Washington — Michigan's economic output rose 2 percent in 2013 — significantly faster than the year before — and 21st best in the nation, the government said Wednesday.
The Bureau of Economic Analysis said the state's Gross Domestic Product — the total of all goods and services produced — rose 2 percent last year — rising from $400.2 billion in 2012 to $408.2 billion in 2013 in inflation adjusted terms — after rising 1.5 percent in 2012.
The auto sector and other durable goods accounted for more than a quarter of Michigan's economic growth last year or 0.58 percentage points. Finance and insurance accounted for 0.27 percentage points of the gain and manufacturing of non-durable goods represented 0.15 percentage points of growth. Agriculture, forestry and hunting represented 0.21 percentage points of growth, as did real estate — also at 0.21 percentage points of growth. The biggest sector to fall was government — down 0.35 percentage points in 2012.
The BEA revised downward Michigan's 2012 economic growth after it initially estimated growth in the state in 2012 at 2.2 percent. It also revised downward growth in 2011 by 1.3 percentage points to 2.2 percent. It revised up the 2010 growth to 5.3 percent, up 0.4 percentage points.
The BEA said 49 states had economic growth in 2013. Adjusted for inflation, growth slowed to 1.8 percent in 2013 after increasing 2.5 percent in 2012.