Economy
9:44 am
Mon March 14, 2011

Buy Detroit effort hopes to spur city's economy

Three major Detroit institutions are looking to leverage their spending to give a boost to the city’s economy.

Henry Ford Health System, the Detroit Medical Center and Wayne State University are all part of an initiative to revitalize the city’s Midtown area. And the “buy Detroit” campaign is part of that.

So far, the three institutions have shifted about $400,000 to Detroit businesses, says Lisa Prasad is with U3 Ventures, a firm that's helping with the project. 

"The number may be very small at the moment compared to their overall procurement, but we think the growth will be exponential once we really get it institutionalized."

Prasad says food is one thing all three institutions have been able to buy more locally.

Combined, the university and health systems spend $1.6 billion a year.