Inside The Mind Of An Automotive Geek

Michigan is known for its automakers. The Big Three, al resides in Michigan and unfortunately, all of them have had bad years as the competition gets hotter and Japanese automakers seems to be enjoying the most success these days. Luckily for the state, an event will positively impact their economy.

The North American International Auto Show is considered to be one of the most important motor shows in the world. The 2008 installment of the event is expected to create an economic impact amounting to $500 million according to a report by The Auto Channel.

David Sowerby, C.F.A. portfolio manager and chief market analyst for Loomis Sayles & Co had this to say: "The NAIAS is consistently a major contributor to business activity in Detroit due to the amount of time spent on its extensive set-up and execution from late October to early February. Although consumer confidence, spending and travel are less robust due to the higher energy costs, challenges facing the housing market and the downturn in sub prime mortgages, the NAIAS will continue to deliver more than 13,000 jobs to Michigan."

The contributors to that economic impact are the following:

• In 2008, the motor vehicle industry is again unveiling more than 50 new models only at the NAIAS.
• Ticket sales for NAIAS 2008 Public Days, Industry Days and the Charity Preview are running well in spite of the challenging issues that confront the industry and Michigan's economy
• Local area personal income growth is currently growing at a 3.0-3.5 percent pace. The rate of growth in personal income has a high correlation with the anticipated total economic benefit gains for the auto show and details why revenues should be stable versus last year.

Carl Galeana, senior co-chairman for NAIAS 2008 said: "We are truly proud the NAIAS brings jobs and much-needed income to Michigan. We know that in addition to the union workers, electricians, stagehands and many exhibit companies that put the show together, metro Detroit restaurants, hotels and attractions rely on the NAIAS annually for an influx of revenue in January."