Key Facts
- Per Capita Real GDP
- $32,846 Rank: 37/50 (2007)
- Population
- 10,003,400 Rank: 8/50 (2008)
- Per Capita Personal Income
- $33,847 Rank: 27/50 (2006)
- Unemployment Rate
- 7.10% Rank: 50/50 (2008)
- Business Tax Climate Index
- Rank: 29/50 (2008)
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Michigan: Introduction
Encompassed by four of the five Great Lakes, the Midwest state of Michigan has the world's largest freshwater coastline. The state consists of an “upper” and “lower” peninsula connected by the five-mile-long Mackinac Bridge. Michigan is known as the birthplace of the automobile industry and is the home of the Big Three automakers: Chrysler LLC, General Motors Corporation and Ford Motor Company.
Fierce competition from foreign automakers in recent decades has caused a decline in the American auto industry. The ensuing loss of domestic market share and Michigan’s over-reliance on the auto industry has caused the state economy to perform below the national average in recent years. Despite the decline, the auto industry still provides hundreds of thousands of jobs and billions of dollars to the state economy. Michigan is ranked first among the states in production of motor vehicles and parts.
Michigan is now attempting to diversify the economy of the state by focusing on life sciences, alternative energies, advanced automotive manufacturing, and homeland security and defense. It is also a leader in many other manufacturing and processing lines, including prepared cereals, machine tools, airplane parts, refrigerators, hardware, and furniture.
