State’s GDP outpacing national average
With the near incessant refrain of bad news the average information consumer is apt to encounter these days, it’s easy to see how good news can sometimes escape attention.
That’s what happened this week with the public release of information relating to Michigan’s Gross Domestic Product.
According to a story from mLive, the state’s GDP grew 2 percent in 2013, outpacing the national average of 1.8 percent.
The data was culled from U.S. Bureau of Economic Analysis.
Additionally, mLive reported that Michigan has gone from $385.7 billion in 2010 to $408.2 billion in 2013. That’s adjusted for 2009 dollars; in current dollars Michigan’s GDP is at $432.5 billion.
Michigan’s manufacturing industry continued recent growth, contributing $82.2 billion in current dollars to the GDP in 2013. The finance, insurance, real estate, rental and leasing industry area grew as well, going from $69.8 billion in 2012 to $73.3 billion in 2013. According to the 2013 data available so far, the only shrinking sector is government, which went from $49.6 billion in 2012 to $48.7 billion in 2013, mLive stated.
No one is saying Michigan is out of the woods, not by a long shot. Much work remains.
That said, however, this is good news by any measurement we know of.
It’s up to Gov. Rick Snyder to keep the momentum going, a tall order in an election year.