News and analysis from The Center for Michigan • http://thecenterformichigan.net
©2015 Bridge Michigan. All Rights Reserved. • Join us online at http://bridgemi.com

Original article URL: http://bridgemi.com/2013/06/michigan-economy-grew-again-in-2012-but-pace-was-well-off-1011-rates/

Economy & competitive position

Michigan economy grew again in 2012, but pace was well off ’10,’11 rates

Kurt Metzger is director of Data Driven Detroit, a nonprofit in Detroit established by foundations to build greater capacity for people to work together, and improve lives and communities affiliated with the Michigan Nonprofit Association. He was research director for United Way for Southeastern Michigan from 2005 to 2008 and before that, was a director at the Center for Urban Studies at Wayne State University.

Kurt Metzger is director of Data Driven Detroit, a nonprofit in Detroit established by foundations to build greater capacity for people to work together, and improve lives and communities affiliated with the Michigan Nonprofit Association. He was research director for United Way for Southeastern Michigan from 2005 to 2008 and before that, was a director at the Center for Urban Studies at Wayne State University.

Real gross domestic product (GDP) increased in Michigan and 48 other states and the District of Columbia in 2012, according to new statistics released today by the U.S. Bureau of Economic Analysis. Durable-goods manufacturing, finance and insurance and wholesale trade were the leading contributors to real U.S. economic growth.

Michigan, where manufacturing was the leading growth sector, posted the 18th highest growth rate in 2012. Michigan’s rate of growth, 2.2 percent, was slightly below the national average and well below its revised growth rate of 3.5 percent in 2011 and 4.9 percent in 2010.

U.S. real GDP by state grew 2.5 percent in 2012 after a 1.6 percent increase in 2011.

When viewed by total real domestic state product, Michigan’s $400.5 billion ranks 13th, well below its population ranking of ninth. Table 1 illustrates which sectors helped grow the GDP – durable-goods manufacturing, finance and insurance, nondurable goods, etc. – and which ones pulled it downward – real estate and government.

Table 1. Contribution to Michigan’s 2012 GDP by Sector

Metzger 6-6 slide gdp

 

 

No comment yet.Add mine!

Leave your comment...

Your email address will not be published.

Currently on Bridge

Will we be better off if Proposal 1 passes? Former treasurer says yes

An Earth Day pitch: When you hang up the phone for good, toss it the right way

Michigan’s roads affect everyone, so a 'yes' vote on Proposal 1 makes sense

‘Diplomacy Begins Here’ conference aims to illuminate international relations

What NOT to post on Facebook: Jokes about prison rape, when you’re in charge of preventing prison rape

A program to give young offenders a second chance is sending many to prison

Similar accounts in suit over alleged teen prison rapes pose challenge to state's defense

‘New fish’ ‒ One teen inmate’s account of alleged sexual assault

Early learning summit in June could impact Michigan’s children

Money Smart Week: Be penny wise, and pound savvier

Plan B or no Plan B, here’s what happens if road proposal fails

The political tale behind the selling of Proposal 1

A Bridge primer: Untangling the pothole promise of Proposal 1

Who supports, and opposes, Proposal 1

Let's rebuild Michigan through its greatest asset: its water

Could a public boarding school model work in Detroit?

Coalition supporting Detroit schools a step in the city’s road back

Chasing fads? Today’s schools are struggling too much for that

For one Michigan legislative staffer, an hour or two in the spotlight

A cull is a kill, and it’s an overreaction to deer ‘problem’

Lack of college guidance keeps poor and rural students from applying

Those who can, do – and get their hands ‘dirty’ in the process

For one Detroit mom, a complicated path to employment

Detroit by the numbers – the truth about poverty

Michigan should require dental screening for all children entering kindergarten

Where in the world is the Center for Michigan?

After two years, hard to call ACA anything but a success

Bridge’s Academic State Champs emphasizes all the wrong measurements

A graying population poses challenges for Up North counties

Up North, isolation impedes health care for seniors

Enbridge oil pipes and the Straits of Mackinac: Too risky to ignore

Not bigger government, but better services when Community Health and Human Services merge

Two Michigans gaze across a widening gap

In northern counties, workers and business find each other lacking

Hidden poverty stalks a Pure Michigan setting

Postcard: How a git-’er-done spirit helps one rural school district

Postcard: When elk is for dinner

Postcard: Luxe life at Bay Harbor reflects changing economy

Postcard: A roof and a bed

Invest in non-partisan journalism.

Donate to The Center for Michigan. Find out why.