Jeff Fuentes Gleghorn
During 2021, Michigan’s economy recovered faster than the national average, at least by one measure. The COVID19 pandemic caused a global recession in 2020, and Michigan was hit harder than most of the United States. A common way to measure economic growth or drop is the gross domestic product (GDP), which is the total value of all goods and services in a region. In 2020, the United States GDP dropped by 3.4 percent after accounting for inflation, the largest single year drop since 1946. Michigan’s GDP dropped by 4.6 percent, nearly one and a half times the national average. However, Michigan has bounced back more quickly than its neighboring states.
From 2020 to 2021 Michigan’s GDP increased by 6.2 percent after accounting for inflation, faster than the 5.7 percent growth nationally, and significantly above the 5.2 percent average for states in the Great Lakes region. Governor Whitmer says her focus is on “growing Michigan’s economy” and as we exit an unprecedented pandemic, she seems to be succeeding.