Preliminary federal report: Michigan ends 2021 with $592B GDP
Michigan ended the fourth quarter of 2021 with a seasonally adjusted gross domestic product of around $592 billion. That’s according to preliminary numbers released Thursday from the Bureau of Economic Analysis, within the U.S. Department of Commerce.
Quarterly growth in the state during the last part of 2021 was up by 5.8%.
That places it slightly above the Great Lakes region on average but still under the national average of 6.9%.
Durable goods manufacturing, professional services and real estate contributed most to that state growth.
Overall, Michigan’s growth during the fourth quarter of last year placed it 28th in the nation.
For year-over-year change, Michigan did better, ranking in 13th.
Michigan’s GDP grew by 6.2% in 2021 compared to 2020. That beat both the region and nationwide averages.