Michigan GDP was $568,413,000,000 in 2021 according to BEA data. Michigan GDP represents 2.47% of US GDP which made it the 14th largest state economy in the nation in 2021.
Real GDP (2021 Dollars) in Michigan
2021 (Billions) |
1 Year Change | 3 Year Change | 5 Year Change | |
---|---|---|---|---|
Michigan | $568.413 | +5.94% | +1.72% | +3.57% |
Trends in Michigan Real GDP
Over the 5 years ending in 2021 the Michigan economy grew in real terms by 3.57% at a compound annual growth rate of 0.70% per year. Real Michigan GDP, at $568.413 bn in 2021, is at the highest level recorded to date.
Real GDP (2021 Dollars): Michigan
Historical Real GDP (2021 Dollars) data for Michigan
Date | Michigan (Billions) |
---|---|
2021 | $568.413 |
2020 | $536.523 |
2019 | $560.189 |
2018 | $558.800 |
2017 | $551.220 |
2016 | $548.823 |
2015 | $537.045 |
2014 | $515.912 |
2013 | $508.694 |
2012 | $500.340 |
2011 | $487.828 |
2010 | $480.101 |
2009 | $459.326 |
2008 | $489.458 |
2007 | $523.371 |
2006 | $527.352 |
2005 | $541.459 |
2004 | $538.005 |
2003 | $536.048 |
2002 | $531.268 |
2001 | $519.108 |
2000 | $534.243 |
1999 | $524.877 |
1998 | $491.957 |
1997 | $477.015 |
Michigan GDP Components: Per-Capita GDP & Popuation
Michigan per-capita GDP was $56,554 in 2021. which is $12,667 lower than the US per-capita GDP.
Real GDP (2021 Dollars) in Michigan
2021 | 1 Year Change | 3 Year Change | 5 Year Change | |
---|---|---|---|---|
US Per-Capita GDP | $69,221 | +5.53% | +3.34% | +7.37% |
Michigan Per-Capita GDP | $56,554 | +6.12% | +1.08% | +2.57% |
Michigan Population | 10,050,811 | -0.17% | +0.64% | +0.97% |
Trends Real in Michigan Real Per-Capita GDP & Population
Real Michigan per-capita GDP is 2.57% higher today than 5 years prior in 2016. In that time the population in Michigan grew by 96,694 (0.97%) people. The per-capita GDP growth plus the population growth are approximatly equal to the GDP growth Michigan shown above.
Real Per-Capita GDP (2021 Dollars): Michigan, National
Historical Real Per-Capita GDP (2021 Dollars) and Population data for Michigan
Date | US Per-Capita GDP | Michigan Per-Capita GDP | Michigan Population |
---|---|---|---|
2021 | $69,221 | $56,554 | 10,050,811 |
2020 | $65,595 | $53,292 | 10,067,664 |
2019 | $68,164 | $56,104 | 9,984,795 |
2018 | $66,987 | $55,951 | 9,987,286 |
2017 | $65,472 | $55,250 | 9,976,752 |
2016 | $64,472 | $55,135 | 9,954,117 |
2015 | $63,906 | $54,059 | 9,934,483 |
2014 | $62,711 | $51,944 | 9,932,033 |
2013 | $61,792 | $51,307 | 9,914,802 |
2012 | $61,132 | $50,548 | 9,898,289 |
2011 | $60,234 | $49,360 | 9,883,053 |
2010 | $59,785 | $48,605 | 9,877,597 |
2009 | $58,700 | $46,389 | 9,901,591 |
2008 | $60,801 | $49,207 | 9,946,889 |
2007 | $61,300 | $52,330 | 10,001,284 |
2006 | $60,671 | $52,546 | 10,036,081 |
2005 | $59,591 | $53,870 | 10,051,137 |
2004 | $58,122 | $53,505 | 10,055,315 |
2003 | $56,474 | $53,385 | 10,041,152 |
2002 | $55,447 | $53,043 | 10,015,710 |
2001 | $55,044 | $51,957 | 9,991,120 |
2000 | $55,069 | $53,680 | 9,952,450 |
1999 | $53,494 | $53,213 | 9,863,775 |
1998 | $51,633 | $50,096 | 9,820,231 |
1997 | $49,997 | $48,747 | 9,785,450 |