In need of industrial bays and buildings for rent in the state of Michigan? Have a look at the listings above and discover the perfect location.Michigan is home to a diverse array of industries, with labor, GDP, and economic trends playing an important role in the state's economy. Michigan is the tenth-largest state by population, and its economy is heavily reliant on the manufacturing and automotive industries. In terms of labor, the state has an estimated workforce of 4.84 million people, with over 20% of the workforce employed in manufacturing. In terms of GDP, Michigan was ranked 14th in the United States in 2021, with a GDP of $592.3 billion. (https://balancingeverything.com/gdp-by-state/)
The GDP of Michigan has been steadily increasing in recent years, with 2020 seeing a 3.7% increase from 2019.
The automotive industry is a major economic driver for Michigan, accounting for over 4% of the state's GDP in 2020. The automotive industry employs over 800,000 people in the state, and it has been estimated that each auto job supports up to seven other jobs in the state. Other major industries in Michigan include agriculture, mining, and manufacturing. Agriculture is the second-largest industry in the state, accounting for almost 5% of the state's GDP in 2020. Mining is the third-largest industry in the state, with over 10,000 people employed in the industry in 2020. Manufacturing is also a major industry in Michigan, employing over 20% of the state's workforce.
Michigan is home to many of the top companies in the United States, including Ford Motor Company, General Motors, and Dow Chemical. Michigan also ranks 6th in the United States in terms of total exports, with exports totaling $56 billion in 2021. (https://www.worldstopexports.com/americas-top-20-export-states/)
Michigan has also seen an increase in venture capital investment in recent years, with a total of $3.2 billion in venture capital investments in 2020.
The economy of Michigan has seen a number of positive economic trends in recent years, including a strong job growth rate, an increasing GDP, and a decrease in the state's unemployment rate. The state's unemployment rate dropped to 4.3% in 2022, the lowest rate since 2001 (https://www.bls.gov/regions/midwest/michigan.htm#eag)
Michigan also has a strong infrastructure, with the state ranking in the top ten in the United States for infrastructure quality.
Overall, Michigan is a vibrant and diverse state, with a large and varied economy. The state's industries, labor, GDP, and economic trends are all key drivers of the state's economy, and Michigan is well-positioned to continue to experience strong economic growth in the years to come.