Michigan lagged in economic performance in the 4th quarter of 2022
Slow growth continued in the fourth quarter of 2022
Michigan had one of the slowest growing economies in the country at the end of last year, according to the Bureau of Economic Analysis. The state ranked in the bottom tier for gross domestic product growth during the fourth quarter of 2022, and it took last place in the region. It also performed poorly in personal income growth, where it was also last in the region.
America’s GDP increased at an annual rate of 2.1% while Michigan saw growth of 0.3%. Ohio grew slightly more than Michigan, at 0.4%. Indiana grew by 1.4%, Illinois by 0.7% and Wisconsin by 1.1%.
Michigan did not fare much better with personal income growth at an annual rate of 4.1%, below the national average of 7.4%.
Michigan was the worst performer in the region. Ohio had a 5.3% increase. Personal income grew 10.9% in Indiana, 6.1% in Illinois and 6.1% in Wisconsin.
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.