STATE ECONOMIC PROFILE
Michigan Economic Overview
$565.5b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
1.8%
31
10,039,473
POPULATION
Growth Rate 2019-24
State Growth Rank
0.1%
42
889,655
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.1%
32
Overview of the Michigan Economy
In 2024, the state of Michigan has a population of 10,039,473, having grown an annualized 0.1% over the five years to 2024, which ranks it 42nd out of all 50 US states by growth rate. Michigan's gross state product (GSP) in 2024 reached $565.5b, with growth of 1.8% over the 5 years to 2024. Businesses in Michigan employed a total of 4,785,123 people in 2024, with average annual employment growth over the past five years of 0.1%. The top three sectors by total employment are Manufacturing, Real Estate and Rental and Leasing, Professional, Scientific and Technical Services, while the unemployment rate across the state in 2024 was 4.2%.
What is Michigan's Gross Domestic Product (GDP)?
In 2024, Michigan's GDP reached $565.5b, representing an increase of 1.8% from 2023. Michigan's GDP has grown at an annualized rate of 3.2% over the five years to 2024. Moreover, Michigan's trailing five-year GDP growth ranks it 31st out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Michigan's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Michigan Industry Trends
What are Michigan's Largest Industries by Revenue?
The largest industries by revenue in Michigan are Automobile & Light Duty Motor Vehicle Manufacturing, Auto Parts Wholesaling and Automobile Wholesaling, which generated $113.3b, $70.2b and $63.5b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Michigan
Top 10 Companies Headquartered in Michigan by Employment
The largest companies by employment in Michigan are General Motors Company, State of Michigan and Michigan State University, which employed 50,754, 46,677 and 41,500 people in 2024.
STATE ECONOMIC PROFILE
Michigan Sector Statistics
In Michigan, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Michigan's GDP by Sector?
The Manufacturing, Real Estate and Rental and Leasing and Professional, Scientific and Technical Services sectors contributed the most to Michigan's GDP in 2024, representing a combined 44.9% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Michigan's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Manufacturing sectors contributed the most to employment in Michigan in 2024, representing a combined 38.5% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Michigan Employment Trends
4.8m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
0.8%
18
4.2%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
1.2%
12
What Employment Trends are Impacting Michigan?
The state of Michigan employs 4,785,123 people in 2024, which ranks it 11th out of all 50 US states. Employment in Michigan has grown at an annualized rate of 0.8% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Michigan include Healthcare and Social Assistance, Retail Trade and Manufacturing, which employed 669,865, 602,856 and 570,138 people in 2024, respectively. Michigan's unemployment rate is 4.2% in 2024, which ranks it 37th out of 50 states. Michigan's unemployment rate has trended upwards at a rate of 1.2% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Michigan, and compare them to the US economy, using the chart below.
$93.1k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
5.3
37
What is Michigan's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Michigan's DPI in 2024 was $93.1k, compared to the US average of $128.6k, which places it 37th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Michigan's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Michigan Construction & Building Trends
$6,805.6tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-5.4%
6
$5.2tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
1.7%
13
18,800
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
-2.7%
11
What can construction trends tell you about a state’s economy?
In Michigan, non-residential construction was $6,805.6tn in 2024, which ranks it 6th out of all US states. Residential construction was $5.2tn in 2024, which places Michigan 13rd in the United States. The number of building permits issued in Michigan in 2024 was 18,800, representing a -2.7% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Michigan, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Michigan Population Statistics
Which Counties in Michigan have the Largest Populations?
The counties with the highest populations in Michigan are Wayne County, Oakland County and Macomb County, which had populations of 1,731,940, 1,266,653 and 869,757 people in 2024.
STATE ECONOMIC PROFILE
Michigan Demographics
Education Level Michigan
Race in Michigan
Michigan State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 652 Michigan Industry Reports.
