Trade, financial services, transportation and public utilities, and construction are the major areas that add to the revenue of Michigan.
The gross state product of Michigan in 2010 was $384.1 billion and the unemployment rate in 2011 was 10.3%. The major industries in the state are automobile, information technology, aerospace, military equipment, transportation, and manufacturing. Hunting and fishing are also significant.
Agriculture is another important sector of the state economy. Dairying is the most lucrative farm business. The chief crop in Michigan is corn, followed by greenhouse products, soybeans, apples, carrots, celery, cucumbers, and other vegetables. Mining is also important; iron ore, cement, peat, bromine, gypsum, sand, and gravel are some of the minerals found in the state.
| GSP |
$384.1 billion (2010) |
| Unemployment Rate |
10.3% (2011) |
| Major Industries |
Tourism, fishing, information technology, hunting, manufacturing |
| Major Sectors |
Agriculture, trade, livestock, mining, forestry |
Manufacturing accounts for thirty percent of the economic production of Michigan. The state has many historic centers of automobile production; the major ones are Detroit, Dearborn, Flint, Pontiac, and Lansing.
The major Michigan manufactures include non-electrical machinery, fabricated metal products, chemicals, and food products.
The natural beauty and excellent opportunities for fishing have enhanced the tourism industry. Many festivals and events in the state, like The Tulip Time Festival and the National Cherry Festival, draw a large number of tourists to the state. Major destinations in Michigan that attract tourists include the Henry Ford, the Detroit Institute of Art, Detroit Zoo, and Harbor County.
