News and analysis from The Center for Michigan • http://thecenterformichigan.net
©2016 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/
6 June 2013
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