Here are 51 business stats about Michigan for 2025.
Basics:
Population: 10,037,261 (US Census 2020)
Population desnity per square mile: 178.00
GDP: $658,992 (millions USD)
GDP Per Capita: $66,198
Median household income (in 2022 dollars): $68,505
Real GDP Growth Rate: 1.50%
Total Employment: 4.8m
Unemployment Rate: 4.4%
Rankings
% Share of National Economy: 2.41%
State Economic Growth Rank (out of 50): 14
Population Growth Rank (out of 50): 43
Business Growth Rank (out of 50): 30
State Growth Rank in Employment (out of 50): 13
Biggest Industries In Michigan By Revenue
- Auto Parts Wholesaling: $78.7b
- Automobile Wholesaling: $72.3b
- Health & Medical Insurance: $62.7b
- Automobile & Light Duty Motor Vehicle Manufacturing: $53.1b
- Hospitals: $43.8b
- New Car Dealers: $37.7b
- Warehouse Clubs & Supercenters: $31.1b
- Property, Casualty and Direct Insurance: $24.6b
- Drug, Cosmetic & Toiletry Wholesaling: $24.4b
- Electric Power Transmission: $23.9b
Biggest Employers In Michigan
- General Motors Company: 50,671 (1.1%)
- Ford Motor Co: 48,000 (1.0%)
- State of Michigan: 46,736 (1.0%)
- Beaumont Health: 38,000 (0.8%)
- Walmart Inc.: 35,151 (0.7%)
- University of Michigan: 34,904 (0.7%)
- Whirlpool Corp /De/: 23,000 (0.5%)
- Amazon.Com, Inc.: 21,000 (0.4%)
- The Home Depot, Inc.: 15,349 (0.3%)
- Michigan State University: 12,000 (0.2%)
Small Businesses In Michigan
Number of Small Businesses 908,007
Percent of bossiness that are small businesses: 99.60%
Number of employees: 1,900,000
Share of Employment: 47.30%
Number of New Businesses In The Past Year: 29,561
Number of Businesses That Closed In The Past Year: 20,402
Net Change In New Businesses: 9,159
Number of Businesses With No Employees: 738,884
Number of Businesses with 1-19 Employees: 147,224
Number of Businesses with 20-499 Employees: 21,899
Share of Businesses Owned By Women: 43.50%
Share of Businesses Owned By Veterans: 5.20%
Share of Hispanic Owned Businesses: 3.10%
Share of Businesses Owned By Racial Minorities: 16.30%
Fortune 500 Companies In Michigan
Number of Fortune 500 Headquaters: 18
Biggest Company: Ford Motor
Biggest Company Type: Motor Vehicles & Parts
Number of Employees: 173,000
Revenue (in millions): $158,057
Taxes In Michigan
State Corporate Tax Rate: 6.00%
State Corporate Tax Rate Brackets: $0
State Sales Tax Rate: 6.00%
State Sales Tax Rank (out of 50): 17
Average Local Sales Tax Rate: 0.00%
Max Local Sales Tax Rate: 0.00%
Average Combined Sales Tax Rate: 6.00%
Combined Sales Tax Rank (out of 50): 38
Minimum State Income Tax Rate If You’re Single: 4.00%
Minimum State Income Tax Rate If You’re Married: 4.00%
General Michigan Population Facts
In civilian labor force, total, percent of population age 16 years+: 61.40%
In civilian labor force, female, percent of population age 16 years+: 57.10%
Share of population which is foreign born: 6.90%
Mean travel time to work (minutes), workers age 16 years+: 24.5
Housing
Number of Housing Units: 4,643,473
Owner-occupied housing unit rate: 72.50%
Median value of owner-occupied housing units: $201,100
Median gross rent per month: $1,037
Households with a computer: 93.40%
Households with a broadband Internet subscription: 87.80%
Education
High school graduate or higher, percent of persons age 25 years+: 91.80%
Bachelor’s degree or higher, percent of persons age 25 years+: 31.10%
Also See
- Michigan Registered Agent Services
- Michigan Secretary of State Business Search
- How To Form an LLC In Michigan
- Michigan Bookkeepers & Bookkeeping Services
Sources
- https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP
- https://en.wikipedia.org/wiki/Economy_of_Michigan
- https://www.ibisworld.com/united-states/economic-profiles/michigan/
- https://taxfoundation.org/data/all/state/2024-sales-taxes/
- https://taxfoundation.org/data/all/state/state-corporate-income-tax-rates-brackets-2024/
- https://taxfoundation.org/data/all/state/state-income-tax-rates-2024/
- https://advocacy.sba.gov/2023/11/14/2023-small-business-profiles-for-the-states-territories-and-nation/
- https://advocacy.sba.gov/wp-content/uploads/2023/11/2023-Small-Business-Economic-Profile-MI.pdf
- https://www.bls.gov/eag/
- https://www.bls.gov/regions/midwest/michigan.htm#eag
- https://www.census.gov/quickfacts/fact/table/MI,US/PST045223
- https://www.50pros.com/fortune500
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