Economy, jobs and prices in Michigan, United States: official figures
The economy of Michigan (gross domestic product) was worth $733.9 billion in 2025 at current prices, 2.4% of the US total of $30.86 trillion; 14th largest of 51. In current dollars it was up 4.5% on 2024.
How fast is the economy of Michigan growing?
After adjusting for inflation, real GDP in Michigan grew 2.2% in 2025, against 2.3% for the United States; 20th fastest-growing of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the GDP per capita of Michigan?
Dividing 2025 GDP by the Census Bureau's population estimate gives $72,462 of output per resident, against $90,294 for the US economy divided by the population of the 50 states and DC; 12th lowest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyIs the economy of Michigan growing or shrinking?
In the second quarter of 2026, real GDP in Michigan grew at an annual rate of 2.4% (United States: 2.2%); tied for 17th fastest-growing of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat are the main industries in Michigan?
In 2025 the largest private industry in Michigan's economy was manufacturing (15.4% of GDP), followed by real estate, rental and leasing (13.7%) and health care and social assistance (8.4%). Government accounted for 10.0%; the manufacturing share was 6th highest of 51 (United States: 9.5%).
Source: U.S. Bureau of Economic Analysis · saved copyHow much do people in Michigan spend?
Consumer spending (personal consumption expenditures) in Michigan came to $57,346 per person in 2025 (United States: $61,062); 24th lowest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyIs Michigan expensive to live in?
Prices in Michigan were 3.8% below the national average in 2024, by BEA's regional price parity of 96.2 (US = 100), which covers goods, services and housing; 24th least expensive of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the inflation rate in Michigan?
Prices in Michigan rose 4.7% in 2024, measured by BEA's implicit regional price deflator, against 2.6% nationally (PCE price index).
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the per capita income in Michigan?
Personal income per person in Michigan was $67,245 in 2025, against $77,028 for the United States; 13th lowest of 51. It was up 4.7% on 2024 and up 27.3% on 2020, before inflation.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the disposable income per person in Michigan?
After taxes, disposable personal income per person was $59,562 in 2025 (United States: $67,251); 13th lowest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyHow far does income go in Michigan?
Adjusted for local price levels, real personal income per person in Michigan was $53,569 in 2024 in 2017 dollars (United States: $59,195); 11th lowest of 51.
Source: U.S. Bureau of Economic Analysis · saved copyWhat is the median household income in Michigan?
Median household income in Michigan was $72,389 in 2024 (margin of error ±$567), against $81,604 for the United States; 14th lowest of 51 by the point estimate. It was up 1.6% on 2023 after adjusting for inflation (American Community Survey).
Source: U.S. Census Bureau · saved copyHow unequal are incomes in Michigan?
The Gini index of household income inequality in Michigan was 0.468 in 2024 (0 means equal incomes, 1 means one household has everything; United States: 0.481); 24th most unequal of 51.
Source: U.S. Census Bureau · saved copyWhat is the unemployment rate in Michigan?
The unemployment rate in Michigan was 5.0% in September 2026 (seasonally adjusted, preliminary), up from 4.9% a year earlier; tied for 4th highest of 51. The rate for the 50 states and DC combined was 4.2%.
Source: U.S. Bureau of Labor Statistics · saved copyHow many people are unemployed in Michigan?
In September 2026, 240,970 people in Michigan were unemployed and 4,585,469 employed, out of a labor force of 4,826,439.
Source: U.S. Bureau of Labor Statistics · saved copyWhat was the unemployment rate in Michigan in 2025?
Over 2025 the unemployment rate in Michigan averaged 5.2% (an 11-month average: October 2025 was not collected during the federal shutdown), against 4.7% in 2024; tied for 4th highest of 51. The lowest annual rate since 1976 was 3.6% in 2000.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the average salary in Michigan?
Workers covered by unemployment insurance in Michigan were paid $70,809 on average in 2025 ($1,362 a week), up 3.7% on 2024; the US average was $78,720. That is 24th highest of 51.
Source: U.S. Bureau of Labor Statistics · saved copyHow many jobs are there in Michigan?
Employers in Michigan had an average of 4,408,446 jobs on their payrolls in 2025 across 314,706 establishments, unchanged on 2024 (United States: up 0.5%).
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the median wage in Michigan?
The median annual wage across all occupations in Michigan was $49,270 in May 2025 (mean $64,920); 24th lowest of 51. One in ten workers earned less than $30,290 and one in ten more than $110,650.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the most common job in Michigan?
The most common occupation in Michigan in May 2025 was miscellaneous assemblers and fabricators, with 112,310 workers and a median annual wage of $44,690.
Source: U.S. Bureau of Labor Statistics · saved copyWhat is the median household income in Michigan?
Median household income in Michigan was $72,336 in 2024, 13th lowest among the 50 states and DC (U.S.: $81,604). In 2019 it was $59,522, so it has risen 21.5% before allowing for inflation.
Source: U.S. Census Bureau · saved copyWhat is the average rent in Michigan?
The median gross rent in Michigan, including utilities, was $1,168 a month in 2024, up 6.1% on 2023 ($1,101); 19th lowest among the 50 states and DC (U.S.: $1,487).
Source: U.S. Census Bureau · saved copyWhat is the median home value in Michigan?
Homeowners in Michigan valued their homes at a median of $254,200 in 2024, up 7.7% on 2023 ($236,100); 12th lowest among the 50 states and DC (U.S.: $360,600).
Source: U.S. Census Bureau · saved copyHow affordable are homes in Michigan?
The median home value in Michigan was 3.5 times the median household income in 2024 ($254,200 against $72,336); 14th lowest ratio among the 50 states and DC (U.S.: 4.4).
Source: U.S. Census Bureau · saved copyIs rent affordable in Michigan?
A household on the median income in Michigan would spend 19.4% of its income on the median rent of $1,168 a month in 2024 (U.S.: 21.9%).
Source: U.S. Census Bureau · saved copyHow Michigan compares with other states
Gross domestic product, 2025 (current dollars) (2025)
Michigan ranks 14 of 51, highest first.
| Rank | Region | Gross domestic product, 2025 (current dollars) |
|---|---|---|
| 11 | New Jersey | $887.8 billion |
| 12 | Massachusetts | $813.6 billion |
| 13 | Virginia | $807.9 billion |
| 14 | Michigan | $733.9 billion |
| 15 | Arizona | $592.1 billion |
| 16 | Tennessee | $586.2 billion |
| 17 | Colorado | $574.9 billion |
GDP per resident, 2025 (BEA GDP / Census population) (2025)
Michigan ranks 40 of 51, highest first.
| Rank | Region | GDP per resident, 2025 (BEA GDP / Census population) |
|---|---|---|
| 37 | Florida | $76,958 |
| 38 | Missouri | $75,811 |
| 39 | Louisiana | $74,125 |
| 40 | Michigan | $72,462 |
| 41 | Maine | $71,898 |
| 42 | New Mexico | $71,569 |
| 43 | Montana | $70,713 |
Real GDP growth, 2025 (2025)
Michigan ranks 20 of 51, highest first.
| Rank | Region | Real GDP growth, 2025 |
|---|---|---|
| 17 | Ohio | 2.4% |
| 18 | Virginia | 2.3% |
| 19 | Oklahoma | 2.2% |
| 20 | Michigan | 2.2% |
| 21 | Tennessee | 2.1% |
| 22 | New Jersey | 2.0% |
| 23 | Nevada | 2.0% |
Real GDP growth, 2026:Q2 (annual rate) (2026:Q2)
Michigan ranks 17 of 51, highest first.
| Rank | Region | Real GDP growth, 2026:Q2 (annual rate) |
|---|---|---|
| 14 | California | 2.5% |
| 15 | Pennsylvania | 2.5% |
| 16 | Arizona | 2.5% |
| 17 | Michigan | 2.4% |
| 18 | Wisconsin | 2.4% |
| 19 | Texas | 2.2% |
| 20 | Illinois | 2.1% |
Personal income per person, 2025 (2025)
Michigan ranks 39 of 51, highest first.
| Rank | Region | Personal income per person, 2025 |
|---|---|---|
| 36 | North Carolina | $68,274 |
| 37 | Ohio | $67,584 |
| 38 | Iowa | $67,321 |
| 39 | Michigan | $67,245 |
| 40 | Indiana | $66,455 |
| 41 | Oklahoma | $66,055 |
| 42 | Georgia | $65,111 |
Real personal income per person, 2024 (adjusted for local prices, 2017 dollars) (2024)
Michigan ranks 41 of 51, highest first.
| Rank | Region | Real personal income per person, 2024 (adjusted for local prices, 2017 dollars) |
|---|---|---|
| 38 | Arkansas | $55,219 |
| 39 | Delaware | $55,185 |
| 40 | Utah | $55,116 |
| 41 | Michigan | $53,569 |
| 42 | Georgia | $52,952 |
| 43 | Arizona | $52,890 |
| 44 | Idaho | $52,816 |
Median household income, 2024 (ACS) (2024)
Michigan ranks 38 of 51, highest first.
| Rank | Region | Median household income, 2024 (ACS) |
|---|---|---|
| 35 | Iowa | $75,501 |
| 36 | Montana | $75,340 |
| 37 | North Carolina | $73,958 |
| 38 | Michigan | $72,389 |
| 39 | South Carolina | $72,350 |
| 40 | Ohio | $72,212 |
| 41 | Tennessee | $71,997 |
Regional price parity, 2024 (US = 100) (2024)
Michigan ranks 28 of 51, highest first.
| Rank | Region | Regional price parity, 2024 (US = 100) |
|---|---|---|
| 25 | Texas | 97.1 |
| 26 | Maine | 97.0 |
| 27 | Georgia | 96.3 |
| 28 | Michigan | 96.2 |
| 29 | Idaho | 95.5 |
| 30 | Montana | 94.6 |
| 31 | North Carolina | 94.3 |
Unemployment rate, September 2026 (seasonally adjusted) (September 2026)
Michigan ranks 4 of 51, highest first.
| Rank | Region | Unemployment rate, September 2026 (seasonally adjusted) |
|---|---|---|
| 1 | District of Columbia | 5.6% |
| 2 | California | 5.1% |
| 3 | Connecticut | 5.1% |
| 4 | Michigan | 5.0% |
| 5 | Oregon | 5.0% |
| 6 | Arizona | 4.9% |
| 7 | Washington | 4.8% |
Unemployment rate, 2025 annual average (2025)
Michigan ranks 4 of 51, highest first.
| Rank | Region | Unemployment rate, 2025 annual average |
|---|---|---|
| 1 | District of Columbia | 6.3% |
| 2 | California | 5.5% |
| 3 | Nevada | 5.3% |
| 4 | Michigan | 5.2% |
| 5 | New Jersey | 5.2% |
| 6 | Oregon | 5.2% |
| 7 | Delaware | 4.8% |
Labor force participation rate, September 2026 (September 2026)
Michigan ranks 41 of 51, highest first.
| Rank | Region | Labor force participation rate, September 2026 |
|---|---|---|
| 38 | Tennessee | 59.3% |
| 39 | Arkansas | 59.1% |
| 40 | South Carolina | 58.8% |
| 41 | Michigan | 58.5% |
| 42 | Maine | 58.5% |
| 43 | Louisiana | 58.3% |
| 44 | Kentucky | 57.9% |
Average annual pay, 2025 (QCEW) (2025)
Michigan ranks 24 of 51, highest first.
| Rank | Region | Average annual pay, 2025 (QCEW) |
|---|---|---|
| 21 | Florida | $72,772 |
| 22 | North Carolina | $71,533 |
| 23 | Rhode Island | $71,123 |
| 24 | Michigan | $70,809 |
| 25 | Hawaii | $70,649 |
| 26 | Tennessee | $70,409 |
| 27 | Nevada | $69,776 |
Median annual wage, all occupations, May 2025 (OEWS) (May 2025)
Michigan ranks 28 of 51, highest first.
| Rank | Region | Median annual wage, all occupations, May 2025 (OEWS) |
|---|---|---|
| 25 | Arizona | $50,060 |
| 26 | Pennsylvania | $49,690 |
| 27 | Ohio | $49,380 |
| 28 | Michigan | $49,270 |
| 29 | Nebraska | $48,980 |
| 30 | Montana | $48,740 |
| 31 | Texas | $48,620 |
Median household income (2024)
Michigan ranks 39 of 51, highest first. Census Bureau SAIPE model estimates
| Rank | Region | Median household income |
|---|---|---|
| 36 | Kansas | $75,402 |
| 37 | North Carolina | $74,055 |
| 38 | South Carolina | $72,507 |
| 39 | Michigan | $72,336 |
| 40 | Ohio | $72,259 |
| 41 | Tennessee | $72,007 |
| 42 | Indiana | $71,958 |
Median gross rent (monthly) (2024)
Michigan ranks 33 of 51, highest first. Renter-occupied units paying cash rent
| Rank | Region | Median gross rent (monthly) |
|---|---|---|
| 30 | Pennsylvania | $1,252 |
| 31 | Maine | $1,210 |
| 32 | Montana | $1,177 |
| 33 | Michigan | $1,168 |
| 34 | Wisconsin | $1,142 |
| 35 | New Mexico | $1,117 |
| 36 | Indiana | $1,104 |
Median value of owner-occupied homes (2024)
Michigan ranks 40 of 51, highest first. Owner-reported value
| Rank | Region | Median value of owner-occupied homes |
|---|---|---|
| 37 | North Dakota | $266,100 |
| 38 | Nebraska | $263,100 |
| 39 | Missouri | $254,400 |
| 40 | Michigan | $254,200 |
| 41 | Indiana | $243,500 |
| 42 | Ohio | $239,800 |
| 43 | Kansas | $238,700 |
More on Michigan: overview · health · education and schools · poverty and living standards · government budget · the United States
Sources
- U.S. Census Bureau: Household Income in States and Metropolitan Areas: 2024 (ACSBR-025), Appendix Table 1: median household income and Gini index by state, 2023 and 2024 American Community Survey, read 23 October 2026 · saved copy (SHA-256 5de1b0d5ec46…)
- U.S. Bureau of Economic Analysis: SASUMMARY: State annual summary statistics: personal income, GDP, consumer spending, price indexes, and employment (updated 30 September 2026), read 23 October 2026 · saved copy (SHA-256 a3757d207c05…)
- U.S. Bureau of Economic Analysis: SAGDP: Annual GDP by state, 1997-2025 (table SAGDP2, GDP in current dollars by industry), read 23 October 2026 · saved copy (SHA-256 3d3c5bc7bd24…)
- U.S. Bureau of Economic Analysis: SQGDP: Quarterly GDP by state, 2005-2026 Q2 (table SQGDP11, percent change in real GDP at annual rate), read 23 October 2026 · saved copy (SHA-256 1649260cdceb…)
- U.S. Bureau of Labor Statistics: Local Area Unemployment Statistics: employment status of the civilian noninstitutional population, states, monthly, seasonally adjusted, read 23 October 2026 · saved copy (SHA-256 7bb6f18d4145…)
- U.S. Bureau of Labor Statistics: Local Area Unemployment Statistics: employment status of the civilian noninstitutional population, states, annual averages 1976-2025, read 23 October 2026 · saved copy (SHA-256 262aba7d00df…)
- U.S. Bureau of Labor Statistics: Occupational Employment and Wage Statistics, May 2025 state estimates (state_M2025_dl.xlsx), read 23 October 2026 · saved copy (SHA-256 74d5be0e1df8…)
- U.S. Bureau of Labor Statistics: Quarterly Census of Employment and Wages, 2025 annual averages, all industries (open data CSV slice), read 23 October 2026 · saved copy (SHA-256 5a5f89142aae…)
- U.S. Census Bureau: American Community Survey 2024 1-year estimates, table-based summary file: Median gross rent (B25064), read 23 October 2026 · saved copy (SHA-256 8624f9775add…)
- U.S. Census Bureau: American Community Survey 2024 1-year estimates, table-based summary file: Median value of owner-occupied homes (B25077), read 23 October 2026 · saved copy (SHA-256 27120d5d8a5f…)
- U.S. Census Bureau: Small Area Income and Poverty Estimates (SAIPE): 2024 poverty and median household income, states and counties, read 23 October 2026 · saved copy (SHA-256 cb52c47d75c1…)
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