Michigan economic development, GDP size and rank

Michigan economic development and output

The economic output of the state of Michigan was $383 billion in 2008. That figure is based on current 2008 dollars (nominal GDP), while the inflation adjusted GDP, real GDP, based on prices in the year 2000, was $326 billion in 2008, according to data from the U.S. Department of Commerce.

The data for economic growth show Michigan GDP grew at 0.7% in nominal terms in 2008 compared to 2007, in real terms the growth was negative 1.5%.

During the years of 2000-2008, Michigan GDP grew at an annual rate of 1.6% in nominal terms and in real terms the economy contracted by 0.4%.

Michigan economy rank

The Michigan economy is the 12th largest in the United States, behind Virginia and ahead of Massachusetts.

Manufacturing

Manufacturing led all sectors in the state's economy. Manufacturing contributed $61.8 billion in economic development in 2008, that's 16.1% of the total economic output of Michigan.

Government

Coming in second adding $44.5 billion, the government sector was responsible for 11.6% of the Michigan economy in 2008.

Real estate, Healthcare, Professional and technical services

Real estate accounted for 11.5% of the economic output with a contribution of $44 billion.

Ranking fourth and fifth biggest sectors in the state were healthcare $32.9 billion and professional and technical services $32.5 billion, respectively.