Manufacturing not No. Comprising nearly 4.3 million people, the region’s $253 billion of economic output (2016) is greater than that of 27 states and comprises just over half of Michigan’s entire GDP. But here’s a shocker: Known as the home of the automotive industry, manufacturing is not the No. 1 sector.
What is Michigan’s main economy?
INDUSTRY. Three of Michigan’s major industries are manufacturing, tourism and agriculture. The total workers in the Michigan labor force number 4.9 million people.
Does Michigan have a good economy?
Economic Outlook Rank
Michigan is currently ranked 17th in the United States for its economic outlook.
What is Michigan’s biggest industry?
In Michigan, motor vehicles, bodies and trailers, and parts manufacturing is the largest industry, accounting for 7.6% of the state’s total GDP of $536.9 billion.
Is Michigan a rich or poor state?
From the 2022 edition of Rich States, Poor States.
Current Economic Outlook Ranks (2022 Edition)
| State | 2022 Ranking |
|---|---|
| Michigan | 17th |
| New Hampshire | 18th |
| Ohio | 19th |
| Louisiana | 20th |
What are the top 5 industries in Michigan?
Industries
- Advanced Manufacturing.
- Medical Device Technology.
- Mobility and Automotive Manufacturing.
- Professional & Corporate Services.
- Tech.
- Engineering, Design and Development.
What is Michigan’s #1 export?
Michigan exports of manufactured products supported an estimated 257 thousand jobs in 2016. The state’s largest manufacturing export category is transportation equipment, which accounted for $28.2 billion of Michigan’s total goods exports in 2018.
How does Michigan make money?
Revenues come mainly from tax collections, licensing fees, federal aid, and returns on investments. Expenditures generally include spending on government salaries, infrastructure, education, public pensions, public assistance, corrections, Medicaid, and transportation.
What state has the number 1 economy?
Washington topped the list of best state economies, ranking third on economic activity, seventh on economic health, and second on innovation potential. Utah and California rounded out the top three state economies. At the bottom of the list were Louisiana, Alaska, and West Virginia.
Who is the largest employer in Michigan?
Ford Motor Company
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| Company | Fortune 500 Ranking | |
|---|---|---|
| 1 | Ford Motor Company | 21 |
| 2 | General Motors | 22 |
| 3 | Dow | 82 |
| 4 | Penske Automotive Group | 143 |
What makes Michigan special?
Michigan is the only state that touches four of the five Great Lakes. As such, it’s home to the longest freshwater coastline of any U.S. state, *and* the second-longest coastline, period (coming in behind Alaska). Anywhere you stand in the state, you’re no more than 85 miles from a Great Lake.
How many Fortune 500 companies are in Michigan?
Fortune Magazine has released its annual list of the 500 top companies in America, and 29 of those companies are based in Michigan.
What does Michigan have the most of?
Michigan has the longest freshwater shoreline in the world. Michigan has more shoreline than any other state except Alaska.
Which state is poorest in USA?
Poverty rates were highest in the states of Mississippi (19.58%), Louisiana (18.65%), New Mexico (18.55%), West Virginia (17.10%), Kentucky (16.61%), and Arkansas (16.08%), and they were lowest in the states of New Hampshire (7.42%), Maryland (9.02%), Utah (9.13%), Hawaii (9.26%), and Minnesota (9.33%).
Which state is richest in USA?
Richest U.S. States by GDP
- 1. California. California, the nation’s most populous state, has the largest state GDP of $3,120,386,000. California’s median household income is $80,440, the sixth-highest in the U.S.
- Texas.
- New York.
- Florida.
- Illinois.
Is Michigan a good state to live?
Even Popular Science magazine has given it a seal of approval by noting that Michigan will be the best place to live in America by the year 2100. But its draw extends beyond the natural charm. Well-paying jobs and high-quality education are a recurrent theme in Michigan.
What is the main industry in Detroit?
Automobile manufacturing
Automobile manufacturing continues to reign as the top industry in Detroit. Despite having lost nearly 40% of its manufacturing jobs in the 1980s, the automotive industry remains the top economic driver for the city.
What is manufactured in Michigan?
The state’s leading manufactures include motor vehicles and parts, machinery, fabricated metal products, chemical products, furniture, and processed foods.
What are 4 industries that help provide jobs for Michigan residents?
After examining all the available data, we arrived at this list of the five best industries for jobs in Michigan:
- Architecture and Engineering Industry.
- Healthcare Practitioners and Technical Industry.
- Management Industry.
- Production And Manufactoring Industry.
- Education, Training, and Library Industry.
What is Michigan’s biggest import?
In 2021 top imports of Michigan were Spark ignition Trucks < 5... ($10.9B), Small Sized Cars ($8.41B), Medium Sized Cars ($8.07B), Diesel Trucks < 5 tonnes ($7.7B), and Large Sized Cars ($7.36B).
What are the top 10 exports of Michigan?
Michigan’s Top 10 Exports
- Small gas-powered trucks: $36.6 billion (8.3% of Michigan’s exports)
- Motor vehicle transmissions: $23.1 billion (5.2%)
- Large automobiles (piston engine): $21.9 billion (5%)
- Motor vehicle body parts, accessories: $18.2 billion (4.1%)
- Vehicle rear-view mirrors: $14 billion (3.2%)