U.S. GDP RANK #14 · MI 2.39% OF U.S. GDP
Michigan Economy: GDP, Income, Jobs & Housing
In 2025, Michigan (MI) generated $733.9 billion in nominal Gross Domestic Product (2.39% of the U.S. economy, ranked #14 nationwide) and $575.4 billion in real chained 2017 dollars. Per-capita personal income stood at $67,245 across a resident population of 10.13 million.
2025 Nominal GDP
$733.9B
U.S. Rank #14
Real GDP Growth
+2.19% 5Y Real: +14.6%
Per-Capita Income $67,245 BEA Personal Income
Avg Wage / Job $70,622 5.95M total jobs
Population 10.13M
10Y: +1.4%
5Y Home Price
+54.7% FHFA Index: 560.2
BEA & FHFA REGIONAL SERIES · 1997-2025
Michigan GDP, Per-Capita Income & House Price Trajectory
Michigan Historical Economic Ledger (1997-2025)
| Year | Nominal GDP ($B) | Real GDP ($B) | Real YoY % | Per-Capita Inc | Avg Wage/Job | Jobs (M) | FHFA HPI |
|---|---|---|---|---|---|---|---|
| 2025 | $733.9B | $575.4B | 2.19% | $67,245 | $70,622 | 5.95M | 560.2 |
| 2024 | $702.4B | $563.1B | 1.30% | $64,255 | $68,064 | 5.94M | 530.2 |
| 2023 | $676.4B | $555.9B | 2.78% | $61,175 | $65,685 | 5.88M | 494.5 |
| 2022 | $623.9B | $540.8B | 2.46% | $58,083 | $63,615 | 5.81M | 464.9 |
| 2021 | $571.7B | $527.9B | 5.11% | $57,106 | $61,310 | 5.61M | 409.1 |
| 2020 | $529.8B | $502.2B | -3.61% | $52,826 | $58,932 | 5.39M | 362.1 |
| 2019 | $540.2B | $521.0B | 0.81% | $48,582 | $54,656 | 5.72M | 344.4 |
| 2018 | $525.2B | $516.8B | 2.32% | $47,091 | $53,476 | 5.72M | 327.1 |
| 2017 | $505.1B | $505.1B | 0.99% | $45,267 | $52,177 | 5.63M | 308.1 |
| 2016 | $494.8B | $500.2B | 1.94% | $44,085 | $50,567 | 5.58M | 289.2 |
| 2015 | $479.2B | $490.6B | 2.31% | $42,988 | $49,596 | 5.50M | 274.4 |
| 2014 | $456.1B | $479.5B | 1.43% | $40,832 | $48,008 | 5.41M | 259.8 |
| 2013 | $441.5B | $472.8B | 2.05% | $39,300 | $46,641 | 5.32M | 243.1 |
| 2012 | $426.1B | $463.3B | 2.05% | $39,052 | $46,227 | 5.23M | 229.3 |
| 2011 | $408.4B | $454.0B | 2.88% | $37,702 | $45,185 | 5.17M | 228.9 |
| 2010 | $393.2B | $441.3B | 6.00% | $35,648 | $43,866 | 5.04M | 238.1 |
| 2009 | $371.7B | $416.3B | -8.56% | $34,258 | $43,101 | 5.05M | 255.7 |
| 2008 | $391.6B | $455.3B | -5.73% | $35,826 | $43,685 | 5.34M | 275.7 |
| 2007 | $410.6B | $482.9B | -0.17% | $34,669 | $42,816 | 5.46M | 299.1 |
| 2006 | $402.5B | $483.8B | -2.03% | $33,563 | $41,616 | 5.46M | 312.3 |
| 2005 | $402.8B | $493.8B | 1.80% | $32,756 | $40,696 | 5.49M | 317.1 |
| 2004 | $388.8B | $485.1B | 1.68% | $32,092 | $39,841 | 5.47M | 306.9 |
| 2003 | $376.1B | $477.1B | 2.43% | $31,267 | $38,882 | 5.44M | 295.3 |
| 2002 | $363.4B | $465.8B | 2.75% | $30,595 | $37,586 | 5.47M | 285.6 |
| 2001 | $349.1B | $453.3B | -3.07% | $30,694 | $36,837 | 5.53M | 273.7 |
| 2000 | $351.9B | $467.7B | 2.19% | $30,250 | $36,423 | 5.62M | 258.6 |
| 1999 | $337.2B | $457.6B | 6.11% | $28,506 | $35,185 | 5.49M | 241.2 |
| 1998 | $311.1B | $431.3B | 1.85% | $27,286 | $33,917 | 5.38M | 226.0 |
| 1997 | $299.8B | $423.5B | - | $25,800 | $32,230 | 5.33M | 212.8 |