We are going to see housing prices continue to rise,” Farner said.
At the same time, housing inventory remains extraordinarily low with the pandemic creating an increased emphasis on homeownership while slowing new construction. While mortgage rates have ticked up some, they remain low and more people are borrowing. Home prices likely to remain high with low inventory, making it a great time to be a builder. Here are three other key takeaways from the discussion: Overall, we are pretty excited for what 2021 will hold for us if we keep on that path,” said Farner, who noted it’s a great time to double down on talent and business attraction and place-making efforts.įarner, who is also the chief executive officer of Rocket Mortgage, joined ABC News’ Rebecca Jarvis, chief business, economics, and technology correspondent, for a moderated discussion following the release of the State of the Region report. “The vaccine and the excitement around the vaccine and what it will do for the economy is starting to kick in. Quicken Loans’ Jay Farner sees excitement about the economy increasing and thinks the city of Detroit and surrounding region are positioned well in the post-COVID-19 era.
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