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Northwest of Detroit, the affluent suburb of Troy has the motto "The City of Tomorrow, Today." Troy certainly does seem to be doing something right; in 2008, CNN Money ranked the city 22nd on its list of "Best Places to Live" in the United States. In addition, according to city officials, Troy is not only the safest city in the state but also one of the top 10 safest cities in the United States.
More than 81,000 people call Troy home. It is a predominantly white community but is also home to more Asians than any other city in Michigan. Residents are overwhelmingly in management or professional occupations or sales. Almost 50 percent of residents have a college degree, and nearly 88 percent work in white-collar jobs.
Troy is a business and retail powerhouse in the area, especially in the automotive and financial sectors. Several major companies have headquarters or facilities in Troy:
Major employers in Troy are Flagstar Bank, William Beaumont Hospital, Delphi Automotive Systems, and the local school district. The city has a diversified economic base, with industrial sites makinig up about nine percent of Troy's land, and commercial property and office/research sites accounting for about 10 percent.
Troy residents tend to have plenty of disposable income to use at the malls and other upscale area shops.The most important commercial space is on the city's south side. The Somerset Collection, Troy's high-end mall, includes such luxe-retail heavyweights as Tiffany & Co., Louis Vuitton, and Neiman Marcus. Its sales for 2004 reached $600 million, making it one of the nation's top privately held malls. The city also boasts the Oakland Mall, an enclosed shopping mall with about 120 stores. Oakland Mall is an older mall, having opened in 1968, and has gone through several transitions over its lifetime.
Troy offers a wide array of housing price points, many of which are affordable to residents:
International Academy of Design and Technology: IADT Detroit is a for-profit private media arts college offering academic programs in several arts-related fields of study.
Walsh College of Accountancy and Business: This nonprofit private business college offers programs in business and related technologies.
The city also has branch campuses for several schools:
In a time of struggling print media, it is worthy to note that Troy supports several newspapers. The city is serviced by two Detroit-area newspapers as well as its regional papers: