Michigan possesses one of the largest economies in the United States, with a Gross Domestic Product (GDP) frequently exceeding $600 billion. Long heavily reliant on automotive manufacturing, the state's economy has undergone vital diversification over the past few decades.
The median household income is slightly below the national average, but this is offset by a generally lower cost of living compared to coastal states. Today, the economy relies on a mix of advanced manufacturing, high-tech research, higher education, healthcare, and a robust tourism sector. The transition toward electric vehicles (EVs) and clean energy is currently a major driver of new economic development and corporate investment within the state.