Michigan’s Gross Domestic Product Grows in 2012
In last few years, state has moved from 44th to 38th in per-capita GDP
The 2012 state gross domestic product release, which tallies the value of all goods produced and services delivered by businesses in the state, shows that Michigan continues its economic recovery.
The inflation-adjusted size of its economy increased 2.2 percent, ranking 18th among the states. Due to a small population increase, Michigan also increased in per capita real GDP by 2.2 percent, ranking 8th in the country.
The 2.2 percent real GDP increase was slightly down from the originally-reported 2.3 percent increase in 2011. But the new release also shows that last year’s real GDP was understated by 1.2 percentage points, bringing the growth up to a solid 3.5 percent.
The strong performance means that Michigan surpasses Arizona in per capita real GDP, now ranking 38th among the states. This is also up from its low-point in 2009 when Michigan was 44th.
All told, 2012 was a good year for Michigan. It's nice to see that the state has moved on from its decade-long recession and has returned to decent economic performance.
Michigan Capitol Confidential is the news source produced by the Mackinac Center for Public Policy. Michigan Capitol Confidential reports with a free-market news perspective.