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US State economic profile
Michigan - Economic Profile
Statistics, economic information and rankings for the Great Lakes State
In 2026, the state of Michigan has a population of 10,218,399, having grown an annualized 0.4% over the five years to 2026, which ranks it 37th out of all 50 US states by growth rate. Michigan's gross state product (GSP) in 2026 reached $569.4b, with growth of 1.5% over the 5 years to 2026. Businesses in Michigan employed a total of 4,986,002 people in 2026, with average annual employment growth over the past five years of 1.7%. The top three sectors by total employment are Manufacturing, Real Estate & Rental & Leasing, Professional, Scientific & Technical Services, while the unemployment rate across the state in 2026 was 5.7%.
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State economic profile
Michigan Economic Overview
$569.4b
Gross state product
10,218,399
Population
931,546
Businesses
What is Michigan's Gross Domestic Product (GDP)?
In 2026, Michigan's GDP reached $569.4b, representing an increase of 1.5% from 2025. Michigan's GDP has grown at an annualized rate of 1.0% over the five years to 2026. Moreover, Michigan's trailing five-year GDP growth ranks it 42nd 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
Learn about current trends affecting the most significant industries for Michigan's state economy, down to the county level. IBISWorld offers state industry research reports on over 30,000 industries across all 50 states in the US, including 642 industries in Michigan.
What are Michigan's Largest Industries by Revenue?
The largest industries by revenue in Michigan are Automobile Wholesaling, Auto Parts Wholesaling and Automobile & Light Duty Motor Vehicle Manufacturing, which generated $77.0b, $75.0b and $73.1b in 2026.
| Industry | 2026 revenue | |
|---|---|---|
| 1. | Automobile Wholesaling | $77.0b |
| 2. | Auto Parts Wholesaling | $75.0b |
| 3. | Automobile & Light Duty Motor Vehicle Manufacturing | $73.1b |
| 4. | Health & Medical Insurance | $51.4b |
| 5. | Hospitals | $45.6b |
| 6. | New Car Dealers | $41.0b |
| 7. | Gasoline & Petroleum Bulk Stations | $29.2b |
| 8. | Warehouse Clubs & Supercenters | $29.1b |
| 9. | Property, Casualty and Direct Insurance | $28.3b |
| 10. | Auto Leasing, Loans & Sales Financing | $24.3b |
State economic profile
Top Companies in Michigan
Learn about current trends affecting the top companies in Michigan. IBISWorld offers benchmarking data and tools on over 5,000 companies in the US.
Top 10 Companies Headquartered in Michigan by Employment
The largest companies by employment in Michigan are General Motors Company, University of Michigan and State of Michigan, which employed 52,000, 48,000 and 46,677 people in 2026.
| Company | 2026 employment | Share of employment | |
|---|---|---|---|
| 1. | General Motors Company | 52,000 | 1.0% |
| 2. | University of Michigan | 48,000 | 1.0% |
| 3. | State of Michigan | 46,677 | 0.9% |
| 4. | Beaumont Health | 46,289 | 0.9% |
| 5. | Ford Motor Co | 46,000 | 0.9% |
| 6. | Michigan State University | 41,500 | 0.8% |
| 7. | Walmart Inc. | 35,257 | 0.7% |
| 8. | Whirlpool Corp /De/ | 22,643 | 0.5% |
| 9. | Amazon.Com, Inc. | 21,000 | 0.4% |
| 10. | The Home Depot, Inc. | 15,106 | 0.3% |
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 & Rental & Leasing and Professional, Scientific & Technical Services sectors contributed the most to Michigan's GDP in 2026, representing a combined 44.6% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state economy, in addition to how the state economy is evolving over time.
| Sector | GDP | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Manufacturing | 98,705,890,399 | 0.2% | 0.3% |
| Real Estate & Rental & Leasing | 82,048,581,357 | 2.9% | 3.1% |
| Professional, Scientific & Technical Services | 60,160,894,900 | 5.5% | 5.9% |
| Healthcare & Social Assistance | 50,221,619,045 | 2.3% | 2.5% |
| Retail Trade | 41,319,098,726 | 4.9% | 4.4% |
| Wholesale Trade | 31,075,689,243 | -0.9% | -1.2% |
| Finance & Insurance | 26,413,057,562 | -0.4% | -1.8% |
| Information | 24,119,172,837 | 8.3% | 8.6% |
| Administration, Business Support and Waste Management Services | 20,148,650,831 | 2.6% | 2.7% |
| Construction | 17,230,662,657 | -1.1% | -1.6% |
| Transportation & Warehousing | 16,576,849,748 | 2.4% | 1.9% |
| Management of Companies and Enterprises | 16,223,018,733 | 3.4% | 3.9% |
| Accommodation & Food Services | 16,069,347,189 | 4.6% | 5.3% |
| Utilities | 11,297,258,020 | 3.3% | 2.9% |
| Other Services (except Public Administration) | 10,749,988,753 | -1.5% | -0.9% |
| Agriculture, Forestry, Fishing & Hunting | 5,720,072,155 | 9.8% | 7.7% |
| Arts, Entertainment & Recreation | 5,376,921,637 | 6.8% | 7.5% |
| Educational Services | 4,714,115,966 | 4.1% | 5.0% |
| Mining | 2,060,358,158 | 7.4% | 5.5% |
What is Michigan's Employment by Sector?
The Healthcare & Social Assistance, Retail Trade and Manufacturing sectors contributed the most to employment in Michigan in 2026, representing a combined 38.9% 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.
| Sector | Employment | Growth 2026 | Annualized growth 2021-26 |
|---|---|---|---|
| Healthcare & Social Assistance | 715,250 | 1.5% | 2.3% |
| Retail Trade | 631,195 | 1.5% | 2.3% |
| Manufacturing | 590,621 | 0.5% | 1.2% |
| Professional, Scientific & Technical Services | 485,397 | 2.0% | 2.8% |
| Administration, Business Support and Waste Management Services | 441,599 | 1.4% | 1.6% |
| Accommodation & Food Services | 390,917 | -0.2% | 3.8% |
| Educational Services | 278,364 | -0.4% | 1.6% |
| Construction | 246,711 | 1.9% | 2.6% |
| Transportation & Warehousing | 243,099 | 3.6% | 3.7% |
| Finance & Insurance | 225,092 | 1.1% | 1.1% |
| Other Services (except Public Administration) | 203,370 | 0.7% | 2.4% |
| Wholesale Trade | 189,242 | 0.9% | 1.4% |
| Real Estate & Rental & Leasing | 128,608 | 1.0% | 1.5% |
| Information | 103,962 | 3.4% | 4.9% |
| Arts, Entertainment & Recreation | 70,043 | 0.9% | 5.0% |
| Utilities | 28,357 | 1.0% | 1.3% |
| Agriculture, Forestry, Fishing & Hunting | 9,714 | 0.9% | -0.2% |
| Mining | 4,461 | -2.2% | -0.7% |
State economic profile
Michigan Employment Trends
5.0m
Employment
5.7%
Unemployment
What Employment Trends are Impacting Michigan?
The state of Michigan employs 4,986,002 people in 2026, which ranks it 11th out of all 50 US states. Employment in Michigan has grown at an annualized rate of 2.2% over the five years to 2026, overperforming the national average of 1.7%. Major sectors by employment in Michigan include Healthcare & Social Assistance, Retail Trade and Manufacturing, which employed 715,250, 631,195 and 590,621 people in 2026, respectively. Michigan's unemployment rate is 5.7% in 2026, which ranks it 47th out of all 50 US states. Michigan's unemployment rate has trended upwards at a rate of 0.8% over the five years to 2026, 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.
$106.9k
Per capita disposable income
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 2026 was $106.9k, compared to the US average of $156.5k, which places it 41st 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
$9,886.9tn
Nonresidential construction
$8.4tn
Residential construction
24,494
Building permits
What can construction trends tell you about a state’s economy?
In Michigan, non-residential construction was $9,886.9tn in 2026, which ranks it 19th out of all 50 US states. Residential construction was $8.4tn in 2026, which places Michigan 46th out of all 50 US states. The number of building permits issued in Michigan in 2026 was 24,494, representing a 1.6% annualized growth rate between 2021 and 2026.
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 1,721,443, 1,268,110 and 872,870 people in 2026.
| Region | 2026 population | Annual growth 2021-26 | Share of population |
|---|---|---|---|
| Wayne | 1.7m | -0.6% | 16.9% |
| Oakland | 1.3m | -0.1% | 12.4% |
| Macomb | 872.9k | -0.1% | 8.5% |
| Kent | 666.0k | 0.2% | 6.5% |
| Genesee | 398.2k | -0.3% | 3.9% |
| Washtenaw | 362.4k | -0.3% | 3.5% |
| Ottawa | 310.6k | 0.8% | 3.0% |
| Ingham | 290.8k | 0.7% | 2.9% |
| Kalamazoo | 264.1k | 0.2% | 2.6% |
| Livingston | 199.1k | 0.4% | 1.9% |
| Saginaw | 185.7k | -0.4% | 1.8% |
| Muskegon | 178.3k | 0.3% | 1.7% |
| St. Clair | 159.8k | N/A | 1.6% |
| Jackson | 158.4k | -0.2% | 1.6% |
| Monroe | 155.0k | N/A | 1.5% |
| Berrien | 150.6k | -0.4% | 1.5% |
| Calhoun | 132.8k | -0.1% | 1.3% |
| Allegan | 123.6k | 0.4% | 1.2% |
| Eaton | 108.7k | -0.1% | 1.1% |
| Bay | 101.6k | -0.3% | 1.0% |
| Grand Traverse | 97.3k | 0.3% | 0.9% |
| Lenawee | 95.7k | -0.6% | 0.9% |
| Lapeer | 89.5k | 0.2% | 0.9% |
| Midland | 84.7k | 0.3% | 0.8% |
| Clinton | 80.2k | 0.2% | 0.8% |
State economic profile
Michigan Demographics
In Michigan, 34.4% of the population has a Bachelors or higher. The largest ethnic group in Michigan is White, accounting for 72.3% of the state's population.
Education level in Michigan
| Education level | Share (%) |
|---|---|
| Bachelors or higher | 34.4 |
| Other | 65.6 |
Race in Michigan
| Race | Share (%) |
|---|---|
| White | 72.3 |
| Black | 13.6 |
| Hispanic | 6.5 |
| Asian | 4.4 |
| Other | 3.3 |
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, with 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 642 Michigan industry reports.
Other states to explore
Compare Michigan’s economy with other states in the United States.
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